Step 1 - Opportunity Assessment

• Technology understanding
• Use of components that currently exist in the market
• Market potential for the use of the technology
• Alternative uses for technology and its derivatives
• Expansion capabilities of the project
• Whether the technology will need to be regulated
• What approvals are required to build and operate the technology
• Environmental considerations
• What security is required over the technology in terms of patents / trademarks / copyrights
• Contact with host government departments and local authorities
• Identification of partners: industrial and financial
• Initial financial appraisal
• Financial certainty of opportunity
• Initial risk analysis
• Timing of Project development
• Resource requirements
• Drafting of Co-operation agreements with project partners

Step 2 - Project Definition

• Assignment of roles
• Choice of advisors such as; market, technical, tax and accounting, legal, regulatory, planning, environmental
• Technology augmentation
• List of activities
• Full timescale with agreed milestones
• Technology fully documented (blueprints)
• Resources and Logistics
• Location – knowledge of specific zoning for local /national government support
• Environmental assessment / reporting
• Budgeting and investment from project parties in terms of time and initial equity
• Technology Management
• Market for technology
• Alternative uses for the technology and its derivatives
• Supplier identification
• Patenting / Licensing requirements
• Regulatory Assessment
• Permits / certificates required
• Supply Chain (potential sources and identification of potential weaknesses)
• Competitor analysis
• Establish legal entity/ies
• Funding sources identification and analysis
• Funding of project vehicle / seed equity raise
• Project Structure (listing of agreements required)
• Operational and maintenance plan
• Project and Business Plan (project finance, sales or service model)
• Financial Plan to support business plan
• Back up planning

Step 3 - Permitting and Licensing

• Preparation of permitting documentation
• Site plan and design
• Outline design of project
• Environmental impact assessment
• Project emissions
• Particular licenses / redefining legislation
• Health and Safety requirements
• Grid connection
• Local and national planning (eg. transport movements and links)
• Geotechnical survey
• Archaeology survey as necessary

Step 4 - Risk Analysis

• Risk Identification
• Technical
• Environmental
• Location / site
• Feedstock
• Revenue
• Offtake
• Legal
• Financial
• Regulatory
• Counterparties
• Operational
• Timescale
• Risk Mitigation
• Insurance availability, construction and operation / exploitation period
• Risk management

Step 5 - Business Planning Post Permitting

• Re-assignment of Roles
• Re-defining technology as necessary
• Optimisation of technology
• Refining of business plan and timing
• Execution of business plan

Step 6 - Supply Chain

• Industrialisation
• Purchase Specification development
• Purchase terms and conditions developed
• Engage with suppliers – create competition
• Contractual structure and agreements drafted 

Step 7 - Financing

• Implementation of financing plan
• Information Memorandum
• Financial modelling plus auditing
• Tax efficiency
• Create competition between potential funding sources
• Use of existing relationships and develop new relationships
• Identification of grant funding (local, national and international)
• Equity (ultra and high net worth individuals, funds, institutions)
• Asset financing
• Senior debt (corporate, project, securitisation) 
• Tax wrappers
• Structured financing – use of tax efficient structures
• Feedstock and revenue off-take agreements
• Water usage agreements
• Grid connection agreements
• Waste material disposal agreements
• Operational and maintenance agreements
• Funding and security agreements
• Insurance arrangements
• Refinancing through initial public offering, trade sale, re-leveraging 

Step 8 – Construction / Technology Development

• Construction Milestones
• Construction milestone sign off by independent technical advisor
• Independent technical verification of technical capabilities/construction schedule for the funding parties
• Manufacturing procedure development
• Quality control development
• Dealing with change orders
• Dealing with any potential changes required to project and financing documents

Step 9 – Operational Exploitation Period

• Joint venturing / licensing arrangements for ex home countries
• Financial reporting
• Operational Reporting
• Constant review of business plan
• Constant review of market
• Constant review of competitors
• Constant review of financial markets
• Dealing with any potential changes required to project and financing documents

Step 10 – Exit Strategy

• Timing range
• Return required
• Source of exit;
  • trade sale
  • initial public offering
  • re-leveraging
  • merger