Companisto โข NULLPUNKT AG
Equity crowdfunding
NULLPUNKT AG
Swiss public limited company supplies a patented ice storage heat pump system that utilizes innovative latent heat technology for efficient heating in detached houses.
Key project data
Target amount
0.45 MEUR
Valuations
10.09 MEUR
Potential Returns
310%
Expected Exit Year
2030
Would AI invest?
68/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
<div style="border-bottom:solid #1f4e79 1.0pt; padding:0in 0in 4.0pt 0in"> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">Nullpunkt AG — Crowdfunding Investor Memo</span></span></span></h1> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>A Swiss company selling a home heating system that stores energy as ice, aimed at owners of detached houses switching away from fossil-fuel heating.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: Cleantech / home heating (hardware) · Stage: Seed · HQ: Oberengstringen, Switzerland · Raise: EUR 400,000</span></span></p> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">Snapshot</span></span></span></h2> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; width:240px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? ๐ถ</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; width:408px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 / 5</span></strong><span style="color:black"> — the asking price (~EUR 10.1m before this round) is above the benchmarks we could find: European cleantech seed companies raised at a median of ~EUR 5.1m in 2025, and the company has no sales booked yet.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; width:240px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? โญ</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; width:408px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 68 / 100 — Average.</span></strong><span style="color:black"> Strongest evidenced point: an experienced engineering team with a production-ready, already-selling product. Biggest gap: almost no sales history yet — the audited accounts show no revenue booked.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; width:240px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? ๐ฏ</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; width:408px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target ~4x over ~3 years</span></strong><span style="color:black"> (the company's own plan). If a sale is reached, illustratively ~13x–26x before fees and future dilution — a wide range from typical sector exit multiples (2–4x revenue) applied to the company's 2031 revenue plan. Illustration only, not a forecast.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score scale</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What it means</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">85–100 · Excellent</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All key preconditions for reaching a sale stage are evidenced and strong — rare at this stage</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">70–84 · Good</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Preconditions largely in place, with specific gaps named in the questions section</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">30–49 · Weak</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several core preconditions absent, or the evidence points against them</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">1–29 · Critical</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:488px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fundamental preconditions are not visible in the evidence</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:648px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What we could check. </span></strong><span style="color:black">We verified the company's registration, the founders' prior engineering firm, an existing investor's participation, the market launch, and a named competitor against public records — all confirmed. The company's sales, margins, installed-unit count and exact ownership split rest on its own materials — see the questions section.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">How to read the score</span></span></span></h3> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:648px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Three answers, one honest note. </span></strong><span style="color:black">The fairness score says whether the entry price is supported by the sector benchmarks we could find. The AI Score is our read on whether the company has the building blocks in place to reach a stage where it could be sold — it measures readiness on the evidence shown; it is not a probability of success, and even companies with every building block in place fail more often than they succeed, which is why this kind of investing only works as a small part of a spread-out portfolio. The returns range is an illustration of what a successful sale could pay, built from named sector benchmarks — not a forecast. Where something was not in the pack we reviewed, it did not lower any score — instead it appears in the questions section, so you can ask the company directly. The listing was reviewed by a licensed crowdfunding platform before going live. Nothing here is a recommendation.</span></span></span></p> </td> </tr> </tbody> </table> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">At a glance</span></span></span></h2> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Three reasons to look closer</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The three founders ran an engineering firm together for ~11 years (confirmed in the Swiss company register) before spinning this out.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product is built and certified-ready, with a working climate lab and its own production machinery, per the company; more than 30 installation partners are reported in Switzerland.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The market is large and growing — the company cites ~300,000 heat pumps installed in Germany in 2025 and an EU market growing about 19% a year.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The audited accounts for 2025 show no sales booked and a loss of about CHF 469,000; the business is at the very start of selling.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The asking price (~EUR 10.1m) is above the cleantech seed benchmarks we found (~EUR 5.1m median in 2025).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The founders and their holding company control ~68% and can, with other insiders, force a sale; a separate clause lets founders buy back your shares for CHF 1.00 in total (no money back).</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:648px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Deal terms. </span></strong><span style="color:black">No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. Two features to note and verify, both explained at the end: a clause letting founders buy your shares back for CHF 1.00 in total, and a right that lets the founders and insiders force a sale. Full mechanics are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:648px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โน๏ธ Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">๐ข What the company does</span></span></span></h2> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Nullpunkt AG (registered in Switzerland in April 2025) sells a home heating system called Triton. It pairs a small, quiet outdoor unit with a 1,000-litre water tank and a heat pump. The clever part is physics: when water freezes, it releases a large amount of heat, and the system harvests that heat to warm the house — so it can store energy when outside conditions are good and draw on it on cold nights. The company reports the system stores about five times the energy of a same-size ordinary tank and runs at about 35 decibels, quieter than a normal air-source heat pump. It sells through heating contractors (so the contractor, not Nullpunkt, deals with the homeowner) at a system price of roughly CHF 29,900, and the company reports more than 30 installation partners in Switzerland and first systems already in use. The three founders previously ran an engineering firm together (Trinovent GmbH, from 2014) doing aerospace and machinery work. This EUR 400,000 raise is to fund the market roll-out, build sales and service, and finance the company until it breaks even.</span></span></p> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">๐ The returns picture</span></span></span></h2> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">About 4x your money over about 3 years. This comes from the company's own plan (the platform states a target of roughly 309% total, or ~60% a year, over 3 years). It is a target, not a promise, and the company itself warns you could lose everything.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sell the Triton system through heating contractors, expand from Switzerland into Germany and Austria by 2027, and grow toward a sale of the company to a big heating or heat-pump group. The company points to recent deals in its sector as the kind of exit it has in mind — for example Carrier buying Viessmann's heat-pump division, and Bosch buying Johnson Controls' heat-pump business. The company did not attach sale values or multiples to these examples.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On the company's own plan, a roughly 4x return needs a sale of the whole company worth on the order of EUR 43m. For comparison, the company's 2031 revenue plan is about CHF 73.5m; a big heating group typically pays 2–4 times revenue for this kind of business.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustration only. Using typical sector exit multiples of 2–4 times revenue (a hardware/deeptech heuristic) applied to the company's 2031 revenue plan of ~CHF 73.5m gives a sale value of roughly EUR 135m–270m; against the ~EUR 10.5m price after this round, that is about 13x–26x before fees. The ~EUR 43m sale the company's own target needs sits comfortably within the range of sector deals we found (for example, Kyoto Group's reported acquisition value was around 8.7 times the money it had raised). Sources: ScaleX EuroTech Valuation Index (2025); New Market Pitch energy-storage data (2026); the company's financial plan.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A high entry price compresses every return outcome — the fairness score above is 2 of 5 for this reason.</span></span></td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section.</em></span></span></td> </tr> </tbody> </table> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">๐ Score breakdown</span></span></span></h2> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category's score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:67px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:355px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team capability</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">80</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:67px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">22%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:355px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — three founders with about 11 years working together at their own engineering firm (confirmed in the Swiss register) and relevant aerospace and mechanical backgrounds; the team is still essentially the three founders, with sales hiring planned but not yet done.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product-market fit</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">62</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:67px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">17%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:355px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — a built, certified-ready and differentiated product with first systems in use, but by the company's own summary only a few systems are running, so fit with real homes across a full winter is not yet shown.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & growth</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">55</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:67px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">17%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:355px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — more than 30 installation partners are reported, but the audited 2025 accounts show no sales booked and the number of systems actually installed is not in the pack.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market size</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">78</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:67px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:355px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Good — a large, fast-growing, policy-supported market; the company cites an EU heat-pump market growing about 19% a year, with homes (its target) the biggest part.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">66</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:67px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">8%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:355px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — a clear sell-through-contractors model with a detailed plan and audited accounts, but the accounts show the company's own funds were negative at end-2025 before this raise, and the CHF 29,900 price is on the high side.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competition</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">65</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:67px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">8%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:355px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — few direct rivals in the compact ice-storage niche (the nearest, Germany's Qficiency, is confirmed), but the big incumbents (Viessmann, Bosch, Daikin) are far larger.</span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology risk</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:60px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">66</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:67px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:355px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Average — the underlying physics is well established and the company reports a production-ready system, its own lab and production machinery; the patents behind the technology could not be found in public databases yet (normal for recent filings).</span></span></p> </td> </tr> </tbody> </table> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">โ Questions to ask before investing</span></span></span></h2> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:648px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company's data room. The score above is based on what was available — these questions are how you close the gap.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:648px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How many Triton systems are installed and running today, and how many have been through a full winter?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:648px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Of the 30+ installation partners, how many have signed agreements versus expressions of interest, and how many units have they ordered?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:648px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the actual selling price and the cost to build each system on the units delivered so far?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:648px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are the patent application numbers, filing dates and countries behind the “2 patents” claim?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:648px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the EHPA / EU certificate number for the Triton system?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:648px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What exact percentage of the company does the EUR 400,000 buy? Please share the ownership table (who owns what before and after this round) and the size of the employee share pool.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:648px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is the current monthly cash spend and how many months of cash remain after this round, and when is the next fundraise expected?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:648px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Are the efficiency and noise figures (SCOP 4.2, 35 dB) independently tested, and by whom?</span></span></span></li> </ul> </td> </tr> </tbody> </table> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">๐ What you own</span></span></span></h2> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own preference shares in Nullpunkt AG, held for you through a holding vehicle run by the platform (a “nominee” or pool) rather than in your own name. In practice you do not vote directly at company meetings — the pool votes as one block. Your shares include the right to be paid back before the founders' ordinary shares if the company is sold (a “liquidation preference”), and on a good sale you share in the gains alongside everyone else. Full mechanics — including how a sale gets decided and how your share can shrink in later rounds — are in the reference section below.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">๐ Detailed review</span></span></span></h2> </div> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Team capability</span></span></span></h3> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The three founders co-founded and ran the engineering firm Trinovent GmbH from 2014 — confirmed in the Swiss company register — and bring aerospace and mechanical-engineering backgrounds. They built the Triton technology inside that firm and spun it out into Nullpunkt in 2025. The team is still essentially the three founders plus one administrative employee.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">About 11 years working together, confirmed in the register.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Relevant deep-engineering backgrounds (aerospace, lightweight construction, software).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An existing investor, EBP, joined via its venture arm — confirmed in Swiss press.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No senior non-founder hires yet; sales is named as the gap this raise should fill.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder tenure is stated inconsistently across the materials (11, 12 and 14 years).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The detailed hiring plan is not in the pack we reviewed.</span></span></li> </ul> </td> </tr> </tbody> </table> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Product-market fit</span></span></span></h3> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports a clear, differentiated product: heat-pump efficiency close to a ground-source system without the drilling, plus near-silent night-time running. Its self-measured figures (efficiency rating SCOP 4.2, noise ~35 dB) are specific and consistent. But the company's own summary concedes only a few systems are currently running, so fit with real homes over a full winter is not yet demonstrated.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Specific value proposition addressing real drawbacks of existing heat pumps.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed self-measured efficiency and noise figures.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Certified-ready and already installed with first customers, per the company.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Only “a few systems” running so far, per the company's own summary.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Performance figures are self-measured; independent field data is not in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A new concept needs installers and buyers educated first, per the company.</span></span></li> </ul> </td> </tr> </tbody> </table> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Traction & growth</span></span></span></h3> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports more than 30 installation partners in Switzerland and first systems in use. The audited accounts for 1 May–31 December 2025 show no sales booked and material and outside-work costs of about CHF 443,000. Partner count is an early signal; it is not the same as installed, paying systems, and the installed count is not in the pack.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">30+ installation partners lined up at launch, per the company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market entry done (August 2025) ahead of winter, per the company and press.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A clear, staged expansion plan (Germany and Austria by 2027).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No sales booked in the audited 2025 accounts.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Installed-system count and order pipeline are not in the pack.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“In use with customers” versus the summary's “few systems” — the two are not reconciled.</span></span></li> </ul> </td> </tr> </tbody> </table> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Market size</span></span></span></h3> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The market is large, growing and policy-driven. The materials cite about 300,000 heat pumps installed in Germany in 2025 and an EU market growing roughly 19% a year, with homes — Nullpunkt's target — the biggest part. Independent sources broadly support the direction, though the exact global market figure quoted ranges from about USD 84bn to 94bn depending on the source.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Large market with strong regulatory push toward cleaner heating.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Homes (the target) are the majority of the market, per cited reports.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Growth rates from several independent firms are all high.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The market depends on subsidies and policy, which can change (company-acknowledged).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Quoted global figures spread (~USD 84–94bn for 2025).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Realistic near-term reach is Switzerland only; EU expansion is still ahead.</span></span></li> </ul> </td> </tr> </tbody> </table> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Business model</span></span></span></h3> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The model is sell-through-contractors: about CHF 29,900 per system, with build cost near CHF 14,000 today falling toward CHF 10,000 at scale, plus about CHF 2,000 of add-ons per install. The plan is detailed and turns cash-positive (at the operating-profit line) in 2027. The audited accounts, though, show the company's own funds were negative (about –CHF 369,000) at end-2025 before this raise.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear route to market and a detailed six-year plan.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A path from ~33% to over 60% gross margin at scale, per the company.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Repeat income from service, maintenance and spare parts identified.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company's own funds were negative at end-2025 before this raise.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">CHF 29,900 is a premium price; the volume assumptions are unproven.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The plan relies on steep growth (20 units in 2026 to 2,870 by 2031).</span></span></li> </ul> </td> </tr> </tbody> </table> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Competition</span></span></span></h3> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Direct rivals making small, flexible ice-storage tanks are few; the nearest identified is Germany's Qficiency (confirmed in the German register), whose system the company describes as larger, heavier and usually buried. The wider field is dominated by very large incumbents (Viessmann, Bosch, Daikin) who mostly sell conventional heat pumps.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Few direct rivals in the compact, flexible ice-storage niche.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Positioned between cheap air-source and efficient ground-source — a real gap.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Nearest peer (Qficiency) is bulkier and buried, per the company.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Incumbents are vastly larger and could add similar features.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Low-cost overseas makers could enter (company-acknowledged).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The patent protection could not be independently confirmed yet (see Technology risk).</span></span></li> </ul> </td> </tr> </tbody> </table> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Technology risk</span></span></span></h3> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The core idea — storing energy in the freezing of water — is well-established physics, and the company reports a production-ready system, an in-house lab tested to –15°C, and its own production machinery. The engineering achievement is making it compact, everyday and affordable. Two things could not be confirmed from public sources: the specific patents, and the certificates.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The underlying physics is proven and widely understood.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company reports production-ready hardware, its own lab and machinery.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Mostly standard parts; the company says many faults are fixable via software.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:324px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Patents not yet found in public databases — see the questions section.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">EHPA/EU certificate number not in the pack, so not independently confirmed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Few systems have run a full winter — long-term reliability not yet shown.</span></span></li> </ul> </td> </tr> </tbody> </table> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">๐ถ Valuation detail</span></span></span></h2> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">EUR 10.085 million (company/platform stated).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~EUR 10.485 million if the full EUR 400,000 round closes.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — preference shares (shares that are paid back ahead of the founders' ordinary shares if the company is sold), held through the platform's investor pool.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The platform's post-round table shows the platform pool at 10.79% across all its investors; the EUR 400,000 tranche alone works out to roughly 3.8% at the stated price. The exact figure depends on the final close, and the full ownership table was not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not in the pack we reviewed beyond a reference to the “classic VC method”.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">European cleantech seed companies raised at a median of ~EUR 5.1m in 2025 (Development Corporate); the CleanTech sector traded at ~7.05x revenue (ScaleX EuroTech Valuation Index, 2025) — which does not apply here as the company has no revenue yet. On these, the ~EUR 10.1m asking price is above the seed benchmarks found.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2 / 5 — above the benchmarks found. Rests on two named independent benchmarks: the ~EUR 5.1m cleantech seed median (Development Corporate, 2025) and the ~EUR 5m+ hardware-cleantech seed round size (Pitchwise, 2026). No residential ice-storage valuation comparable was found.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:448px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Platform investors convert at a fixed EUR 1.00 = CHF 0.9171. Shares were issued at CHF 51.85 to cash investors; later platform shares at CHF 64.81; insider loans converted partly at CHF 22.62.</span></span></p> </td> </tr> </tbody> </table> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">๐ฉ Red flags & integrity checks</span></span></span></h2> </div> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:47px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data — </strong>the full ownership table (cap table) was not in the pack we reviewed, so the exact stake this round buys cannot be computed; the installed-system count and actual selling price/cost were also not in the pack. The Key Investment Information Sheet (KIIS/WIB) was not in the pack (a link to it is cited).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:47px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies — </strong>founder tenure is given as 11, 12 and 14 years; the system price appears as both CHF 29,900 and CHF 22,500; the build-cost target is quoted once as “CHF 10,000” and once as “10,000 EUR”; “30+ partners / in use” sits against the summary's “few systems in operation.”</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:47px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies — </strong>None found. No public source we checked conflicts with a company claim; the unconfirmed items (patents, certificate number) are simply not yet in the public record.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:47px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information — </strong>None found in public registries or news searches for the company or founders. (The negative own-funds figure at end-2025 comes from the company's own audited accounts, not from outside information.)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:47px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises — </strong>An initial round on spin-off in 2025, plus CHF 752,600 of loans from insiders (including RoWei and EBP) that convert into shares in this round — confirmed in the audited accounts and agreements; EBP's participation is confirmed in the press. The company is too new (registered April 2025) to have a track record of hitting past milestones.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:47px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #d0d0d0; border-left:none; border-right:1px solid #d0d0d0; border-top:none; vertical-align:top; width:601px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness — </strong>The ~EUR 10.085m asking price compares with a ~EUR 5.1m European cleantech seed median in 2025 (Development Corporate) and a ~7.05x revenue sector multiple (ScaleX, 2025) that does not apply on zero revenue. The comparison is recorded, not judged. No residential ice-storage valuation comparable was found.</span></span></p> </td> </tr> </tbody> </table> <div style="border-bottom:solid #9dbad6 1.0pt; padding:0in 0in 3.0pt 0in"> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4e79">๐ Instrument & investor terms — full mechanics</span></span></span></h2> </div> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">What you own — in full</span></span></span></h3> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own preference shares (shares paid back ahead of ordinary shares if the company is sold) in Nullpunkt AG, held for you through a pool run by the platform rather than directly in your name. Because the shares sit in that pool, you do not vote individually at company meetings — the pool votes the whole block as one, decided by a simple majority among pooled investors, under a standing authority given to the pool leader. Decisions to sell the company are effectively made by the larger holders: the founders and their holding company hold about 68%, and a defined majority of votes (including a majority of the preference shares) can approve a sale.</span></span></p> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Dilution — how your share can shrink</span></span></span></h3> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution means your slice of the company gets smaller when new shares are issued in a later round. The company expects to raise again (it describes financing “until break-even”). Your preference shares carry some protection: a standard “weighted-average” anti-dilution provision that partly compensates you if a future round is priced below this one, for 24 months after this round; and rights to take part in future share sales (“pre-emption”), though for pooled investors these work through the pool. Note a clause that lets a 95% shareholder majority require everyone to join a future round.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><em>Illustrative example (mechanics only). </em></strong>Suppose the EUR 400,000 buys about 3.8% of the company. If the company later issues 25% more shares and you do not invest again, your slice would fall to about 2.85% (3.8% × 0.8). The anti-dilution protection would soften this only if that future round is priced below this one. Figures are illustrative because the full ownership table was not in the pack we reviewed.</span></span></p> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">If the company is sold or wound down</span></span></span></h3> </div> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">If the company is sold or closed, the money is paid out in order: first lenders (including the insider loans, to the extent not yet converted), then shares with priority, then everyone else. Your preference shares get the greater of (a) your money back, or (b) what you would get by converting to an ordinary share and sharing in the proceeds — in plain terms, on a weak sale you get your money back ahead of the founders, and on a strong sale you convert and share the gains like everyone else. After your preference is paid, the rest goes to ordinary shareholders in proportion to their holdings; your class does not both take its money back and then also share that remainder. A “drag-along” right lets a majority (60% of votes plus a majority of the preference shares) force everyone to sell, with a floor that you receive at least your original price. A “tag-along” right lets you join a sale if large holders sell more than 10%. There is a 2-year founder lock-up, a 15-year minimum term on the shareholders' agreement, and no way to sell your shares early — so this is a long, illiquid hold. One term to verify directly: a clause lets the founders buy back a preference holder's shares for CHF 1.00 in total; although framed as an option, that price means no money back, so do not rely on it as protection.</span></span></p> <div style="border-bottom:solid #d9d9d9 1.0pt; padding:0in 0in 2.0pt 0in"> <h3><span style="font-size:11pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Terms not in the pack we reviewed</span></span></span></h3> </div> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The full ownership table — who owns exactly what after this round (referenced as an exhibit but not attached).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The exact percentage the EUR 400,000 tranche buys.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Whether the ~10% employee share pool grows before the next round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The patent application numbers, filing dates and countries.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The EHPA / EU certificate number.</span></span></li> </ul> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.75in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #d0d0d0; border-left:1px solid #d0d0d0; border-right:1px solid #d0d0d0; border-top:1px solid #d0d0d0; vertical-align:top; width:648px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โน๏ธ This is not investment advice. </span></strong><span style="color:black">The purpose of this overview is to help potential investors preselect crowdfunding projects quickly. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform, and you may want to seek independent professional advice. </span></span></span><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></em></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Companisto DE
Risk Level
High
Risk Return Level
Medium
Return Level
High
Min. Investment
EUR 250
Total Funded
EUR 228.78M
