ELECTRO-STATE MONITOR · UPDATED WEEKLY · MONTHLY BRIEFING, FREE
The Electro-State Monitor
Where UK clean technology meets its next capital event
Every month we follow the companies and projects turning clean power into investable industry across the UK, and record what stands between them and their next round, loan or financial close.
103 companies and projects
4 nations, 5 Electro-State themes
Weekly checks, monthly briefing
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WHAT THE MONITOR IS
A working record of the companies and projects heading for their next capital event
The Monitor covers clean-tech companies and projects with significant operations in Scotland, England, Wales and Northern Ireland, from seed rounds to project finance, debt and private equity. It began in Scotland in October 2026, where The Electro-State paper starts, and now covers the whole UK.
Each entry is mapped to the paper’s five themes: Time-to-power, Follow-the-wind, Power-to-X, Proven-at-source and Plug-and-scale.
For every entry we record the same seven things
1. Stage. Early (seed and Series A), growth, scale, or project finance.
2. The next capital event. Raising now, within 12 months, or recently raised.
3. The capital needed. Equity, debt, project finance, asset finance or leasing, infrastructure or private equity.
4. The commercial gaps in the way. Such as no bankable offtake, slipping timelines, regulatory risk, or a pipeline not yet financeable at scale.
5. The Electro-State themes it serves.
6. Where in the UK it operates.
7. The public sources behind each fact.
We check every entry weekly and publish the headline figures monthly
The Monitor is updated each week from company announcements, Companies House filings, public lenders and funds, regulators’ decisions and the trade press. We publish aggregate figures and closed financings only, and never publish private information about a named company.
Subscribers get one short email a month
It comes from Peter Ellen and covers the month’s headline figures, the financings that closed, the patterns we are seeing across the five themes, and how Scotland compares with the rest of the UK. Never more than one email a month, and you can unsubscribe at any time.
IN NUMBERS
The UK pipeline needs debt more than equity, and Scotland waits longest for it.
Source: First Carbon Electro-State Monitor, 103 companies and projects, 21 October 2026. Public disclosures only.
DEBT, NOT JUST EQUITY
78%
of the companies and projects we track need debt, leasing or project finance.
DELAY AND REGULATORY RISK
58%
are held back by slipping timelines or market and regulatory risk.
NO BANKABLE OFFTAKE YET
47%
have no bankable offtake or clear route to market yet.
SCOTLAND AGAINST THE REST OF THE UK
76% against 53%
Later-stage Scottish entries are more likely to face delay or regulatory risk than those elsewhere in the UK, driven by the hyperscale data centre planning pause and long-duration storage projects left off Ofgem’s provisional support list.
The Monitor follows the five themes in The Electro-State.
Time-to-power, Follow-the-wind, Power-to-X, Proven-at-source and Plug-and-scale come from First Carbon’s paper on turning surplus clean power into investable industry.