You could build a glossary of vocabulary that is applicable to one financial audience and is banned when you're talking to a different financial audience. I have a cheat sheet, which I get to a lot of these entrepreneurs saying, hey, this is

what you can say when you're from the VC. This is what you can say when you're in front of a project finance year. That's funny.

I guess final question for you. I mean, we've been talking about folk. Obviously, the journey doesn't end at first of a kind. Then you have to build second, third, fourth, fifth, up to end of a kind. And I think we should spend just a minute talking about that because I think for good reason there is a lot of focus on first of a kind. But it's not like you go from first of a kind to now you're an infrastructure asset class like solar and wind are today. That's like extraordinarily mature and cheap cost of capital and so on. There's an entire journey to go on after that. So how do you think about that next phase? You've built the first of a kind now. You succeeded and it's operating and it works. Like what does the next phase getting from first of a kind to boring mature asset class, which is where you ultimately want to be? What does that journey

look like? It's a journey, right? So first of this kind is important because it's the first step. And once you get your folk plant successfully built, then you can go to the next step, which is so, which is second of a kind. And third of its kind. And then each step, the universe of folk, folk, folk, folk, are getting

larger and

larger. Like for me, what I kind of talk with law, these climate tech entrepreneurs is that you want to move from the world of private equity and venture capital to the world of sovereign wealth funds and infrastructure investors. Investors that literally write $500 million billion checks. And to me, this transition is about thinking about creating, for lack of a word, development companies, where once you prove out your project, and it's not necessarily the first kind of proof it, for many of these mainstream project finance years and infrastructure investors, they may not look at this stuff to those project three. But then at project three, they can lean in. And these firms can write $500 million commitments to go build your fourth, fifth, and sixth plant. To me, like a lot of this future is kind of like systematic change. Like we need to have folk driven strategies within global asset managers. We need to have folk allocation within infrastructure and private equity investors. And ultimately, what you're playing for is some of these big mainstream exits. So I think when a lot of venture capitalists and climate tech entrepreneurs think about an exit, it's simply binary. It's either it's an IPO or a strategic sale. But there is this world of Devco's and the world of infrastructure that is also very attractive, where you start building these development companies that are very attractive. Where you start building these development companies that are developing gigawatts and gigawatts of clean energy. And as these projects mature, they then sell them to sovereign wealth funds, pension funds. And these types of the dollars around this is incredible. Like I think I was fortunate to be kind of involved with the $3 billion Blackstone investment in energy, which is one of the largest kind of IPPs and development companies. And they put $3 billion in just to own part of this, what I call this development machine. And I kind of think about a lot of these companies are now coming up, these kind of next great contact leaders like FERVO, which is doing next generation geothermal. I think their future is being a development company for geothermal and producing gigawatts of power. Clean 24 seven power. All right,

David, always much more to talk about in first of kind, or I'm sorry, folkland. I'm going to get you to use the acronym. But this was a great start. We'll dig in deeper later. And in the meantime, thank you so much for joining.

Thank you for having

me. David Ye is in his own words a climate OG. He's been organizations from CIBC to the White House to generation to many other places. This show is a co-production of latitude media and Canary Media. You can head over to canarymedia.com for links to today's topics. Latitude as always is supported by Prayly Adventures. Praylybacks visionaries accelerating climate innovation that will reshape the global economy for the betterment of people and planet. You can learn more at PraylyAdventures.com. This episode is produced by Daniel Waldorf, mixing by Roy Campanella and Sean Markwon, theme song by Sean Markwon. I'm Shale Khan and this is Catalyst.