Sementi • Sixteen44
Equity crowdfunding
Sixteen44
Sixteen44 destroys methane, targeting hotspots including dairy farms, landfills, and coal mines.
Key project data
Target amount
0,17 MEUR
Equità
4.08%
Valuations
4,0 MEUR
Would AI invest?
56/100
1
100
Panoramica generata dall'intelligenza artificiale
AI project overview
Condensed summary based on project data
<p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sixteen44 SA — Crowdfunding Investor Memo</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Plasma-assisted catalytic technology that destroys dilute, non-flammable methane emissions from sources such as dairy barns, landfills, and coal mines.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Climate tech / methane abatement · <strong>Stage: </strong>Seed (TRL 5, pre-revenue) · <strong>HQ: </strong>St-Sulpice, Switzerland · <strong>Raise: </strong>£165K target (102% funded), €5M ceiling</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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; vertical-align:top; width:213px"> <p> </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:411px"> <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:#faece7; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:213px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:411px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Experienced repeat founders in exactly this domain (Michan/Ramsay previously built Daphne Technology, a plasma-catalytic methane-abatement company), but both remain publicly tied to Daphne — split focus is unaddressed.</span></span></li> </ul> </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:none; vertical-align:top; width:213px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:26.0pt"><span style="color:black">56 / 100</span></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:411px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology is only at TRL 5 (25 g/day in the lab); headline performance claims (>93% removal, 97% warming reduction) are company- or single-source and not independently validated in the materials.</span></span></li> </ul> </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:none; vertical-align:top; width:213px"> <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"> Caution</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:411px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company's own 2029 projection shows the first commercial project at a heavy loss (revenue €0.35M vs COGS €3.88M).</span></span></li> </ul> </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:none; vertical-align:top; width:213px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:411px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Management and existing shareholders committed £0 (0.0%) to this round.</span></span></li> </ul> </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:none; vertical-align:top; width:213px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:411px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A CEO named in June 2026 press (Jan Christoph Bohnerth) does not match the deck/KIIS leadership (Mario Michan) — an unresolved inconsistency.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:624px"> <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> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🎯 Key goal</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:100px"> <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:113px"> <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:207px"> <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:204px"> <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 #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:100px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>🎯 ~10x</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:113px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>⏱ 7–10 yrs</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:207px"> <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 platform's default early-stage target applies.</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:204px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Uncertain. The technology is pre-commercial (TRL 5), first revenue is projected only in 2029, and any return depends on further large rounds and a trade sale or IPO that is not described.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Why aim for ~10x? </span></strong><span style="color:black">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 the platform applies a 10x / 5–7 year target when the company does not specify its own.</span></span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📈 Path to target return</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:180px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For pre-revenue deeptech hardware, a ~10x return typically requires reaching commercial deployment, then a trade sale to a strategic acquirer (e.g. an industrial gas, energy, or environmental-services group) or an IPO at a multiple of the scaled revenue. This depends on the technology working reliably outside the lab and on carbon-credit or compliance revenue materialising.</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:180px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">TRL 5 — integrated lab validation removing 25 g of methane per day (per the deck, 2026). Catalyst scaled to kilogram quantities. First field unit deployment at a Swiss dairy farm announced June 2026.</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:180px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company roadmap targets 100 tonnes methane/year by ~2029 (TRL 9, first full-scale commercial unit) and 1,000 t/year by 2030. Its revenue model only turns meaningful well after the projection window shown (first project sold 2029 at €0.35M).</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:180px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A ~10x return over a 7–10 year hold implies roughly a 26–39% annualised return. This is the return the investment must clear to meet the default target; the dossier provides no company figures to support a specific IRR.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🏢 Company description</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sixteen44 SA is a Swiss climate-tech company (incorporated in Switzerland; the campaign page lists 10 October 2024, while some 2026 press states 2025) that has developed a system to destroy dilute methane — the roughly two-thirds of methane emissions that the company reports are too dilute to burn (flare) and too diffuse to capture. Its core technology, branded the PACT Reactor (Plasma-Assisted Catalyst Trap), uses non-thermal “cold” plasma to generate reactive species (ozone and hydroxyl radicals) that, with a patented catalyst, oxidise methane into CO₂ and water at low temperature. The founders are repeat entrepreneurs in this exact field: Mario Michan, PhD (physicist) and William Ramsay, PhD (chemist) previously built Daphne Technology, a plasma-catalytic methane-abatement company, alongside finance lead Nelson Dumas; each holds 33% of voting capital. The company reports prior funding of roughly £600k in grants, loans and founder equity (from bodies including the Swiss Climate Foundation, SPEI, Venture Kick and FIT), a patent filed at the European Patent Office, an LOI for deployment at natural-gas facilities, and confirmed interest from Swiss dairy farmers. It plans three revenue models: selling/leasing equipment plus service agreements to operators avoiding fines; sharing revenue from “super-pollutant” methane carbon credits (under a methodology it expects to publish in 2026); and a voluntary consumer carbon-offset platform launching in Switzerland. This round funds the move from lab demonstration to field deployment at Swiss farms and the publication of the carbon-credit methodology.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">💶 Valuation</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:180px"> <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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£4.0M (stated precisely as £4,015,010.46, converted from CHF 4,226,326.8 at CHF1:GBP0.95).</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:180px"> <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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Approximately £4.17M at the £165K target, before the separate 20% option pool is created on the post-money figure.</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:180px"> <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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity — Ordinary shares (single share class), £0.0095 nominal value; share price £0.38 (CHF 0.40).</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:180px"> <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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not disclosed in provided materials. Republic Europe states the valuation is set by the business and is not independently reviewed.</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:180px"> <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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Insufficient direct comparables for this sector and stage in the dossier. For context only, sister company Daphne Technology (same founder/CTO) raised CHF 15M in April 2026 at a later stage — not a like-for-like comparable.</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:180px"> <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:444px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">434,211 new Ordinary shares offered. A 20% option pool will be created on the post-money valuation. An outstanding 0% founder-related loan of £95,252 carries a CHF 25,000 success fee and a partial equity-conversion feature on exit; round funds will not repay it. Investor fees: 2.5% investment fee (max £250) and a 5% administration fee on distributions above the amount invested.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📜 Instrument & investor terms</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You receive Ordinary shares — the company has only one class of shares, so crowdfund investors hold the same type of share as the founders. These shares are fully paid and non-redeemable, and they carry pro-rata voting rights (voting power in proportion to the number of shares you hold). However, on the Republic Europe (Seedrs) platform your legal title is normally held through a nominee: Seedrs Nominees Limited holds the shares on your behalf and your rights are administered by the platform, rather than you appearing directly on the company's share register (a separate “direct” route exists but requires a minimum of £24,000). In practice this means a small crowdfund investor's voting influence is minimal: the three founders together hold 99% of the voting capital before this round, so they control company decisions, including the decision to sell. Exit decisions are governed by the drag-along and tag-along rules described below, not by individual small shareholders.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Yes — the company clearly intends to raise more money. The deck shows a planned Seed close of around CHF 10M and assumes roughly €10M of further fundraising in 2028, and the KIIS states the company is likely to need further funding before reaching breakeven. The materials disclose no anti-dilution protection for crowdfund investors, which is normal for this kind of Ordinary-share crowdfunding stake; it means your percentage can fall when new shares are issued.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example (standard cap-table mechanics, not advice): If you invest £1,000 today at the ~£4.17M post-money valuation, you own approximately 0.024% of the company. If the company then raises £5M at a £15M pre-money valuation (a successful, higher-priced Series A), your stake is diluted to approximately 0.018%. If instead the next round is priced lower — a down-round at, say, £2.5M pre-money — your stake is diluted to approximately 0.012% and the implied value of your investment falls by roughly 40% versus the up-case, because new shares are issued more cheaply. These figures are illustrative and use only the round-size intentions stated in the dossier.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">On top of round dilution, the company will create a 20% employee option pool calculated on the post-money valuation. Because it is struck on post-money, this pool dilutes incoming crowdfund investors immediately, beyond the headline 4.05% equity offered. Pre-emption rights (the right to invest more in future rounds to defend your percentage) are not clearly granted to nominee investors in the materials, and the KIIS warns that investors' interests may be diluted if the company raises more equity and existing shareholders do not participate — so you should not assume you can top up to maintain your stake.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">If the company is sold or wound down, creditors are paid first — the KIIS states that all creditors (secured, unsecured, employees, bondholders, and tax authorities) are paid before shareholders. Because there is only one class of Ordinary shares, no investor class sits ahead of another: there is no separate liquidation preference giving earlier investors or founders priority over you, so shareholders rank together (pari passu) for whatever is left. The practical risk is not preference-stacking but size: in a low-value sale, little may remain for any shareholder after creditors — including the outstanding founder-related loan — are repaid.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two exit rules matter. A drag-along right means that if more than 66.67% of shareholders agree to sell, the remaining shareholders (including you) can be forced to sell on the same terms — given the founders' 99% pre-round holding, they can trigger this. A tag-along right works in your favour: if a major shareholder sells, you have the right to join the sale on the same terms rather than being left behind.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There is no fixed lock-up period stated, but transfer of the shares is restricted by the company's Articles and shareholders' agreement, and there is no guaranteed secondary market. You should treat this investment as illiquid for a long period — typically 5–7 years or more for early-stage equity — with no reliable way to sell before a trade sale or IPO that may never happen.</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h3> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Minimal voting influence — founders hold 99% of voting capital pre-round and nominee investors' rights are administered by the platform, so you cannot meaningfully influence company decisions, including a sale.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along at 66.67% means the founders alone can force you to sell on their terms without your consent.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 20% option pool is struck on the post-money valuation, so it dilutes you immediately on top of the equity you buy.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No clear pre-emption rights for nominee investors — you may be unable to invest in future rounds to defend your percentage, and the KIIS explicitly flags dilution if you do not participate.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">An outstanding founder-related loan (£95,252, with a CHF 25,000 success fee and partial equity conversion on exit) ranks ahead of shareholders and is not repaid by this round, reducing what is left for shareholders in an exit.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A 5% administration fee is charged on any distributions you receive above your invested amount, reducing net returns.</span></span></li> </ul> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Absence of disclosure means you cannot assess these before investing:</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule — whether founders' shares vest over time or what happens to them if a founder leaves (relevant given both lead founders are also tied to Daphne Technology).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution provisions for any shareholder class — not stated, so you cannot confirm whether any party is protected at your expense in a down-round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Detailed cap table — the before/after capital-distribution sheet is referenced but was not included in the provided materials.</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 is not specified.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Any lock-up term — no fixed period is stated, only that transfer is restricted.</span></span></li> </ul> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📊 Score breakdown</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:200px"> <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:73px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; 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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:271px"> <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 #cccccc; border-left:1px solid #cccccc; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team & founder track record</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:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70</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:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">28%</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:271px"> <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"> — Repeat founders built a prior plasma-catalytic methane company (Daphne Technology), but both remain tied to it — split focus and an unresolved CEO-identity inconsistency weigh against.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Technology & product</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:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">58</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:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">22%</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:271px"> <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 low-temperature approach with a filed patent, but only TRL 5 (25 g/day) and headline performance claims are not independently validated.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market & demand</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:73px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</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:271px"> <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"> — Large regulation-driven opportunity, but the headline $45B market figure rests on a single vendor report and the KIIS flags a 2025 carbon-removal downturn.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Business model & revenue</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:73px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</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:271px"> <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"> — Three plausible models, but credit revenue depends on an unpublished methodology and a soft voluntary market, and the first project is modelled at a loss.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Financials & funding history</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:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">40</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:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">14%</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:271px"> <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"> — 2025 revenue only £36.7k with negative EBITDA; first project projected at negative gross margin; no insider participation in this round.</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:200px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Traction & milestones</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:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50</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:80px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</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:271px"> <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"> — Lab validation, an LOI and a Swiss farm field demo are real, but commercial contracts and revenue remain ahead and pilots are unproven outside the lab.</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 company in a regulated field, so Team is weighted highest (28%): at this stage the founders' ability to execute is the dominant signal, and these founders have built a comparable company before. Technology carries the next-highest weight (22%) because the entire thesis depends on a low-temperature catalytic process working reliably outside the lab — a deeptech-risk emphasis. Financials (14%) and Business model (13%) are weighted meaningfully because the company's own projections show losses and a loss-making first project, and Market (13%) is held back from a higher weight because its headline figure is single-sourced. Traction (10%) is lower because, at TRL 5, milestones are early and largely pre-commercial. All six categories were evaluable, so no weight redistribution was required; weights sum to exactly 100.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🔍 Detailed review</span></span></p> <h3><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team & founder track record</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports a founding team of repeat entrepreneurs in precisely this domain: Mario Michan (PhD physics, EMBA INSEAD; UBS Global Visionary 2023) and William Ramsay (PhD chemistry, Cambridge) previously built Daphne Technology, a plasma-catalytic methane-abatement company, alongside finance lead Nelson Dumas. Each founder holds 33% of voting capital, and the team is rounded out by advisors including a Swiss Plasma Center (EPFL) plasma physicist. The strongest caveat is that both lead founders remain publicly associated with Daphne Technology, which raised CHF 15M in April 2026, and June 2026 press names a different CEO (Jan Christoph Bohnerth) than the deck and KIIS.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:312px"> <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:312px"> <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> <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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founders have built a closely comparable plasma-catalysis methane company before (Daphne Technology).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deep relevant credentials: PhD physicist and PhD chemist, plus an EPFL Swiss Plasma Center advisor.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear role split across technology, product, and project finance.</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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Both lead founders are still tied to Daphne Technology — divided time and possible IP-boundary questions are unaddressed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Unresolved CEO-identity inconsistency (Bohnerth in June 2026 press vs Michan in deck/KIIS).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No disclosed founder vesting, so retention/commitment of founder equity cannot be confirmed.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology & product</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The PACT Reactor uses non-thermal plasma plus a patented catalyst to oxidise dilute methane to CO₂ and water at low temperature (the deck cites catalyst activation around 40°C versus several hundred degrees for conventional catalysis). The company reports >93% methane-removal efficiency, a 97% reduction in warming impact, and energy use (~1.3 kWh/kg CO₂e) competitive with direct air capture. These are promising figures, but the system is at TRL 5 — integrated lab validation removing only 25 g of methane per day — and the performance claims are company- or single-source within the materials.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Advantages</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:312px"> <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> <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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Low activation temperature (~40°C) is a genuine differentiator versus high-temperature catalytic approaches.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Patent filed at the European Patent Office; catalyst scaled to kilogram quantities.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Energy/cost profile claimed competitive with direct air capture (~$125/t CO₂e per the founder).</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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Only TRL 5; a large gap remains to the 100–1,000 t/year commercial scale on the roadmap.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Headline claims (>93%, 97%, footprint) are not independently validated in the materials.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Plasma in nitrogen-rich air can form NOₓ/N₂O; the no-N₂O claim is not independently confirmed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Patent is filed, not confirmed granted.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market & demand</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company positions itself in a regulation-driven methane-abatement market it sizes at $45B+ by 2032 (15% CAGR), supported by the EU methane-venting ban (Regulation 2024/1787, fines up to 20% of turnover) and new Canadian rules. It reports buyer willingness to pay $150–500+/tonne for tech-based removals. The headline market figure, however, traces to a single vendor report, and the KIIS itself flags that cleantech and carbon-removal markets saw a downturn in 2025.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:312px"> <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:312px"> <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> <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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Strong regulatory tailwind: EU venting ban with material fines, plus Canadian methane rules.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methane's high warming potency makes credits potentially high-value per tonne.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Multiple addressable hotspots (farms, landfills, coal mines, O&G).</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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Headline $45B / 15% CAGR rests on one vendor report; other large figures are adjacency markets.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">KIIS flags a 2025 downturn in cleantech and carbon-removal demand.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Buyer willingness-to-pay figures are company-stated, not independently evidenced in the materials.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Business model & revenue</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports three revenue models: equipment sale/lease plus service agreements to operators avoiding fines (compliance); shared revenue from high-value “super-pollutant” methane carbon credits; and a voluntary consumer carbon-offset platform launching in Switzerland. The credit route depends on a methodology the company expects to publish in 2026 and on the voluntary carbon market, which the founder acknowledges makes some investors “skittish.” The company's own projection shows the first project sold in 2029 at €0.35M revenue against €3.88M COGS — a heavily loss-making first deployment.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:312px"> <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:312px"> <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> <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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Diversified across compliance, carbon-credit, and voluntary-consumer revenue.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Compliance model is tied to enforceable fines, not only voluntary goodwill.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Team claims prior experience writing an approved methane methodology.</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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Carbon-credit revenue depends on an unpublished methodology and a soft voluntary market.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">First commercial project modelled at a large loss (revenue €0.35M vs COGS €3.88M).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Consumer offset platform is still in development, adding execution load.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials & funding history</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Reported turnover was £0 in 2023 and 2024 and £36,739.65 in 2025, with 2025 EBITDA of -£110,077 and net debt of £82,398. The company reports having raised roughly £600k previously in grants, loans and founder equity, and the deck assumes substantial further fundraising (around CHF 10M Seed and €10M in 2028). Notably, management and existing shareholders committed £0 (0.0%) to this round, and an outstanding 0% founder-related loan of £95,252 (with a CHF 25,000 success fee) is not repaid by this raise.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:312px"> <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:312px"> <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> <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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Non-dilutive grant support from recognised Swiss bodies (Swiss Climate Foundation, SPEI, Venture Kick, FIT).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">First small revenue recognised in 2025 (£36.7k).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founders' parallel company shows ability to attract larger capital.</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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Negative EBITDA and a loss-making first project on the company's own numbers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No insider participation in this round (£0 committed).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Outstanding founder-related loan with a success fee ranks ahead of shareholders and is not cleared.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company states it will likely need further funding before breakeven.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traction & milestones</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company has reached TRL 5 (25 g/day lab validation) and scaled its catalyst to kilogram quantities. It reports an LOI for deployment at natural-gas facilities (ENERA Group on the deck timeline), confirmed interest from Swiss dairy farmers, and a first operational field unit at a Swiss dairy farm announced in June 2026. These are meaningful early signals, but commercial contracts and revenue remain ahead, and field performance outside the lab is unproven.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:312px"> <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:312px"> <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> <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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">TRL 5 reached with catalyst scaled to kilogram quantities.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">LOI for natural-gas-facility deployment and confirmed Swiss dairy-farmer interest.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">First field demonstration announced (June 2026), moving beyond the lab.</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:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No signed commercial contracts or recurring revenue yet.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Field demo is a multi-day test, not sustained continuous operation.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Roadmap to 100–1,000 t/year requires multiple successful scale-up steps not yet demonstrated.</span></span></li> </ul> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">🚩 Red flags & integrity checks</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:47px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:1px solid #cccccc; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — The detailed cap table (before/after capital-distribution sheet) is referenced but not included; founder vesting, anti-dilution, pre-emption for nominee investors, lock-up term, information rights, and valuation methodology are all 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:47px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — The headline 4.05% equity offered sits alongside a 20% option pool struck on post-money that dilutes investors further; the deck presents Mario Michan leading management while June 2026 press names Jan Christoph Bohnerth as CEO.</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:47px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — Incorporation date is 10 Oct 2024 on the campaign page/registry but stated as “2025” in some June 2026 press; the named CEO in press (Bohnerth) does not match the deck/KIIS leadership (Michan).</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:47px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — None found in public registries or news searches; coverage is consistent with the company's own narrative, though the founders' continued ties to Daphne Technology are a conflict-of-focus concern rather than negative news.</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:47px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — Company reports ~£600k previously raised in grants, loans and founder equity (Swiss Climate Foundation, SPEI, Venture Kick, FIT). No prior equity-crowdfunding campaign (KIIS: previous campaigns N/A). Whether specific prior milestones were met is not independently documented.</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:47px"> <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 #cccccc; border-left:none; border-right:1px solid #cccccc; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — The £4.0M pre-money has no disclosed methodology and is not independently reviewed by the platform. With 2025 revenue of only £36.7k and TRL 5 technology, the valuation rests on future potential rather than current performance; there are insufficient direct comparables in the dossier to benchmark it, so it cannot be confirmed as reasonable.</span></span></p> </td> </tr> </tbody> </table> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">📝 Data quality notes</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories scored N/A: </strong>None — all six 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>Market & demand — the headline market size relies on a single vendor report, and buyer willingness-to-pay figures are company-stated; this category's score was held in the caution band 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">The detailed cap table and the precise post-round ownership after the 20% option pool.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Confirmation of current CEO/board and the founders' time-split and IP boundary versus Daphne Technology.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent validation of the >93% removal / 97% warming-reduction claims and the EPO patent grant status.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The draft carbon-credit methodology and any third-party audit underpinning future credit revenue.</span></span></li> </ul> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <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:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em><span style="color:black">Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</span></em></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Platform offering this project
Sementi GB
Risk Level
Alta
Return Level
Molto alta
Risk Return Level
Good
Investimento minimo
GBP 10
Finanziato
GBP 3392,59M
