NEW PAPER The Electro-State: Scotland and the successor to the petrostate · Download free →
CLEAN-TECH ADVISORY
From plan to investment decision.
We help clean-tech projects build the commercial case, capital structure and lender confidence to reach a final investment decision, sooner and on better terms.
4%
Of more than 2,000 low-carbon fuel projects announced worldwide, only about one in twenty-five has moved past planning.
The technology usually works. The finance is where projects stall.
Engineering gets a project to the starting line. Crossing it takes revenue that lenders can rely on, a capital structure they can back, and investors who can see how the business grows.
That step from engineering to finance is where most clean-tech projects wait, sometimes for years. It is the step we work on.
INSIGHT PAPER NO. 1 · SEPTEMBER 2026 · 25 PAGES, FREE
The Electro-State
Scotland and the successor to the petrostate
Scotland exports clean power the way petrostates export oil, and pays to throw a third of its surplus away. Our first insight paper sets out how to keep more of the value at home.
20.8 TWh exported, 2025
10+ TWh switched off
6 changes, and who can make them
We use your details only to send the paper and, if you tick the box, future insights. See our privacy policy.
WHAT WE DO
Three ways we help
For fuel producers before FID
FID readiness
Offtake strategy, pricing evidence and a capital structure lenders can back, for low-carbon fuel producers approaching a final investment decision.
For companies raising capital
Capital strategy
Round design, investor readiness and a clear-eyed review of public co-investor terms before you sign, so today's funding does not constrain tomorrow's growth.
For clean-tech scale-ups
Scale-up commercial design
For clean-tech companies heading for Series A: turning a proven technology into a business model that commercial capital can multiply.
CEO
Peter Ellen
Has built and sold technology businesses, including Maxymiser's cash exit to Oracle at 11x its Series A.
COO
David Peebles
Has run treasury and capital markets for RBS, Clydesdale and NAB, and sat on a bank board.
THE NETWORK
The right specialist for each project
We assemble each engagement from our leadership and a network of senior specialists across investment and lending, engineering, maritime, carbon markets, financial modelling, public funding, legal and planning, with one accountable lead from start to finish.
VENTURES
H2C
The Global Attribute Market for Low Carbon Fuels
A wholly owned First Carbon brand, launched in October 2024 in partnership with Lloyd's Register, H2C gives low-carbon fuel producers price discovery and verified provenance for the environmental value of what they produce.
It operates independently under a published market rulebook, with a board chaired by Dr John Wright, former chief executive of Clydesdale and Northern Banks, and advisers from banking, ports and maritime.
INSIGHTS
From Carbon Disruption
Analysis of carbon markets, clean energy finance and policy. Free, weekly.
CARBON DISRUPTION · 18 SEPT 2026
The Cheapest Compliance Money Can Buy
Europe built two flagship instruments to decarbonise shipping. So far they are mostly proving how little they were ever asked to do.
CARBON DISRUPTION · 11 SEPT 2026
First of a Kind
Why clean-tech founders raise capital like engineers, and investors notice.
CARBON DISRUPTION · 16 SEPT 2026
The Carbon Gap
Europe's carbon price is climbing even as regulators loosen the market. Britain's is stuck behind it.
Approaching FID or a funding round?
Talk to us before the terms are set.