Industry · Climate Tech

Fractional CFO for climate tech companies

Grants, hardware unit economics and project finance alongside venture rounds.

01

Overview

01

Overview

Climate tech companies raise money from more sources than most startups. A single year can include a venture round, two or three grants with milestone-based reimbursement, equipment financing and early project finance. Each source has its own timing, reporting rules and limits on how the cash can be used.

We work with hardware, energy and industrial climate companies from pre-revenue to about $30M in revenue. The core of our work is one model that holds all of it: hardware unit economics with a cost-down curve, grant milestones and cost share, restricted and unrestricted cash, and the equity round that ties it together. Investors can see how each funding source changes runway and dilution.

We also track grant spend and reimbursements monthly, so reporting deadlines do not turn into cash surprises. Grant eligibility, compliance terms and tax credit questions go to your counsel and tax advisors, and we prepare the schedules and budgets they need.

02

02

Key metrics

Key metrics

The numbers your board reads first

The numbers your board reads first

The numbers your board reads first

Unit gross margin and cost-down curve

Margin per unit today and at planned volumes. Investors test whether positive margin depends on realistic scale.

Unit gross margin and cost-down curve

Margin per unit today and at planned volumes. Investors test whether positive margin depends on realistic scale.

Restricted vs. unrestricted cash

Grant funds often cover only approved costs, so runway has to be measured on cash you can spend on anything.

Restricted vs. unrestricted cash

Grant funds often cover only approved costs, so runway has to be measured on cash you can spend on anything.

Non-dilutive share of funding

Grants and debt as a share of total capital raised. A higher share means less dilution for the same runway.

Non-dilutive share of funding

Grants and debt as a share of total capital raised. A higher share means less dilution for the same runway.

Grant reimbursement lag

Days from spending to reimbursement. Long lags leave a well-funded company short of cash between milestones.

Grant reimbursement lag

Days from spending to reimbursement. Long lags leave a well-funded company short of cash between milestones.

03

03

Where it hurts

Where it hurts

Problems we see in Climate Tech

Problems we see in Climate Tech

Problems we see in Climate Tech

Grants that pay after the money is spent

Many grants reimburse costs after a milestone is reported, sometimes 60–120 days later. We build that timing into the cash forecast, so a large award does not leave the company short in the months before it pays.

Several funding sources and no single plan

Equity, grants, equipment loans and project finance often sit in separate spreadsheets. We put them in one model so the board sees total runway, dilution and each source's conditions in the same place.

Hardware margins that depend on scale

Early units often lose money. Investors want a credible path from today's bill of materials to positive margin, built from volumes, supplier quotes and learning rates they can check themselves.

Grant reporting that pulls engineers off product

Cost-share tracking and milestone reports eat engineering time when the books are not set up for them. We map grant budgets to your chart of accounts, so reports come straight from the monthly close.

06

06

Climate Tech

Common questions

Common questions

Common questions

Can you help us find or apply for grants?

How do you model hardware unit economics?

Do you work on project finance?

Free intro call · 30 minutes

Finance leadership for Climate Tech teams.

Book a free 30-⁠minute call with a partner who has worked with companies like yours.

Book a free intro call

hello@stavelyrowe.com · Replies within one business day

hello@stavelyrowe.com · Replies within one business day

Maren Stavely
Daniel Rowe
Leah Okonjo
Sam Iverson

You’ll speak with one of these partners.

You’ll speak with one of these partners.

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