Brian Foody, CEO of Iogen Corporation, was an early leader in advanced biofuels, developing a range of technologies to transform agricultural waste into transportation fuel. With $100 million in revenue and 350 patents across various biofuel technologies, Iogen was looking to the future - towards the energy transition. In the spring of 2024, Iogen was advancing a promising new technology. It used agricultural waste (e.g., corn stalks) - a feedstock that would otherwise be left in the field to rot - to produce hydrogen, maritime and jet fuel. This process permanently removed more carbon dioxide from the atmosphere than was emitted through the production process and as a result, gave Foody optimism about the commercial prospects of the technology. Foody believed the technology had the carbon savings, cost effectiveness, and scalability needed to decarbonize several hard to abate sectors. Nevertheless, he saw challenges in its commercializing given the nascent markets, developing regulatory landscapes, competing technologies and vast capital expenditures needed to bring the technology to market. What markets should he target? How could he develop a business model that was competitive in today's environment? How could he get investors comfortable enough to support Iogen?