FunderNation • SOOMIQ 3
Equity crowdfunding
SOOMIQ 3
Generating green electricity from industrial waste heat - decentralized and immediate
Key project data
Target amount
0.8 MEUR
Valuations
1.35 MEUR
Potential Returns
14,85 x
End Date
2026-07-30
Would AI invest?
43/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
<h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">SOOMIQ 3 — Crowdfunding Investor Memo</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Generating green electricity from industrial waste heat — decentralized and immediate</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>Climate-tech / Industrial hardware (small-scale ORC waste-heat-to-power)</strong> · Stage: <strong>Seed (pre-revenue, 3rd crowdfunding round)</strong> · HQ: <strong>Karlsruhe, Germany</strong> · Raise: <strong>€50k–€800k (Fundingschwelle / Fundingmaximum)</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:224px"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE </span></strong></span></span></td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:448px"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Why this score:</span></strong></span></span></td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; width:224px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black"><span style="font-size:26px">43 </span>⭐ Caution</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:448px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Strong demand drivers in a real and growing market (USD 4.6B ORC waste-heat-to-power, 10.6% CAGR per Global Market Insights) but the company's broader market-size claims and competitive framing are aggressive.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Engineering work appears thorough with reputable partners (Fraunhofer UMSICHT, FRINTEC, KIT) yet no functional demo plant of the current 20 kWe configuration is yet in operation — the demo plant build is the next step funded by this round.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Founder concentration is extreme: Stefan Graber holds 90.23% of equity and is the only Geschäftsführer; the operational team is essentially one person plus a junior engineer still completing a Master's degree.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Customer-interest pipeline regressed ~75% between rounds — from 'over 400 PowerQubes' (2023, SOOMIQ 2 listing) to 'over 100 PowerQubes' (current SOOMIQ 3 listing) with no explanation.</span></span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">The instrument is deeply subordinated debt (partiarisches Nachrangdarlehen with pre-insolvency enforcement bar) — investors rank behind ordinary subordinated creditors, with no voting, no shares, and an effective 5-year lock-up to 30.04.2031.</span></span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:672px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">ℹ️ 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></p> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 Company description</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SOOMIQ GmbH (HRB 117611 Amtsgericht Frankfurt am Main, registered 17 December 2019, operating since 2021) develops the PowerQube, a compact ~20 kWe Organic Rankine Cycle module designed to convert industrial waste gas heat in the 110–150 °C band directly into electricity without an intermediate fluid loop. The company is led by sole managing director Stefan Graber, who holds 90.23% of equity per the cap table dated 27.03.2026; an additional 9.77% is held by former 2023 convertible-loan investors. The operational team is small: Graber plus Justin Moldovan (B.Eng., still completing a Master's at FAU Erlangen-Nürnberg, active since 2023) plus Prof. Dr. Marcus Rieker (academic advisor since 2025). Engineering has been executed through partnerships with Fraunhofer UMSICHT, FRINTEC, Lauterbach Verfahrenstechnik, and component suppliers DEPRAG (turbine) and Chemours (working fluid); basic and detail engineering were completed in Q1 2025 and a cooperation contract with KIT-ITES for the demonstration plant has been signed (Q3 2025). The company has €0 revenue in 2025 and plans first product revenue in 2027 at €250k per system, declining to under €100k at higher volumes; the financial plan projects 12 unit sales in 2027 rising to 240–360 by 2031. The current round (SOOMIQ 3, listed on FunderNation.eu) seeks €50k minimum to €800k maximum in profit-participating subordinated loans (partiarische Nachrangdarlehen) at a pre-money valuation of €1.5M, with proceeds funding the KIT demo plant build (44% materials, 22% personnel, 23% external engineering, 6% additional engineering personnel, 5% liquidity reserve). The company reports concrete pilot interest from named companies including BASF, Daimler Truck, Mondi Inncoat, Fripa, EMS Chemie, Geberit and Südstärke.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🎯 Target returns</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target return</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Time horizon</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:189px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:189px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI view on reaching this goal</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>🎯 10.70× – 14.85×</strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>⏱ ~5 yrs (to 30.04.2031)</strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:189px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Company-provided</strong> — The company set its own targets of 61% IRR (base) to 73% IRR (target) per annum over the 5-year horizon; no quantitative bridge from the financial plan to the IRR figures is disclosed.</span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:189px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Targets are unusually high relative to typical seed outcomes and depend on the company executing 12 unit sales in 2027 rising to 240–360 by 2031 plus an uncommitted ~€1.5M Series A in Q4 2026.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">📈 Path to target return</span></span></span></h3> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Company methodology</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:485px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company quotes a 61–73% annual IRR target derived from its two-scenario financial plan (Base / Target) rather than from a comparable-transactions or DCF model. The headline IRR/multiple is presented on the platform but the quantitative bridge from financial-plan outputs to the IRR figures is not shown in the provided materials. Investor returns would arise from (i) annual Erfolgszins on the Beteiligungsquote × net profit, (ii) a Bonuszins at term end based on the company's value at that point (or 100% of last year's revenue if no recent funding round), and (iii) an Exitzins if a >50% share sale occurs during the term.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Comparable exits cited</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:485px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not disclosed in provided materials. The company references the AddedVal.io / startupdetector German Business Angels Database (October 2025) as a peer-comp source for a ~€6M Series A pre-money benchmark, but does not cite specific exit transactions.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Milestones expected</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:485px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Build and commission the PowerQube demonstration plant at KIT-ITES within ~6 months of funding (per company); contracts with KIT and FRINTEC already signed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Close a Series A equity round of ~€1.5M in Q4 2026 at a hoped-for ~€6M pre-money valuation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Start 0-Serie production in 2027 (planned: 8–12 units sold) with target sale price €250k per system; manufacturing via contracted metal-working partner.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Scale to 33–50 units in 2028, 65–98 in 2029, 160–240 in 2030, 240–360 in 2031 (base / target scenarios from the financial plan).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reach first positive EBIT in 2029 in both scenarios; positive free cash flow in 2029 in target case, 2029 in base case.</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:187px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:485px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€1.5M (set by the company before this crowdfunding round)</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:187px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:485px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Up to €2.3M if the round closes at its €800k maximum</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:187px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:485px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Partiarisches Nachrangdarlehen mit qualifiziertem Rangrücktritt einschließlich vorinsolvenzlicher Durchsetzungssperre — a profit-participating subordinated loan, not equity. Investors do NOT receive shares.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:187px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:485px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company explicitly states it deliberately set a 'favorable' valuation below comparable startups to attract this round and accelerate market entry. No DCF, comparable-transaction analysis or third-party valuation report is disclosed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:187px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:485px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company cites AddedVal.io (German Business Angels Database, by startupdetector, October 2025) for an estimated ~€6M Series A pre-money benchmark for comparable German early-stage startups; not company-specific. No independent expert review is provided.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:187px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:485px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10% early-bird bonus on valuation for investors within 31 days of public listing; €100 minimum subscription; ~€680k of net proceeds reach the company on a maximum €800k raise (15% total fee load: 6% FunderNation campaign fee, 6% pooling fee over 6 years, 3% marketing); negative book equity as of 31.12.2024 per VIB; INVEST grant eligibility confirmed by BAFA in March 2026, valid through 5 March 2027.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms</span></span></span></h2> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">What you own</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You do not become a shareholder of SOOMIQ. The instrument offered is a <strong>partiarisches Nachrangdarlehen</strong> — a profit-participating subordinated loan, governed by the German Vermögensanlagengesetz — held directly between you and the company (not through a nominee SPV). The loan carries a qualified subordination clause with a pre-insolvency enforcement bar (<em>qualifizierter Rangrücktritt mit vorinsolvenzlicher Durchsetzungssperre</em>), which is a stronger form of subordination than standard subordinated debt.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You receive <strong>no shares</strong>, <strong>no voting rights</strong>, and <strong>no seat at the Gesellschafterversammlung</strong>. Sole managing director Stefan Graber holds 90.23% of the share capital (per cap table dated 27.03.2026) and can therefore decide all shareholder matters — including the decision to sell the company — unilaterally. The 9.77% balance is held by former 2023 convertible-loan investors whose specific rights are not disclosed in the materials.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An investor pool is administered by FunderNation Support UG (haftungsbeschränkt) under a Poolingvertrag. The pool can coordinate a vote on whole-pool actions (such as accepting a takeover offer for the entire loan pool or negotiating a sale of the issuer), but this is a coordination mechanism among lenders, not shareholder voting at the company.</span></span></p> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Dilution and future rounds</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company explicitly plans further fundraising. The financial plan budgets a €1.5M equity inflow in Q4 2026, and the company narrative refers to a hoped-for Series A pre-money valuation of approximately €6M (citing the AddedVal.io peer-comp database). Because you are holding a loan and not shares, classical dilution of a per-share stake does not apply to you. <strong>There is no anti-dilution protection for crowdfund investors</strong> — and there is no pre-emption right entitling you to participate in any future equity round.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Worked example using the disclosed Beteiligungsquote mechanic. </strong>If you invest €1,000 today as an early-bird investor (within 31 days of listing) at the €1.5M pre-money valuation, your Beteiligungsquote is approximately <strong>0.0465%</strong> of company profits, exit value, and term-end company value. If instead you invest after the early-bird window, your Beteiligungsquote is approximately <strong>0.0435%</strong>, on the assumption the round fills to its €800k maximum. Your Beteiligungsquote is fixed at signing and does NOT change when new equity is later issued, so a successful Series A at a €6M pre-money does not dilute your percentage. However, the cash value of that percentage depends entirely on the company's terminal value — and <strong>if no qualifying financing round occurs in the 12 months before term-end (30.04.2031)</strong>, the Bonuszins falls back to 100% of the company's most recent fiscal-year revenue, which can be materially lower than a valuation-based payout. In a down-round scenario (e.g. Series A at €1M pre-money), the company-value reference point for your Bonuszins is also lower and your implied payout falls correspondingly.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An ESOP / employee option pool is not disclosed in the provided materials, so the dilutive effect of any ESOP expansion on existing equity holders cannot be assessed. Pre-emption rights to defend your economic share in future rounds are not part of this instrument.</span></span></p> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Exit and liquidation mechanics</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Because this is a deeply subordinated loan rather than equity, the usual 'liquidation preference' concept does not directly apply, but the practical effect is significantly worse for you. In insolvency or liquidation, your claims rank <strong>behind ALL senior non-subordinated creditors AND behind ordinary subordinated creditors per § 39 Abs. 1 InsO</strong> — you are paid only after all other creditor classes (including ordinary subordinated debt) have been fully satisfied. The pre-insolvency enforcement bar means that even before insolvency proceedings are opened, the company must not pay you if doing so would create grounds for insolvency. The VIB itself notes that as of 31.12.2024 the company already has negative equity. Realistic recovery in an insolvency scenario is close to zero.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There is no traditional drag-along right (you hold no shares to drag), but a functionally similar mechanic exists in your direction: if any acquirer obtains 75% or more of SOOMIQ's shares in one or more transactions, the issuer has the unilateral right to reduce your Beteiligungsquote to zero against payment of an 'Übernahmebonus' that puts you in the same cash position as if 100% of the company had been sold at the same per-percent valuation. <strong>Tag-along</strong> is not available in the equity sense; however, on a sale of more than 50% of the shares, you receive your loan principal back plus an Exitzins = Beteiligungsquote × net sale proceeds − loan principal.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ordinary termination by either side is excluded for the entire loan term to <strong>30 April 2031</strong> — extraordinary termination is only available 'aus wichtigem Grund' (for an important reason), the threshold for which is high in German contract law. After term-end the principal is repaid in 12 equal monthly instalments starting 01.05.2031. <strong>No secondary market is disclosed</strong> for this instrument. Treat the investment as illiquid for approximately 5 years from signing, plus the 12-month run-off in 2031–2032.</span></span></p> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Key risks specific to this instrument</span></span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deep subordination plus pre-insolvency enforcement bar — investors rank behind ordinary subordinated creditors per § 39 Abs. 1 InsO and may receive no interest or principal payments while the company is in financial distress, well before any formal insolvency. The company already shows negative equity at 31.12.2024.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No voting rights and no shares — the 90.23% founder shareholder unilaterally decides on capital increases, share sales, ESOP creation, change of business purpose, and on whether to accept any takeover offer.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Issuer's Übernahmebonus right at any 75%+ acquisition removes investor optionality — the company can force-cash-out your Beteiligungsquote at the acquirer's implied per-percent valuation, even if you would prefer to retain the upside.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Bonuszins fallback to 100% of last fiscal-year revenue if no qualifying funding round occurs in the 12 months before 30.04.2031 — this fallback formula can be materially lower than a valuation-based payout and creates a perverse incentive (a single small late funding round in 2030 could reset the reference upward, while the absence of one penalises investors).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Effective 15% fee load on the round — €120k of fees on a maximum €800k raise (6% FunderNation campaign fee, 6% pooling fee over 6 years, 3% marketing), so only €680k of net cash reaches the company. The 1% p.a. pooling fee × 6 years is a recurring drag on the company's economics.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Lock-up to 30.04.2031 with no disclosed secondary market — extraordinary termination only 'aus wichtigem Grund' under German law, which is a high bar.</span></span></li> </ul> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Items not disclosed</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following deal-relevant terms are not disclosed in the materials provided. Absence of disclosure means you cannot assess them before investing.</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting and leaver provisions for the 90.23% Graber stake.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">ESOP / employee option pool — whether one exists, its size, and any planned expansion before the Series A.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed rights of the 9.77% block held by the 2023 convertible-loan converters (voting? preference? anti-dilution?).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution provisions on any existing equity class.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-emption rights for crowdfund Nachrangdarlehen investors (likely none, but not explicitly negated).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights beyond the annual Jahresabschluss — no quarterly reporting, no board observer, no defined access to key contracts.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Specific terms of the additional ~€191.5k shareholder / convertible loan inflow planned for 2026.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder employment contract terms, salary, change-of-control arrangements.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Status of the planned Q4 2026 Series A — no committed lead investor or signed term sheet is disclosed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited statutory accounts — the 31.12.2024 Jahresabschluss is filed at the Unternehmensregister (paywalled) but not provided in this package.</span></span></li> </ul> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📊 Score breakdown</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:213px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; 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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; 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">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:339px"> <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> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team & Governance</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong><span style="color:black">45</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong>21%</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:339px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Founder has 30+ years finance/VC background and credible engineering partners (Fraunhofer UMSICHT, KIT) but is sole Geschäftsführer at 90.23%; operational team is essentially one person plus a junior engineer still in graduate school.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Product-Market Fit (customer validation)</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong><span style="color:black">35</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong>17%</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:339px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — Quoted customer interest is real but pipeline regressed ~75% (400+ to 100+ PowerQubes) between 2023 and 2026 with no explanation; no signed POs, LOIs, or paid deposits disclosed.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Traction (commercial)</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong><span style="color:black">28</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong>17%</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:339px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — €0 revenue in 2025 and 2026 plan; first revenue not until 2027; SOOMIQ 2 prior round was materially undersubscribed at 24% of its €1.5M target; demo plant not yet built.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong><span style="color:black">65</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong>13%</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:339px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — ORC waste-heat-to-power market is real and growing (USD 4.6B in 2025, ~10.6% CAGR per Global Market Insights); EnEfG creates structural demand tailwind in Germany; company TAM framing somewhat aggressive.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Business Model & Unit Economics</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong><span style="color:black">42</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong>9%</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:339px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Detailed two-scenario financial plan but depends on uncommitted €1.5M Series A in Q4 2026; per-unit revenue at 2031 (~€84k) is below the €100k narrative; material-cost ratio rises 73% → 83% over the plan horizon.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Competition</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong><span style="color:black">45</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong>8%</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:339px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Narrow real differentiation (direct gas-to-evaporator coupling, no intermediate loop in 110–150 °C) is genuine, but 'only player in segment' framing is overstated — Enogia (ENO-20LT, 20 kWe from 70 °C+) and Orcan Energy (ePack NT, 6–13 kW from 80 °C+) are direct or near-direct competitors with scale advantages.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Technology & IP (deeptech)</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong><span style="color:black">48</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; 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"><strong>15%</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:339px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Detail engineering complete with reputable partners; KIT contract signed for the demo build. But the current VIB explicitly states no patent protection, contradicting prior marketing ('weltweit patentiert'); the integrated system has not yet been demonstrated; specifications have drifted over time.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why these weights? </strong>Default Seed weights (Team 25, PMF 20, Traction 20, Market 15, Business model 10, Competition 10) were scaled pro-rata to 85% to accommodate a Deeptech sector adjustment that adds a 15-point Technology & IP category — necessary because the success of a hardware-intensive ORC system depends materially on engineering execution, not just commercial factors. Team carries the largest standard-category weight (21%) given the founder's central role and the very thin operational team; Technology (15%) reflects the dependence on a successful KIT demo build and the unresolved patent-status question; PMF and Traction (17% each) are weighted moderately given pre-revenue stage and the unverified customer pipeline; Market (13%) and Business Model (9%) and Competition (8%) round out the framework. All seven categories were evaluable (none scored N/A), so no weight redistribution was needed.</span></span></p> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🔍 Detailed review</span></span></span></h2> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Team & Governance</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports Stefan Graber as managing director with 30+ years in finance, business development and project management, including co-founding Venture Select GmbH (Munich) and cited involvement in the Accuray NASDAQ IPO and Google's acquisition of Endoxon. Hands-on operational team is essentially Graber plus Justin Moldovan (B.Eng., still completing a Master's in Energieverfahrenstechnik at FAU Erlangen-Nürnberg, active since 2023) plus advisor Prof. Dr. Marcus Rieker (HTW Dresden, since 2025). The cap table dated 27.03.2026 shows Graber at 90.23% and no broader founding team.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder has prior co-founding experience at Venture Select GmbH and asserts involvement in two reference exits (Accuray IPO, Endoxon/Google), confirmed as real corporate events in public records.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Has kept SOOMIQ running for 5+ years on limited capital and has successfully closed two prior FunderNation rounds (SOOMIQ 1: €438k from 400 investors at 97% of target; SOOMIQ 2: €365k from 162 investors).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Has secured engineering partnerships with reputable institutions (Fraunhofer UMSICHT, KIT-ITES, FRINTEC) and credible component suppliers (DEPRAG turbine, Chemours fluid).</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sole Geschäftsführer at 90.23% — single point of failure for both operational continuity and shareholder decisions; no Beirat or Aufsichtsrat with formal governance role is disclosed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Operational team is one founder plus a junior engineer still in graduate school plus an academic advisor whose expertise (information analysis) is not directly in ORC thermodynamics — conspicuously thin for a hardware company moving toward series production.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technical leadership turnover: Kartik Paghadal (M.Sc., Leiter Technik 2022–) is no longer on the team page and the reason is not disclosed. Earlier marketing-listed team members (Joana, Lingze) are also absent from the current listing.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No founder vesting, leaver provisions or change-of-control protections for investors are disclosed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Product-Market Fit (customer validation)</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports concrete pilot interest from named industrial customers across paper (Mondi Inncoat, Fripa), chemicals (BASF, EMS Chemie), ceramics (Geberit), heat treatment (Daimler Truck, Rastatt — one of 17 hardening furnaces selected for the pilot), food (Südstärke) and engineering firms (AMR Engineering, Gammel Engineering). Quoted statements are presented as verifiable but not in signed-document form. The structural demand driver — the Energy Efficiency Act (EnEfG) obligating companies with >2.5 GWh annual energy use to report and utilize waste heat — is real and confirmed.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named pilot prospects span multiple industries with genuine waste-heat profiles in the target 110–150 °C band.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory tailwind from EnEfG is real and creates compulsory demand-side pressure; 3,000+ companies have reported via the BAFA platform per company claim.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two third-party financing partners (vent.io, the Deutsche Leasing VC subsidiary, and SOLAS CAPITAL) have expressed interest in distributing or financing PowerQube systems once initial customer revenues exist.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No signed LOIs, no purchase orders, no paid deposits disclosed — all customer validation is quoted interest only.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Customer pipeline count REGRESSED ~75% between rounds — SOOMIQ 2 (2023) listing claimed 'over 400 PowerQubes' of interest; current SOOMIQ 3 listing claims 'over 100 PowerQubes' with no explanation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">LEONHARD KURZ Stiftung was named as a committed pilot customer in 2023 marketing but is no longer in the current pilot list.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financing-partner statements are explicitly conditional on first customer revenues, which the financial plan does not deliver until 2027.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Traction (commercial)</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the financial plan dated 27.03.2026, SOOMIQ recorded €0 in revenue in 2025 and plans €0 in 2026; first product revenue is planned for 2027 in both scenarios. Engineering milestones (basic + detail engineering completed Q1 2025, KIT contract signed Q3 2025) have been achieved. The demonstration plant at KIT-ITES has not yet been built — that is the next step funded by this round. Two prior FunderNation rounds have closed, but with different outcomes.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Engineering milestones met: basic and detail engineering completed Q1 2025 with reputable partners; KIT cooperation contract signed Q3 2025 with site plan in place.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two prior crowdfunding rounds have closed (SOOMIQ 1 at 97% of target; SOOMIQ 2 closed, albeit undersubscribed).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">INVEST grant eligibility from BAFA reconfirmed in March 2026, valid through 5 March 2027 — modestly improves investor economics where applicable.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-revenue in 2025 and 2026 — no commercial traction to speak of; first product revenue planned for 2027.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Prior SOOMIQ 2 round (2023) was materially undersubscribed at €365k vs €1.5M target (24%) — a clear investor-appetite signal at the prior step.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Timeline slippage: 2021 press releases promised serial readiness in 18 months; demonstration plant is still planned (target ~6 months after this round funding closes).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financial plan dependent on an uncommitted €1.5M equity round in Q4 2026; failure to close that on time or at size would materially break the cash plan.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">SOOMIQ 1 loan (€438,100, matured 30.11.2025) does not reconcile to the financial plan's €169,500 Tilgung in Q2 2026 — the company has not explained the gap (extension? restructuring? conversion?).</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Market</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company addresses industrial waste-heat-to-power in the low-temperature segment (110–150 °C, scaling to 200 °C in future), targeting energy-intensive industries (paper, ceramics, chemicals, metals, food). Independent market data confirms the ORC waste-heat-to-power market at USD 4.6B in 2025 with ~10.6% CAGR through 2035 (Global Market Insights), and the broader ORC market at USD 18.8B in 2024 (15% CAGR). The company's own framing of '€3.3B EU+UK market in <200 °C waste heat' is broader than the heat-to-power addressable segment.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Gaps</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent market data confirms a real and growing global ORC waste-heat-to-power market (USD 4.6B in 2025, ~10.6% CAGR per Global Market Insights).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Strong regulatory and policy tailwinds in Europe: EnEfG (Germany), high energy costs, decarbonisation mandates, federal subsidies up to 45% for industrial waste-heat installations.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Geographic focus on Germany / DACH / EU aligns with the highest concentration of industrial waste-heat sources globally.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company's bottom-up TAM (40,000 PowerQubes EU / ~9,000 Germany) is not independently validated and assumes high penetration in a market with many incumbent competitor architectures.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company conflates broader 'waste-heat-recovery' market with the narrower heat-to-power market in some framings ('$70bn global market growing 7.5%/year' vs USD 4.6B heat-to-power), inflating the apparent opportunity.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Real addressable market depends on customer willingness to deploy electricity-generating equipment vs. simpler heat-recovery (heat exchanger / preheating) — the company does not quantify the share of waste-heat sources for which electrification is the economically dominant solution.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Business Model & Unit Economics</span></span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue model is hardware-sale plus recurring monitoring/optimization services on the installed base; service revenue is planned to grow from ~9% (2027) to ~21% (2031) in the target case. Pricing path: demonstration unit at KIT ~€300k one-off; 0-Serie €250k with ~€200k manufacturing cost (based on existing supplier quotes for runs up to 10 units); target system price <€100k at higher volumes with greater vertical integration. Customer payback ~3 years at €100k system price (~6 years at €200k).</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear two-scenario financial plan (Base / Target) with explicit unit sales, pricing path, and cost structure over 2026–2031.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recurring service-revenue overlay on the installed base provides a credible margin tailwind as deployments accumulate.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reasonable customer-payback (~3 years at €100k system price) supports an addressable buyer pool of SMEs and corporates subject to EnEfG.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Plan depends on uncommitted €1.5M Series A equity inflow in Q4 2026 — no committed lead investor or signed term sheet disclosed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per-unit revenue implied at 2031 in Target case (€30.15M / 360 units = ~€84k) is BELOW the €100k narrative price, implying a steeper price decline than the company narrates.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Material cost ratio rises from 73% (2027) to 83% (2031) in Target case — contradicts pure 'economies of scale' framing and reflects external-component intensity.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Earlier-marketing payback claim of ~2 years has been revised upward to ~3 years — a material walk-back of an investor-facing assumption.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Component-quote pricing is only confirmed for runs of up to 10 units; the 360-unit-year economics are extrapolation.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Competition</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company positions itself as the only ORC system in the lower power class specifically developed for industrial waste-gas-to-electricity in the 110–150 °C band without an intermediate fluid loop. Public competitor data confirms that direct competitors exist in adjacent positions: Enogia (France, listed on Euronext Growth, ~70 engineers, 200+ installations) offers the ENO-20LT — a 20 kWe ORC operating from 70 °C+ with water / saturated-steam / thermal-oil hot loops; Orcan Energy AG (Munich) offers the ePack NT generating 6–13 kW from 80 °C+ hot-water sources, plus larger ePack models up to 200 kW from 80–800 °C.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Narrow technical differentiation appears genuine — direct gas-to-evaporator coupling without intermediate loop is not standard among small-ORC competitors and could deliver simpler integration and higher thermal efficiency.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Compact module footprint (2.1 × 1.9 × 1.3 m) supports retrofit deployments where space is constrained.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Working fluid selection from Chemours with high safety class, very low GWP, and zero ODP is a regulatory/futureproofing advantage.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Direct competitors do exist in the same kWe class and overlapping temperature range — Enogia ENO-20LT (20 kWe from 70 °C+) and Orcan ePack NT (6–13 kW from 80 °C+). 'Only player in segment' framing is overstated.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Enogia is a listed company with 200+ installations and ~70 engineers; Orcan is a well-funded incumbent. SOOMIQ is pre-revenue with a ~3-person team, so the scale gap is large.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Once SOOMIQ's direct-coupling architecture is demonstrated, it can in principle be replicated by better-resourced incumbents; the lack of patent protection (per VIB) leaves little defensive moat beyond execution speed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif"><span style="color:#1f4d78">Technology & IP (deeptech)</span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The PowerQube uses the well-established Organic Rankine Cycle (ORC) — the process is state-of-the-art, not novel. SOOMIQ's claimed innovations are (i) direct gas-to-evaporator coupling without intermediate fluid loop, (ii) a specific working fluid selected with Fraunhofer UMSICHT for the 110–150 °C band, (iii) compact 2.1 × 1.9 × 1.3 m module footprint, (iv) gearless micro-turbine from DEPRAG. Basic and detail engineering were completed Q1 2025; the integrated system has not yet been demonstrated functionally in its current 20 kWe configuration.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border-color:currentcolor; border-image:initial; border-style:none; border-width:medium"> <thead> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:336px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Risks</span></strong></span></span></p> </td> </tr> </thead> <tbody> <tr> <td style="border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Engineering executed via established partnerships (Fraunhofer UMSICHT, FRINTEC, Lauterbach Verfahrenstechnik, DEPRAG, Kühner Wärmetauscher) — credible technical depth.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">KIT-ITES cooperation contract signed for the demonstration build and test campaign, with site plan in place and a 1 MW thermal waste-heat source already available at KIT.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Working-fluid selection with high safety class (non-flammable, non-toxic) and very low environmental impact is future-proof against tightening regulation.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:336px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Current VIB explicitly states no patent protection ('mangelnder Patentschutz bis dato') — directly contradicting earlier press materials (2021–2023) that described the system as 'weltweit patentiert'. This contradiction is not reconciled in the materials.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Integrated system in current 20 kWe configuration is not yet demonstrated — the next step is precisely the build at KIT funded by this round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Specification drift over time: temperature range stated as 80–140 °C (2021), 120–150 °C (Bayern Innovativ legacy), and now 110–150 °C — the addressable customer base has narrowed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">IP arrangement with KIT gives SOOMIQ rights to inventions arising during the test phase against a one-time mid-four-figure-euro payment — KIT retains research/teaching use rights, limiting exclusivity.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Single-source dependence on DEPRAG (turbine) and Chemours (working fluid) for the current design — strategic choice but a concentration risk.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></h2> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:7.0in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:40px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:632px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — The €438,100 SOOMIQ 1 loan matured 30 November 2025, but the financial plan dated 27.03.2026 shows only €169,500 of total loan repayments in Q2 2026; the reconciliation (extension, restructuring, conversion?) is not disclosed. The audited Jahresabschluss 2024 is filed at the Unternehmensregister (paywalled) but not in the package. No committed lead investor or signed term sheet for the planned Q4 2026 Series A is disclosed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:40px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:632px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — Per-unit revenue implied in Target case 2031 (€30.15M / 360 units = ~€84k average) sits below the €100k system-price narrative, suggesting a steeper price decline than the round narrative communicates. Material-cost ratio rises from 73% (2027) to 83% (2031) — contradicting the pure 'economies of scale' framing without explanation. Payback period has been revised upward from ~2 years (2021–2023 marketing) to ~3 years (current).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:40px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:632px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — Patent status: current VIB states 'mangelnder Patentschutz bis dato — ORC ist Stand der Technik'; earlier press releases (2021–2023) repeatedly described the system as 'weltweit patentiertes PowerQube ORC-System' and 'patentiertes Turbinen- und Generatorgehäuse'. Competitive framing: the company claims to be the only small-scale low-temperature ORC competitor; Enogia ENO-20LT (20 kWe from 70 °C+) and Orcan ePack NT (6–13 kW from 80 °C+) are publicly documented direct or near-direct competitors. Customer-interest pipeline count: 'over 400 PowerQubes' (SOOMIQ 2 listing, 2023) vs 'over 100 PowerQubes' (SOOMIQ 3 listing, 2026) — a ~75% drop with no explanation. Temperature range has drifted across communications: 80–140 °C (2021) → 120–150 °C → 110–150 °C (current).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:40px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:632px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — Per the VIB itself, the Verschuldungsgrad cannot be computed from the 31.12.2024 statutory accounts 'aufgrund des negativen Eigenkapitals' (because of negative equity). The prior SOOMIQ 2 round (2023) was materially undersubscribed (€365,068 raised vs €1,500,000 target = 24%). The previous Leiter Technik (Kartik Paghadal, since April 2022) is no longer on the team page; the reason is not disclosed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:40px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:632px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — SOOMIQ 1 (2021): €438,100 raised from 400 investors (97% of €450,000 target), term to 30.11.2025, stated target return 78–95% IRR / 18.15–28.44× multiple — actual outcome at term-end not publicly disclosed and not visibly reconciled in the current financial plan. SOOMIQ 2 (2023): €365,068 raised from 162 investors (24% of €1,500,000 target), term to 30.09.2028. 2023 convertible loans were converted into a 9.77% equity stake in 2025 (per FAQ). Additional ~€191,500 shareholder / convertible loans planned for 2026 with terms undisclosed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:40px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:632px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — The €1.5M pre-money is explicitly self-set by the company as a deliberately 'favorable' valuation to attract the round; no DCF, comparable-transaction or independent expert valuation is provided. The €6M Series A benchmark cited is from the AddedVal.io / startupdetector German Business Angels Database (Oct 2025) — a peer-comp database average, not a company-specific assessment. Comparable: Enogia (the listed French peer) operates with 200+ installations and ~70 engineers — a much later-stage business. €1.5M pre-money for a 5-year-old pre-revenue hardware company that has already absorbed ~€800k of prior crowdfunding plus convertible/shareholder loans, with negative book equity at 31.12.2024, is structurally low and consistent with the founder's stated intent to keep the valuation attractive for this round.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📝 Data quality notes</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories scored N/A: </strong>None — all seven evaluated categories had sufficient dossier facts to score, although three (Technology, Business Model, Competition) were capped under the MODERATE-data-quality ceiling of 85 and one (PMF) was effectively capped at 70 under LIMITED data quality.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories with LIMITED data quality: </strong>Product-Market Fit — customer validation rests on quoted interest only (no signed LOIs, POs, or paid deposits), with the pipeline count having regressed ~75% between 2023 and 2026 without explanation. Caps applied accordingly.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Most material missing items that would change the evaluation if obtained:</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Patent-status clarification — explicit reconciliation of the prior 'weltweit patentiert' marketing claims with the current VIB statement that no patent protection exists.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Status and terms of the planned Q4 2026 ~€1.5M Series A — committed lead investor, term sheet, expected closing certainty.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reconciliation of the SOOMIQ 1 €438,100 loan (matured 30.11.2025) with the financial plan's €169,500 of Q2 2026 Tilgung — restructuring, extension, conversion, or other treatment.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Audited Jahresabschluss 2024 — currently only referenced as filed at the Unternehmensregister.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent third-party technical due diligence on the integrated PowerQube system performance (currently relying on component-level engineering documentation).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed share-class rights of the 9.77% block held by the 2023 convertible-loan converters and any anti-dilution / liquidation preferences attached.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Signed customer commitments (LOIs, conditional POs, or paid deposits) from the named pilot prospects.</span></span></li> </ul> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>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.</em></span></span></p>
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Platform offering this project
FunderNation DE
Risk Level
High
Return Level
High
Return Level
High
Min. Investment
EUR 100
Total Funded
EUR 80.0M
