MAGGIE PING / H₂

Most hydrogen projects don't fail on the engineering. They fail on the economics, the risk allocation, and the paperwork lenders actually read. I work at that intersection: strategy, LCOH modeling, offtake structuring, and independent bankability review for projects moving toward FID.

§ 1.0

About

I'm a business strategy and bankability analyst focused on cleantech and renewable energy, with a specialization in green hydrogen and its derivatives. My work sits between the technical team and the capital. I translate electrolyzer specs, capacity factors, and policy incentives into the financial and contractual language that gets projects funded.

My background is in philosophy, where I have extensive training that shows up directly in how I work. I build arguments from premises to conclusions, I stress test assumptions, and I don't let a model's output outrun what its inputs can actually support. I've paired that with formal financial training, including FMVA, CFA Level I, and a renewable energy financial modeling case study through CFI, to apply the same rigor to LCOH models, offtake terms, and bankability review.

I moved into this field because the economics point one way. Government incentives are actively subsidizing the transition, and fossil fuels are on a trajectory where they eventually stop being the more profitable option. Green hydrogen is also still new enough that most of its bankability and offtake structures haven't been standardized yet, which means there's real analytical work to do here, not just work to copy from a template.

I'm early in building a project track record and I'm currently taking on select engagements to do that. The sample study below reflects the standard I hold my analysis to.

FOCUS
Green H₂ · Power-to-X · Cleantech
EDUCATION
Specialist, Philosophy, University of Toronto
CREDENTIALS
FMVA (CFI) · Level I Candidate, CFA
TOOLS
Excel · SQL · Tableau
LANGUAGES
English · French
STAGE
Concept → FID
BASIS
Independent · Engagement based
§ 2.0

Services

Four core workstreams. Most engagements combine two or more.

2.1
Bankability review before FID
Independent assessment of a project's readiness for debt and equity: revenue certainty, contract structure, counterparty risk, and the gaps lenders' advisors will find before they find them. Green hydrogen has few standardized bankability or offtake precedents to draw on. Most of this work has to be built from first principles, not copied from prior deals.
RISK ALLOCATIONDD READINESSLENDER LENS
2.2
LCOH & technoeconomic modeling
Levelized cost of hydrogen models with transparent assumptions: electrolyzer CAPEX curves, power procurement strategy, capacity factor sensitivity, and incentive stacking under current policy regimes.
LCOHSENSITIVITYINCENTIVES
2.3
Offtake & commercial structuring
Support on offtake strategy and term negotiation: pricing mechanisms, indexation, volume flexibility, and creditworthiness, the terms that determine whether a contract is bankable or just signed.
OFFTAKEPRICINGTERM SHEETS
2.4
Market entry & corporate strategy
Where to play and how to win in hydrogen and adjacent cleantech markets: demand mapping, competitive positioning, policy exposure, and decisions about building versus partnering, grounded in real project economics.
MARKET SIZINGPOSITIONINGPOLICY
§ 3.0

Sample work

Selected work, from independent studies to client engagements. Each entry notes its basis and the analysis involved. More will be added here as it develops.


3.1 · INDEPENDENT STUDYPEM ELECTROLYSIS

Pre-FID bankability package: Air Liquide Bécancour PEM electrolyzer

A self-directed bankability study of the Bécancour green hydrogen project (Québec, in development since 2019). Working from public information and assumed figures, I built the analysis a lender's advisor would expect to see: an LCOH sensitivity model in Excel, a Tableau dashboard, and DSCR and IRR models, wrapped in the commercial, regulatory, and risk documentation that supports a financing decision.

LCOH SENSITIVITY (EXCEL) TABLEAU DASHBOARD DSCR & IRR MODELS IC MEMORANDUM REGULATORY MATRIX POLICY & INCENTIVE SUMMARY COMPLIANCE RISK MEMO OFFTAKE STRUCTURE MAP SUPPLY CHAIN PROCESS MAP COUNTERPARTY RISK ASSESSMENT
NOTE → Independent analysis using largely assumed data. Not affiliated with or commissioned by Air Liquide.
READ THE FULL STUDY → [link or download]
§ 4.0

Contact

If you're developing, buying from, or investing in a green hydrogen project and need analysis that will stand up to a lender's advisor, get in touch. Initial scoping conversations are free.

BASEToronto, Canada. Available remote and in-person.