Fig 4Behind the buildHover or arrow keysclose · sponsor equity in first
Units off the line: the plant's first cash flowThe line: installed during construction, run empty in commissioningManufacturing counts as contracted only on firm, funded orders or a government price floor, such as a defense supplier's funded orders or a magnet plant's price floor. Fabs, grant-backed plants and first-of-a-kind technology above 10% of the book get nothing. Sponsor equity goes in first, and single-asset construction is capped at 40% of NAV.