FOAK 2.0 - What I learned in the last year since FOAK emerged as a concept

First-of-a-Kind (FOAK) projects are critical to scaling breakthrough decarbonization technologies, yet they don’t fit neatly into traditional funding models. Investors, developers, and strategic partners need to navigate a complex ecosystem to make these projects bankable and viable. In this episode, I talk with David Yeh, a veteran climate tech investor and one of the key voices from our TechInvest event last autumn. He’s been at the forefront of FOAK investing and is here to share what he’s learned over the past year about getting these projects off the ground.

David was previously featured on the Catalyst podcast discussing the challenges of funding and scaling FOAK projects. This episode builds on that conversation, covering the rapid changes in the sector and how investors and innovators can ensure their projects get the financing, partners, and expertise they need to succeed.

Key Takeaways

•                    FOAK’s Core Goal: Developing bankable projects from pilot to scale, ensuring they attract investors, customers, and suppliers.

•                    Bankability Defined: Investors need stable returns, customers need reliability, and suppliers need to be paid on time. Strong teams and risk mitigation are non-negotiable.

•                    How to Build Bankable FOAK Projects: Expertise is more critical than capital

•                    The Role of EPCs & Strategic Partners: Success depends on having the right engineering, procurement, and construction (EPC) teams and industry partners—not just big brands, but the right people.

•                    Coachable Founders Matter: FOAK success isn’t just about having great tech; founders must understand commercialization, risk, and capital strategy.

•                    Proven Models for FOAK Success: Companies like Fervo, Infinium, and Heirloom are demonstrating that FOAK projects can attract significant investment—if structured correctly.

•                    Why Now is the Time to Build: Economic downturns can be an opportunity for resilient companies to thrive, as seen in past recessions with companies like Uber and Airbnb.

Top 3 Reasons to Listen to This Episode

·       Get Inside the Mind of a FOAK Investor: David Yeh shares firsthand insights into what makes a FOAK project investable, based on real-world deals.

·       Learn What’s Working Now in Climate Tech: Discover how companies are securing billion-dollar funding rounds and making first-of-a-kind projects viable.

·       Understand the Key to Bankability: Whether you're a startup, investor, or policymaker, this episode breaks down how to de-risk projects and bring them to market successfully.

Show links: 

-          Connect with David Yeh, Founder, Precursor

-          Connect with Alex Cameron, Decarb Connect (and maybe even suggest a podcast discussion theme)

-          If this conversation resonated, join us at Decarb TechInvest in London in June 2025 – find out more here. 

-          If you enjoyed this conversation, find out about our portfolio of events in US, Canada, UK and Europe – or explore our Decarbonisation Leaders Network (DLN), and learn why hundreds of members from the energy-intensive sectors have joined to find their peers, identify the right solutions and to create high value collaborations that will deliver co2 reductions in our most critical industries. It’s the fastest growing network of its kind, so come and find out why

Learn about our Sponsor: Janno Media

Many thanks to our production partner and sponsor Janno Media for their support in delivering this podcast. They continue to facilitate great conversations that connect us with our audience, and their skills and expertise mean we can concentrate exclusively on generating great content to engage, inform and inspire.

Learn more about Decarb Connect

Our global membership platform, events and facilitated introductions support the acceleration of industrial decarbonization around the world. Our clients include the most energy-intensive industrials from cement, metals and mining, glass, ceramics, chemicals, O&G and many more along with technology disruptors, investors and advisors. We have events coming up in London, Amsterdam, Boston, Toronto and Dallas and the opportunity to find the biggest brains in carbon management and your future collaborators. For year-round introductions and meanginful insights, get in touch about your membership of the Decarbonization Leaders Network – so many benefits, hundreds of people equally focused on decarbonization – find out more and talk with Jack Figg, Community Director. 

• (00:40) - – Welcome and Introduction to David Yeh and the FOAK journey
• (00:00) - Chapter 2
• (04:40) - - Defining FOAK and “Bankability”
• (00:00) - Chapter 4
• (07:03) - – FOAK 2.0: Lessons Learned & Market Shifts
• (00:00) - Chapter 6
• (11:40) - - Experience and expertise: The missing middle in FOAK
• (00:00) - Chapter 8
• (18:45) - - The Precursor Team: The Avengers of FOAK
• (00:00) - Chapter 10
• (22:29) - - What Makes a Great Founder: Green Flags & Red Flags
• (00:00) - Chapter 12
• (25:15) - – Learning on Black Diamonds: Why Founders Can’t Wing FOAK
• (00:00) - Chapter 14
• (26:05) - - What Should Founders Come to the Table With for Investment?
• (00:00) - Chapter 16
• (28:11) - - Don’t Outsource Your Baby: Why Project Development Must Be In-House
• (00:00) - Chapter 18
• (00:31) - – Success Stories in a Tough Market
• (00:00) - Chapter 20
• (33:35) - – Policy, Market Shifts & Global Opportunity
• (00:00) - Chapter 22
• (37:42) - – Precursor’s Vision: Creating the Tesla effect
• (00:00) - Chapter 24
• (41:27) - - Who’s on the Tesla Track? Promising Players to Watch in the Industrial Decarbonisation Space
• (00:00) - Chapter 26
• (42:37) - - Outro and closing comments