Crowdcube • Alpha 311 Ltd
Financement participatif (equity crowdfunding)
Alpha 311 Ltd
Alpha 311 has created a wind turbine that is designed to deliver energy where you need it, aiming to turn existing infrastructure into sources of clean energy. Engineered for real-world wind conditions and compact enough to work alongside existing green tech to maximise energy impact and support net-zero goals.
Key project data
Valuations
21,29 MEUR
Would AI invest?
37/100
1
100
Aperçu généré par l'IA
AI project overview
Condensed summary based on project data
<p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Alpha 311 Ltd — Crowdfunding Investor Memo</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>A vertical-axis wind turbine that retrofits onto street-lighting columns, buildings and masts to generate local renewable energy — including from the airflow of passing traffic.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Climate-tech / renewable energy hardware (deeptech) · <strong>Stage: </strong>Seed, pre-revenue · <strong>HQ: </strong>Aylesford, Kent, United Kingdom · <strong>Raise: </strong>Equity on Crowdcube (raise amount not disclosed in provided materials)</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:200px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why this score:</strong></span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:200px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:440px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-revenue and loss-making — nil turnover across FY2022–FY2024, with cumulative disclosed losses of about £2.06m, yet a £21.29m pre-money valuation with no disclosed methodology.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:200px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:28.0pt"><span style="color:black">37 / 100</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:440px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Large announced pipeline (778 enquiries; thousands of turbines across MoUs and proposals) has not converted into a single binding, revenue-generating contract on the evidence provided.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:200px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-family:"Segoe UI Emoji",sans-serif"><span style="color:black">📉</span></span><span style="color:black"> Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:440px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Headline performance claims (e.g. one turbine = “30 solar panels”) are company-modelled; no independent metered field data was located, and independent engineers question the roadside energy-harvesting premise.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:200px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:440px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founders hold roughly 78% pre-raise and a 51% drag-along right lets them force a sale that crowd investors must accept on the same terms; several key deal terms are undisclosed.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:200px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:440px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Genuine positives exist: one turbine design is granted by the European Patent Office, a visible O2 Arena installation, and disclosed pre-emption, tag-along and voting rights.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">ℹ️ <strong>This is not investment advice.</strong> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly without making a final investment decision. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform. AI can make mistakes, so you need to double-check data.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Segoe UI Emoji",sans-serif">🏢</span> Company description</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Alpha 311 Ltd (UK company number 11710418, incorporated December 2018, based in Aylesford, Kent) makes a shaftless vertical-axis wind turbine designed to be retrofitted onto existing infrastructure such as street-lighting columns, buildings, bridges and telecom masts. The company reports the turbine can generate electricity from natural wind and from the airflow created by passing road or rail traffic, and that each unit carries a modular sensor pack for ancillary data. It was founded by John Sanderson (mechanical-engineering and project-management background) and Barry Thompson (IT project management; listed as CEO by trackers and press), with a prototype built during the 2020 COVID lockdowns. Per the deck, the business model is turbine sales to commercial customers supported by distributed manufacturing, with secondary income from sensor data. Company-stated traction includes 778 enquiries across 83 countries, 5,000 units in two signed MOUs, a visible installation at London’s O2 Arena, and wind-tunnel testing at the University of Southampton. The company is pre-revenue and loss-making (nil turnover FY2022–FY2024) and states it will need to raise further capital after this round. This Crowdcube round is to fund scale-up of production, bespoke engineering and enhanced sensor analytics; the specific raise amount and equity offered are not disclosed in the provided materials.</span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="font-family:"Segoe UI Emoji",sans-serif">🎯</span> Target Return</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:160px"> <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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; 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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:167px"> <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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:167px"> <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> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:160px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 ~10x (platform default)</span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:147px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">⏱ 5–7 years</span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Default</strong> — the company did not state a target return or exit horizon, so the default applies.</span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On the facts provided — pre-revenue, unproven field performance, no binding contracts — reaching ~10x is possible but currently unlikely without major de-risking.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Why aim for ~10x?</strong> Startup investing is high risk. Most early-stage companies fail or return little. A small number of winners must compensate for the losers, so each individual investment is typically targeted at roughly 10x over 5–7 years. A lower target across a portfolio of risky bets usually does not produce a positive overall return. This is why we apply a 10x / 5–7 year target when the company does not specify its own.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📈 Path to target return</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:187px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector heuristic</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:453px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For a pre-revenue hardware company, a ~10x return generally requires reaching meaningful unit sales at a healthy margin and then being acquired (or raising a much larger up-round). Turbine sales must convert from MoUs into repeat, paid orders at scale.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; 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">Current key metric</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:453px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue: nil across FY2022–FY2024 (per the SKI). Traction is expressed as enquiries, MoUs and proposals, not delivered paid units.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; 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">Required scale at exit</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:453px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">To justify a ~10x on a ~£21m pre-money entry, an exit in the low-hundreds-of-millions would be needed — implying thousands of turbines sold profitably and a strategic acquirer. No such contracts or exit path are evidenced in the dossier.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; 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">Implied IRR</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:453px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A 10x over 5–7 years implies roughly a 39%–58% annual return. This is the return the platform-default target assumes, not a company projection.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">💶 Valuation</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£21,286,620 (per the project description).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not disclosed — the raise amount is not stated, so post-money cannot be computed from the provided materials.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — ordinary shares, held via the Crowdcube nominee. Share price £17.928791 on 1,187,287 fully-diluted shares pre-raise.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not disclosed in provided materials — no comparables, discounted-cash-flow or revenue multiple is shown, and there is no revenue to anchor it.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Third-party trackers cite roughly $2.6m raised across about four prior rounds since 2020; these are aggregator figures, not audited. A ~£21.3m pre-money on nil revenue is high relative to typical pre-revenue seed benchmarks.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:440px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">EIS tax relief is “pending,” not confirmed. Investor fees: 2.49% on the amount invested (min £5) and a 5% carry on any profit at exit.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📜 Instrument & investor terms</span></span></h1> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You would own ordinary shares in Alpha 311 Ltd — the same class of share as the founders, with no separate “preferred” rights. Rather than appearing directly on the company’s share register, your shares are held on your behalf by Crowdcube Nominees Ltd, which keeps legal title while you are the “beneficial owner” — the person who actually benefits from the shares. Each share carries one vote, and the SKI states all shareholders have equal voting and dividend rights. In practice, however, the nominee votes on your behalf and the two founders hold roughly 78% of the company before this round, so you would have almost no influence over company decisions. Crucially, exit decisions (including whether and when to sell the company) can be driven by the majority holders, not by individual crowd investors — see the drag-along right below.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Dilution” means your slice of the company shrinks when new shares are issued in later fundraising. The company states plainly that it will need to raise further capital after this round, and the SKI explicitly flags “down-round” risk (raising later at a lower valuation). No anti-dilution protection is disclosed for crowd investors, which is typical — it means you are not shielded if later shares are issued cheaply.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Here is a worked example using standard cap-table mechanics (the raise size is not disclosed, so these figures are illustrative, in the deal’s own currency). Suppose the current round adds about £1,000,000 to the £21.29m pre-money, giving a post-money of roughly £22.29m. If you invest £1,000 today, you own about 0.0045% of the company. If Alpha 311 later raises £4m in a successful up-round at a 2.5x higher valuation, your stake dilutes to about 0.0042% but the implied value of your holding rises to roughly £2,500 (2.5x). If instead the next round is a down-round priced at 0.6x today’s valuation (about £12.8m pre-money) and raises £4m, your stake dilutes to about 0.0034% and the implied value of your £1,000 falls to roughly £570 — a fall of about 43%.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No employee option pool (ESOP) size or expansion plan is disclosed, so its dilutive effect cannot be assessed. On the positive side, you would have pre-emption rights — the right of first refusal to buy your pro-rata share of new shares in future rounds — which lets you defend your percentage, but only if you have further money to invest each time.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">“Liquidation preference” sets who gets paid first if the company is sold or wound down. No liquidation preference is disclosed for any share class. Because the crowd shares are described as ordinary, they would normally rank behind creditors and behind any preferred investors — but the absence of disclosure means you cannot confirm whether earlier investors or founders have priority over you in an exit, or on what multiple. In a sale below or near the current valuation, this payout order determines who actually receives money.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A “drag-along” right lets a defined majority force everyone else to sell on the same terms. Here, holders of 51% of the shares can compel the minority to sell at the same price — and the two founders alone exceed 51%, so they can drive a sale you must accept, even at a low price. A “tag-along” right works in your favour: if a controlling stake is being sold, you have the right to join the sale on the same terms (including price) rather than being left behind.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No fixed lock-up period is disclosed, but these shares are illiquid in practice: there is no dividend expected (the company is loss-making) and no dedicated secondary market — a beneficial owner may only transfer their interest to another Crowdcube member, with legal title staying with the nominee. Treat this as a long-term, illiquid holding — typically 5–7 years or more — realisable only through a strategic sale or a much larger later round.</span></span></p> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Drag-along at 51% with founder control</strong> — the founders alone can force a sale of the company that you must accept on the same terms, including a low price, without your consent.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>No liquidation preference disclosed</strong> — in a low-value exit you may receive little or nothing after creditors and any undisclosed preference-holders are paid, and you cannot confirm your place in the queue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>No anti-dilution protection for crowd investors</strong> — the company flags down-round risk itself; if it raises later at a lower price, your stake is diluted with no offsetting protection.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Nominee-held with founder super-majority</strong> — you hold beneficial (not legal) title and the nominee votes for you, while founders’ ~78% pre-raise stake means your one-vote-per-share carries effectively no influence.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>EIS relief only “pending”</strong> — any UK tax relief you may be counting on for downside protection is not yet confirmed and may not apply.</span></span></li> </ul> <h2><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following terms are not disclosed in the provided materials. 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">Liquidation preference order and multiple (who gets paid first, and how much).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule and leaver provisions (what happens to founder shares if a founder departs).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution provisions for any class of shareholder.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee option pool (ESOP) size and any planned expansion.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A full, itemised cap table beyond the two 25%+ founder shareholders (prior investors and free float are not broken out).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights — the frequency and type of financial reporting investors will receive.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The raise target amount and the percentage of equity being offered in this round.</span></span></li> </ul> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📊 Score breakdown</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:227px"> <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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:80px"> <p><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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:80px"> <p><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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:253px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:227px"> <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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:253px"> <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"> — credible engineering/IP backers and named advisers, but small headcount, no senior commercial/scale-manufacturing operator, and a governance change to verify (2021 chairman absent now).</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:227px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Product / technology & technical validation</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">38</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">22%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:253px"> <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"> — EPO-granted design and O2 install, but headline output is company-modelled with no independent metered field data, and engineers question the roadside premise.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:227px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market & commercial traction</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:253px"> <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"> — large enquiry/MoU/proposal figures but nil revenue and no evidenced binding contracts; the SKI itself flags MoU-conversion risk.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:227px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Financials & runway</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">32</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:253px"> <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"> — pre-revenue, ~£0.6–0.76m annual losses, unaudited small-company accounts; needs further capital with no guarantee of securing it.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:227px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation & deal terms</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">22</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:253px"> <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"> — £21.3m pre-money on nil revenue with no disclosed methodology; several key protections undisclosed and EIS only pending.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:227px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>IP & competitive moat</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">55</span></strong></span></span></p> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">8%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:253px"> <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"> — one European patent granted plus multiple applications, but grants are not guaranteed and competitors may design around them.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:227px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Regulatory / certification & site risk</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">6%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:253px"> <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"> — claimed no-planning-permission advantage for highway installs, but adoption/site risk is real and no field-performance certification is evidenced.</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>This is a pre-revenue deeptech hardware deal, so the two categories that most determine success carry the most weight: technical validation (22%) and commercial traction (20%), because the core open questions are whether the turbine performs as claimed in the field and whether announced interest converts into paid orders. Team (18%) is weighted below the usual seed level because execution capacity looks thin relative to the manufacturing ambition. Valuation (14%) is elevated given a high headline number on nil revenue. Financials (12%), IP (8%) and regulatory/site risk (6%) round out the remainder. All seven categories were evaluable (none N/A), so no weight redistribution was needed, and weights sum to exactly 100. Data-quality caps were applied: categories resting on company-modelled or undisclosed inputs were capped at LIMITED (70).</span></span></p> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🔍 Detailed review</span></span></h1> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & governance</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports two co-founders — John Sanderson (mechanical engineering and project management) and Barry Thompson (IT project management, ex-RAF Logistics, listed as CEO) — plus Zoe Cloke as Head of Technology and Sir Martyn Lewis CBE on the board with an ESG remit. Named advisers include partners at law firms Birketts and Cripps and a finance director at Zenontax. The SKI discloses that three directors previously ran companies that are now dissolved, stating no resulting liability or wrongdoing.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Gaps</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two committed co-founders with relevant engineering and project-management backgrounds, plus a recognisable board member (Sir Martyn Lewis CBE).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named legal and finance advisers add some governance scaffolding.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Prior-directorship dissolutions are disclosed rather than hidden.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reported headcount is very small (~1–4 employees on trackers) against plans to manufacture and deploy thousands of units.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No senior commercial or large-scale-manufacturing operator is evident on the executive team.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A 2021 chairman (Sir Julian Horn-Smith) named in press is absent from current materials — a board change to verify.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Product / technology & technical validation</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The turbine is a shaftless vertical-axis design in carbon-fibre / recycled-PET, marketed to retrofit onto lighting columns and to capture both natural wind and vehicle-induced airflow. The company reports wind-tunnel testing at the University of Southampton, a CFD-led design, a live O2 Arena installation, and that one design was granted by the European Patent Office. Its headline claim is that one roadside turbine generates “as much energy as 30 solar panels,” with a modelled figure of 3 GWh/day (1.1 TWh/year) if fitted to 10% of 3m+ lighting columns across four countries.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Risks</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A real, visible installation at the O2 Arena and university wind-tunnel testing provide some real-world validation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">One turbine design is granted by the European Patent Office (see IP).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Design emphasises recyclable materials and easy retrofit.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Headline generation figures are company-modelled (“based on 1 kW/h for 10 hours/day”), not independently metered field results.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent engineers note drag-type VAWTs have a low efficiency ceiling and small swept area, limiting absolute output.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The vehicle-airflow harvesting premise is debated; no third-party field data was located.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & commercial traction</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports 778 enquiries across 83 countries, “5,000 units in two signed MOUs,” a further 1,913 turbines in proposals, and up to 10,228 turbines across global proposals. It frames a large addressable market via 3m+ lighting columns across Great Britain, Belgium, the Netherlands and Italy. Public sources show announced partnerships (Greater Manchester, UEC Energy, Green Asphalt, Telford) but no evidence these have converted into binding, paid contracts.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Gaps</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Broad top-of-funnel interest (778 enquiries across 83 countries) and several named would-be partners.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A visible flagship reference site at the O2 Arena.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear, large theoretical addressable market in roadside lighting columns.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Nil turnover across FY2022–FY2024 — announced pipeline has not become revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">MoUs and proposals are non-binding; the SKI itself flags MoU-conversion risk.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Telford “world-first” roadside scheme announced in 2022 has no located confirmation of completion or measured output.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials & runway</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the SKI, the company is pre-revenue with nil turnover and losses of £760,546 (FY2022), £628,105 (FY2023) and £669,662 (FY2024) — cumulative disclosed losses of about £2.06m. Accounts are filed under the small-company total-exemption regime, so they are abbreviated and unaudited. The company states it will have runway at close of the raise but will need to raise further capital, with no guarantee of securing it.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Risks</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Losses are relatively contained (~£0.6–0.76m per year) rather than accelerating sharply.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Accounts are filed and up to date at Companies House (latest to 31 Dec 2024).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company acknowledges its funding need openly in the SKI.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No revenue in three consecutive years; commercial-production and revenue timing are not guaranteed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Accounts are unaudited/abbreviated, limiting what can be verified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Current cash and months of runway cannot be computed from the provided materials.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Valuation & deal terms</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The pre-money valuation is £21,286,620 at £17.928791 per share on 1,187,287 fully-diluted shares. No valuation methodology is disclosed, and there is no revenue to anchor the figure. Terms disclosed include pre-emption, drag-along (51%) and tag-along rights; several protections (liquidation preference, anti-dilution, founder vesting) are not disclosed. EIS relief is “pending.”</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Gaps</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Some standard investor protections are present and disclosed (pre-emption, tag-along, one-vote-per-share).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Share price and fully-diluted share count are stated and reconcile to the pre-money figure.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founders retain large stakes, aligning them with the company’s success.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£21.3m pre-money on nil revenue with no disclosed methodology looks high versus typical pre-revenue seed benchmarks.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key downside protections (liquidation preference, anti-dilution) are undisclosed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">EIS tax relief is only “pending,” so assumed tax benefits may not materialise.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">IP & competitive moat</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports a patent timeline: a January 2019 split-turbine design (PCT filed 2020, granted by the European Patent Office; applications in the US, Australia and Canada), a 2021 sleeve-turbine design (PCT 2022, national applications 2023), and a 2024 stator-and-rotor design filed with the UK patent office. The SKI notes there is no guarantee pending applications are granted and that competitors may design around granted patents.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Edge</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Threats</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">At least one design is granted by the European Patent Office — a concrete IP asset.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A multi-year filing history across several jurisdictions shows sustained IP effort.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Recyclable-materials and retrofit design add some differentiation.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Most filings remain applications; grants are not guaranteed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competitors may design around the patents with alternative approaches.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">IP strength does not resolve the open question of real-world energy yield.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Regulatory / certification & site risk</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company states highway and lighting-column installations do not require UK planning permission, which it frames as an advantage, and that some deployments (e.g. Telford) were underwritten by third parties at no cost to the council. The SKI discloses adoption and site risk, MoU-conversion risk, and sector policy/regulatory risk. No third-party field-performance certification was located.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">✅ <strong>Strengths</strong></span></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:320px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">⚠️ <strong>Risks</strong></span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Claimed no-planning-permission route for highway installs could speed deployment.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Third-party underwriting of some pilots reduces cost friction for site hosts.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Risks are openly disclosed in the SKI.</span></span></li> </ul> </td> <td style="border-bottom:1px solid #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:320px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Adoption and suitable-site security are not guaranteed on acceptable terms.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Renewable-energy policy can change and affect economics.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No independent field-performance certification is evidenced.</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🚩 Red flags & integrity checks</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:60px"> <p><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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — no disclosed valuation methodology; no liquidation preference, anti-dilution, founder-vesting, ESOP or full cap table; raise amount and % equity not stated; current cash/runway not computable.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:60px"> <p><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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — energy-equivalence comparators differ across the company’s own materials over time (“30 solar panels” here versus “20 sq m of solar” / “24 panels = 6 kW/day” elsewhere).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:60px"> <p><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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — 2021 press named Sir Julian Horn-Smith as chairman; he is absent from current materials. Unit cost cited at £15,000 by the CEO versus about $26,000 in an industry write-up.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:60px"> <p><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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — independent engineers question the roadside energy-harvesting premise (low drag-VAWT efficiency, small swept area); the flagship Telford roadside scheme announced in 2022 has no located confirmation of completion or measured output.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:60px"> <p><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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — trackers indicate roughly $2.6m raised across about four rounds since 2020, with prior outside shareholders (e.g. Paul Ruddock, an “Energy Impact” entity, Mike Shaw, Paul Morris) not itemised in the SKI cap table; no evidence prior-round milestones (e.g. commercial revenue) were met.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:60px"> <p><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 #bbbbbb; border-left:none; border-right:1px solid #bbbbbb; border-top:none; vertical-align:top; width:580px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — a £21.3m pre-money with nil turnover across three years and no disclosed methodology is high relative to typical pre-revenue seed benchmarks; the number is not supported by revenue or an independent valuation.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📝 Data quality notes</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories scored N/A: </strong>None — all seven categories were evaluable.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories with LIMITED data quality: </strong>Technical validation, Market & traction, Financials, Valuation, IP, and Regulatory/site risk — each rests partly on company-modelled or unaudited inputs, so each was capped at 70. Team & governance carried MODERATE availability (capped at 85).</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">Independent, metered field-performance data for the roadside turbine (would directly move the technical and traction scores).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Evidence of binding, revenue-generating purchase orders and the status/output of the Telford and other announced deployments.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The raise target and % equity offered, post-money valuation, current cash and runway, and a full cap table including prior investors and any ESOP.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Undisclosed deal terms — liquidation preference, anti-dilution, founder vesting — and confirmation of EIS status and current board/chair.</span></span></li> </ul> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:640px"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid #bbbbbb; border-left:1px solid #bbbbbb; border-right:1px solid #bbbbbb; border-top:1px solid #bbbbbb; vertical-align:top; width:640px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Crowdcube GB
Risk Level
Élevé
Return Level
Élevé
Risk Return Level
Good
Investissement minimum
GBP 10
Financé
GBP 1357,04M
