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Dynamic Corporate Transformation

CLIENT ENGAGEMENT · DCT ADVISORY · OCTOBER 2026

Capital in the right order

How Breeze Fuels used Dynamic Corporate Transformation to plan growth around a capital raise of more than $800 million, so that every dollar is deployed in the order that creates the most value.

Breeze Fuels · Transitional, renewable and alternative fuels: RNG, CNG and hydrogen

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We are raising more than $800 million, and DCT changed the question from how much we could raise to what our plan actually needs and in what order to deploy it. We go to investors with a programme we have certified, not a list of projects.

Ariane Mestelle, Chief Executive Officer, Breeze Fuels

The board's question

How much capital do we need, where should it go first, and what must stay true while we deploy it?

THE GOALS

$800M+
Growth capital being raised for the programme
3 fuels
RNG, CNG and hydrogen in one certified programme
40%+
Annual revenue growth target as projects come on line
100%
Quarters above the liquidity floor, a design commitment for the whole build

Goals set by Breeze Fuels' leadership under the DCT programme. Revenue, margins and volumes are confidential and are not disclosed.

How DCT was applied

  1. 01

    Represent

    Projects, fuels, funding, liquidity and delivery capacity declared in one state.

  2. 02

    Analyze

    What drives each project's value, and how projects interact through shared supply, customers, teams and balance sheet.

  3. 03

    Certify

    Every candidate programme checked quarter by quarter against the liquidity floor, covenants and delivery capacity, before the raise was sized.

  4. 04

    Optimize

    How much to raise, and the order in which to deploy it: secured-demand, short-build projects first.

  5. 05

    Execute

    Capital drawn in tranches tied to milestones, each with an owner and a gate.

  6. 06

    Monitor

    Deployment, returns and liquidity on one page, monthly for management and quarterly for the board and investors.

  7. 07

    Adapt

    Market-dependent projects held open on explicit triggers, and the programme re-certified when a trigger is crossed.

Highlighted moves carried the most weight in this engagement.

What changes for Breeze Fuels

Strategic

  • Order as strategy (projects with secured demand fund the next wave)
  • Options kept open (market-dependent projects wait for their triggers)
  • Liquidity protected (the floor is designed to hold in every quarter of the build)

Organizational

  • One capital plan (leadership, the board and investors read the same declared state)
  • Owned tranches (every draw of capital has an owner, a milestone and a gate)
  • A clearer case to investors (the raise is presented as a certified programme with its conditions stated)

Published with the written approval of Breeze Fuels, October 2026. DCT Advisory provides strategy and management advisory services; it did not arrange, place or advise on the sale of securities in the capital raise.

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