Five public instruments from five agencies finance one project. Any one can be reversed.
See the whole stack.
Loan guarantees, grants, tax credits, state incentives, and auction contracts, keyed to the project and the policy each depends on, so you can see what is in the stack, what can reverse it, and what it clears at.
One project. Every public instrument.
Guarantees, grants, incentives, auction contracts, and credits from five agencies, each keyed to the policy it depends on, drawn as a stack and served as a ledger. The credit with no served figure is drawn with no height.
Capital stack · electrolytic hydrogen project
Ledger
| Instrument | Financier | Anchor | Figure | Stage |
|---|---|---|---|---|
| Loan guarantee | Federal loan office | Title XVII | $620M | conditional commitment · Mar 2026 |
| Grant | Program office, hydrogen hubs | Infrastructure act, hubs | $312M | awarded · Nov 2025 |
| State incentive | State energy office | State statute | $140M | committed · Jan 2026 |
| Auction contract | System operator | Auction round 6 | $348M · 15 yr | strike published · Jun 2026 |
| Tax credit | Treasury | IRC §45V | no figure served | eligible · guidance revision proposed |
Exposure is a count, not a probability.
Every instrument depends on a policy anchor. The module reads the signals keyed to each anchor and the terminations in the same program cohort, and labels the exposure from those counts and dates. It never states odds.
Reversal exposure · this project
The signals
Strike and clearing prices, across markets.
Auction results by technology and market, converted at award-date FX, so a project's contract can be read against what the same technology cleared at elsewhere. A price that was not published stays on the ladder, withheld.
Auction ladder · what it clears at
Drawn, even when empty.
Every row on the stack is made through an agency record and a policy anchor.
Objects left. Links center. Evidence right.
Select a project and the picture redraws as its stack: the instruments, the agencies behind them, the policy anchors they depend on, the cohort of awards under the same program, the signals on the anchor. The dossier serves the stack ledger, reversal exposure with its counts, and the timing from notice to award and from commitment to close.
Capital stack · electrolytic hydrogen project
Ledger
| Instrument | Financier | Anchor | Figure | Stage |
|---|---|---|---|---|
| Loan guarantee | Federal loan office | Title XVII | $620M | conditional commitment · Mar 2026 |
| Grant | Program office, hydrogen hubs | Infrastructure act, hubs | $312M | awarded · Nov 2025 |
| State incentive | State energy office | State statute | $140M | committed · Jan 2026 |
| Auction contract | System operator | Auction round 6 | $348M · 15 yr | strike published · Jun 2026 |
| Tax credit | Treasury | IRC §45V | no figure served | eligible · guidance revision proposed |
Stack
Reversal exposure
Clears at
award-date FX · cohort index 2026-09 · anchor lexicon v1
no probability anywhere · figures carry n
Build the case by dragging. Every card fills itself from the record.
Drop a project, an instrument, a financier, or a policy anchor onto the board. Ties carry the figure, the basis, and the n. A tax credit with no served figure stays on the board as a block with no height, because the record does not give it one.
Capabilities that ride the module.
Existing Enterprise capabilities read from the same objects, so an energy price-to-procurement read, a budget trajectory, a regulatory cascade, or a stress test can be pinned to a board like any other object.
Seven layers on every figure.
Nothing on a ledger, a board, or a memo is computed on the fly from a model. It is served from the record, with its basis and its n. The standard is the same on the first day the module ships.
The same workbench, other domains.
Each module binds its own objects and link rules to the same investigation surface. Pin, link, board, memo: the grammar carries across.
Bring a project. Leave with the stack.
The module is in build. Design partners get the first seats, a monthly call with the founder, and a say in what the workbench serves first. Bring your own projects to the walkthrough.