NULLPUNKT AG

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<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>
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<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>
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<h2><span style="font-size:13pt"><span style='font-family:"Times New Roman",serif'><span style="color:#1f4e79">Snapshot</span></span></span></h2>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">1 · Is the price fair? 💶</span></strong></span></span></p>
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<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>
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<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? ⭐</span></strong></span></span></p>
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<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>
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<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? 🎯</span></strong></span></span></p>
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<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>
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<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>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>85–100 · Excellent</span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>70–84 · Good</span></span></p>
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<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>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>Meaningful preconditions missing or weakly evidenced</span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>30–49 · Weak</span></span></p>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'>1–29 · Critical</span></span></p>
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<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>
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<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>
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<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>
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<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>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">✅ Three reasons to look closer</span></strong></span></span></p>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p>
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<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>
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<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>
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<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>
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<p><span style="font-size:10pt"><span style='font-family:"Times New Roman",serif'><strong><span style="color:black">ℹ️ 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>
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<h2><span style="font-size:13pt"><span style='font-family:"Times New Roman",serif'><span style="color:#1f4e79">🏢 What the company does</span></span></span></h2>
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<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>
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<h2><span style="font-size:13pt"><span style='font-family:"Times New Roman",serif'><span style="color:#1f4e79">📈 The returns picture</span></span></span></h2>
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<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>
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<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>
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<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>
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<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 exampl…</span></span></p></td></tr></tbody></table>