Claim-level audit trail
Every primary source inventoried and every material claim extracted verbatim with page reference — so your investment committee can follow any number back to the document it came from.
S03
We test the headline ask instead of repeating it.
Independent technical and commercial due diligence for funds, lenders and strategic investors backing first-of-kind industrial processes. Every material claim is traced to its source, cross-checked, then rebuilt from physics and quoted equipment before we issue an opinion.
- Clients
- Funds · lenders · family offices · strategics
- Scope
- Technology · CAPEX/OPEX · schedule · ESG · team
- Method
- Six-layer review, T1–T4 source hierarchy
- Output
- Report · risk register · conditions precedent
What you get
Independent engineering view
Our own mass balance, utility demand, equipment list and cost build, from first principles and industry benchmarks. Vendor arithmetic is checked, never adopted.
Pilot-to-scale bridge
Pilot economics bridged to full-scale economics stage by stage, probability-weighted rather than extrapolated, with the scale-up risks that drive the bridge named individually.
Investability opinion
A clear go / go-with-conditions / no-go position, a ranked risk register, and conditions precedent that can be written into the term sheet and tested later.
How it runs
- L1
Source census
Every primary source inventoried; each material claim extracted verbatim with a page reference.
- L2
Per-claim triangulation
For each claim: which sources speak to it, and whether they agree or conflict.
- L3
Independent engineering
First-principles rebuild from physics, mass balance and benchmarks — no vendor arithmetic accepted.
- L4
Rollout state update
The original consultant plan against measured reality on site, forensically dated.
- L5
Bridge & reconciliation
Pilot economics bridged to full scale, differences reconciled into one investable base case.
- L6
External deliverable
Opinion issued only on a validated foundation: report, risk register, conditions precedent.
- Source tiering: measured data (T1) and legal or vendor documents (T2) prevail over self-reported promotional material (T4).
- Synthesis is not permitted until the lower layers are validated — where promotional material conflicts with measured data, measured data wins.
- Engineers who have built plants at this scale run the review, so cost and schedule findings are executable, not theoretical.
- Deliverables are structured for investment committee use: findings, evidence, and the conditions that would make the deal work.
Method, drawn out
- L1
Source census
Every primary source inventoried, each material claim extracted verbatim with page reference.
- L2
Per-claim triangulation
For each claim, which sources speak to it — and whether they agree or conflict.
- L3
Independent engineering
First-principles rebuild from physics, mass balance and industry benchmarks. No vendor arithmetic accepted.
- L4
Rollout state update
Original consultant plan vs. measured reality on site, forensically dated.
- L5
Bridge & reconciliation
Pilot economics bridged to full-scale economics; probability-weighted, never extrapolated.
- L6
External deliverable
Opinion issued only on a validated foundation — report, risk register, conditions precedent.
Source tier hierarchy — T1–T3 prevail over T4
- T1 · Primary-measured
- M&E balances · 12-month operating data · third-party LCA
- T2 · Primary legal / vendor
- Equipment quotes · licence agreements · articles · LoIs
- T3 · Third-party consultant
- FEL 1–2 studies · comparable-plant post-mortems · literature
- T4 · Self-reported promotional
- Information memoranda · financing models · growth decks
Synthesis is not permitted until the lower layers are validated. Where a promotional source conflicts with measured data, measured data wins — which is how a headline ask gets tested rather than repeated.
Diligence is only useful if it can say no. Ours is built so a fund can price the risk it is actually taking — and know what has to be true before first drawdown.