Kelvinworks Series A

Climate tech pitch deck example that prices every tonne

Kelvinworks fits heat recovery units to food processing plants and sells the saved gas back as a monthly fee. The deck puts cost per tonne of CO2 abated on the same slide as the customer payback, because a climate investor has to believe both numbers and most decks only show one.

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KELVINWORKS

SERIES A · SEPTEMBER 2026

Heat Recovery

As a Service

We capture the heat food plants vent and sell the saved gas back as a monthly fee.

Ana Reyes

CO-FOUNDER AND CEO, KELVINWORKS

Slide 1 · cover · A dark, type only cover in the demo day tradition: the claim is the headline.

WHY NOW

Food plants vent 30% of the heat they pay for.

Gas prices

Industrial gas prices are 60% above the five year average, and every vented joule got dearer.

Safeguard baselines

Declining emissions baselines now put a compliance cost on heat that used to be free to waste.

Proven kit

2,300 target sites can use recovery units that are standard hardware, not a science project.

02

Slide 2 · intro · One line carries the waste, and three shifts explain why plants sign now.

The offer :

No capex

Kelvinworks installs and owns the heat recovery unit. The plant pays only a share of the gas it stops buying, so the CFO signs without a capital case.

1
We install and own

Engineering, install and maintenance are ours for the life of the contract.

2
Customer pays 70% of savings

The plant keeps 30% of the saved gas bill from day one, verified by meter.

3
Seven year term

Contracted fees on installed units, with a buyout option from year four.

03

Slide 3 · pillars · The offer in three numbered pills: no capex, pay from savings, seven year term.

Tonnes beside dollars

The abatement cost and the customer payback, from the same installed base.

$38

Per tonne abated

Net customer cost per tonne of CO2 avoided, after gas savings, across installed sites.

1.6 yrs

Customer payback

Time for a site to recover its share of costs from gas savings, measured, not modelled.

04

Slide 4 · metrics · The two numbers a climate investor triangulates on, side by side on one slide.

Contracted gas savings

Annualised savings under contract across installed sites, in gigajoules.

Q4 25
Q1 26
Q2 26
Q3 26
0GJ5000GJ10000GJ15000GJ20000GJ
Contracted savings

05

Slide 5 · metrics · Contracted savings compounding as sites install: the line only moves when steel is bolted in.

UNIT ECONOMICS

One site, one row

Metric
Typical site
Best site
Worst site
Capex per site
$310k
$280k
$360k
Annual fee
$118k
$141k
$96k
Gross margin
58%
64%
49%
Tonnes abated a year
1,450
1,900
1,050
Project IRR
19%
24%
13%
Best and worst are the actual extremes across the five installed sites.

06

Slide 6 · metrics · The per site economics in one row of numbers: capex, fee, margin, tonnes and IRR from the same site.

Grant and finance stack

Layered funding that cuts the equity needed per site. Row one is money in the bank.

01

ARENA grant, received

$1.2M received for the first ten installs and the measurement program.

02

State efficiency scheme

Certificates on each install return roughly $28k per site.

03

Green loan facility

Term sheet signed for $12M of unit finance at install milestones.

04

Carbon credit eligibility

Method assessment underway; credits would add revenue from 2028.

05

Customer prepayment

Two anchor customers offered prepaid fees for priority scheduling.

07

Slide 7 · process · The grant and finance stack as a numbered roadmap, with one grant already received.

PIPELINE

Screened to installed

Sites screened

210

Energy audits

64

Proposals

22

Contracts

9

08

Slide 8 · metrics · The pipeline as a narrowing staircase: 210 screened sites end in 5 installed.

Service or purchase

Why plants choose the fee

SERVICE

No capital case

Nothing on the plant balance sheet, no board paper needed.

Maintenance included

Performance risk sits with us for the whole term.

Live in 10 weeks

Standard units and our crews, not a two year project.

Metered savings

Fees only accrue on verified gas savings.

Upgrades included

Units are re-tuned as the line or product mix changes.

PURCHASE

$310k up front

Competes with production capex in every budget round.

Slower approval

Capital committee cycles add six to nine months.

Owner carries risk

Underperformance and breakdowns land on the plant.

Needs in house skills

Few food plants staff heat recovery engineers.

Cheaper long run

Total cost is lower after year six for stable lines.

The verdict

Plants that value speed and a clean balance sheet take the service. The buyout option from year four keeps the purchase path open.

09

Slide 9 · comparison · The service against the customer buying the unit outright, weighed honestly, with a verdict.

Use of funds

Equity alongside the green loan facility and grant stack.

$6M

Funds 40 more installed sites over 24 months. Equity covers the first loss piece and the team, while the loan facility carries unit capex from install 15 onward. Every site pays back inside two years.

55%20%15%10%
Units and install
Engineering
Sales
Working capital

10

Slide 10 · investment · The $6M donut, with units and installs taking more than half because hardware is the growth.

CONCLUSION

Every site pays back in two years. We need 40 more.

The heat is already there, the units are standard hardware, and the savings are metered. What scales this is capital and crews, not invention. The metered savings data for all five live sites is in the data room.

ana@kelvinworks.example

11

Slide 11 · closing · The conclusion is an argument, not a thank you: every site pays back, we need 40 more.

The structure

What each slide is doing, so you can reuse the order even with different content.

Slide 1cover
A dark, type only cover in the demo day tradition: the claim is the headline.
Slide 2intro
One line carries the waste, and three shifts explain why plants sign now.
Slide 3pillars
The offer in three numbered pills: no capex, pay from savings, seven year term.
Slide 4metrics
The two numbers a climate investor triangulates on, side by side on one slide.
Slide 5metrics
Contracted savings compounding as sites install: the line only moves when steel is bolted in.
Slide 6metrics
The per site economics in one row of numbers: capex, fee, margin, tonnes and IRR from the same site.
Slide 7process
The grant and finance stack as a numbered roadmap, with one grant already received.
Slide 8metrics
The pipeline as a narrowing staircase: 210 screened sites end in 5 installed.
Slide 9comparison
The service against the customer buying the unit outright, weighed honestly, with a verdict.
Slide 10investment
The $6M donut, with units and installs taking more than half because hardware is the growth.
Slide 11closing
The conclusion is an argument, not a thank you: every site pays back, we need 40 more.

How to adapt this deck

A carbon removal company swaps the payback panel for price per tonne sold and buyer commitments, and the grant stack becomes an offtake stack. A climate software company keeps the two number slide but the tonnes become customer reported abatement, which needs a measurement line in the ask. Hardware with a longer payback should keep this deck’s separation of customer payback from project IRR: the customer number sells the contract, the IRR sells the investor, and muddling them sinks both.

Which pitch deck do you need?

The investor pitch deck example is the hub for the overall arc. The hardware example goes deeper on bill of materials and manufacturing ramps for climate companies that build their own units, the healthtech example shares the evidence before growth structure, and the nonprofit fundraising deck covers mission led decks where no equity changes hands.

What makes this deck work

The two numbers share one slide

Slide four is just $38 per tonne abated and a 1.6 year customer payback, side by side at billboard size. Impact investors triangulate on abatement cost and commercial investors on payback, and a deck that shows both from the same installed base answers both rooms at once.

Impact and economics come from one table

The per site table carries capex of $310k, an annual fee of $118k, 58% gross margin, 1,450 tonnes abated and a 19% IRR in the same grid, with best and worst site columns beside the typical one. The tonnes and the dollars are the same rows, so neither can be inflated without breaking the other.

The grant stack starts with money received

The five row funding stack opens with a $1.2M ARENA grant already received, then the certificate scheme, a signed loan term sheet, a carbon method assessment and customer prepayments. Ordering the stack by certainty, with row one banked, turns a subsidy story into a capital plan.

Questions people ask

What goes in a climate tech pitch deck?

Everything a normal deck carries, plus three climate specific slides: cost per tonne beside customer payback, a grant and concessional finance stack, and unit economics where the tonnes and the dollars come from the same table. This example runs all three between traction and the ask.

How do I show impact without writing an impact report?

Put the tonnes in the unit economics. Kelvinworks shows 1,450 tonnes abated per site in the same row set as the fee and the margin, and prices abatement at $38 a tonne. One credible number wired into the commercial model beats twenty pages of methodology that nobody in the meeting can check.

Where do grants belong in the deck?

On their own slide, ordered by certainty, after the commercial traction. Grants shown before revenue make the business look grant shaped. Here the stack sits seventh, opens with a received ARENA grant and ends with the speculative carbon credit line clearly labelled as under assessment.

Should I show cost per tonne?

If you can calculate it honestly, yes, because sophisticated climate investors will calculate it anyway. State the basis: this deck prices net customer cost after gas savings across installed sites. If your cost per tonne is high today, show the curve that brings it down rather than omitting it.

What if my payback is longer than three years?

Then the service model does the arguing. Kelvinworks keeps the customer decision at no capex and pays itself back over a seven year contract, so the customer payback and the project IRR are different numbers on the same slide. Long payback with no capex still sells; long payback with capex is a grant application.

Can the allocation donut be edited after export?

Yes. The donut is one of the nine chart kinds that export as native, editable PowerPoint charts in the editable PPTX format, so the $6M split can be reworked in the room. PDF export renders slides as fixed images instead, which suits the send ahead copy.

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Sources

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