Who pays for the first plant? Bridging the gap from pilot to scale

The technology is proven, but the first commercial plant remains unfunded. Buyers want supply certainty; investors want committed demand. What combination of public and private money, from grants and guarantees to loans and equity, are getting first-of-a-kind plants built, and what mix of offtake price certainty and policy signals make a project investable? How should public support step back as revenues grow without leaving the next stage exposed? • Which blended-finance structures are getting first-of-a-kind plants built? • What evidence gives institutional investors the confidence to commit long-term capital? • What mix of offtake, price certainty and policy signals makes a first commercial plant investable?