Sågfond • Wind Fisher
Crowdfunding av aktier
Wind Fisher
Wind Fisher develops airborne wind generators — helium-filled rotating wings tethered to a ground station — that use the Magnus effect to produce electricity from strong, steady winds at 300–500 metres, targeting off-grid sites, businesses and, later, utilities and data centers.
Key project data
Target amount
0,6 MEUR
Valuations
9,96 MEUR
Potentiell avkastning
x10
Förväntat utträdesår
2036
Would AI invest?
63/100
1
100
AI-genererad översikt
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif">Wind Fisher — Crowdfunding Investor Memo</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Wind Fisher builds flying wind generators — helium-filled rotating wings tethered to a ground station — to produce electricity from strong, steady winds at 300–500 metres, for off-grid sites, businesses and, later, utilities and data centers.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector: <strong>Energy — airborne wind (deeptech hardware)</strong> · Stage: <strong>Seed</strong> · HQ: <strong>Grenoble, France</strong> · Raise: <strong>€600K objective — €715K raised on Sowefund at review date</strong></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Snapshot</span></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1 · Is the price fair? 💶</span></strong></span></span></p> </td> <td style="background-color:#efefef; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Insufficient comparables to assess</span></strong><span style="color:black"> — the listing values the company at €9,961,800, but we found no comparable airborne-wind funding rounds or sale prices with published valuations to compare it against. See the valuation detail and the questions section.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2 · Can they reach an exit stage? ⭐</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE 63 / 100 — Average. </span></strong><span style="color:black">Strongest evidenced precondition: a proven, publicly confirmed world-first autonomous flight and a founding team whose track records check out. Biggest gap: the company is pre-revenue, the first sellable product is 12–18 months away, and several of its own key numbers conflict with each other.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3 · If they do, what could it pay? 🎯</span></strong></span></span></p> </td> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target 10x over 7–10 years</span></strong><span style="color:black"> — the standard aim for seed-stage investing, with the horizon extended because the product still needs aviation certification and industrial scale-up. On the listed price, a 10x payout requires the company to be worth roughly €107M when sold; at typical deeptech sale pricing (2–4x revenue), that means roughly €27–53M of annual revenue. We found no recorded sales of comparable companies with published values to compare against. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section. Most early-stage investments return little or nothing.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>How to read the score</strong></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">85–100 · Excellent</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All key preconditions for reaching an exit stage are evidenced and strong — rare at this stage</span></span></p> </td> </tr> <tr> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">70–84 · Good</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Preconditions largely in place, with specific gaps — named in the questions section</span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">50–69 · Average</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Meaningful preconditions missing or weakly evidenced</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">30–49 · Weak</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Several core preconditions absent, or the evidence points against them</span></span></p> </td> </tr> <tr> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:167px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1–29 · Critical</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:457px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Fundamental preconditions are not visible in the evidence</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f0f4f8; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What we could check. </span></strong><span style="color:black">We verified the company’s registration, the founders’ backgrounds (including the CEO’s prior company sale), the Techstars investment, the €2M 2024 fundraise, the autonomous test flight, and the TV coverage against public sources. The letters of intent, the EDF and Michelin partnerships, all performance and cost figures, and every detail of what a shareholder would actually own rest solely on the company’s own materials — see the questions section. <strong>Your money is locked in. </strong>Crowdfunding shares normally cannot be sold early — expect your money to be tied up for several years, until the company is sold or a similar event happens.</span></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="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Three answers, one honest note. </strong>The price-fairness line says whether the entry price is supported by sector benchmarks we could find — here, none with published values exist, so it is honestly unscored. The AI Score is our read on whether the preconditions for reaching a company sale or similar event are visible in the disclosed evidence — it is not a probability of success, and even companies with every precondition in place fail more often than they succeed, which is why crowdfunding only works as a small part of a diversified portfolio. The returns figure is an illustration from named benchmarks, not a forecast. Where something was not in the pack we reviewed, it did not lower any score — it appears in the questions list instead, so you can ask the company directly. The listing was reviewed by Sowefund, a licensed crowdfunding platform, before going live. Nothing in this memo is a recommendation.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">At a glance</span></span></span></h1> <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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">✅ Three reasons to look closer</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Three reasons for caution</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The core technical milestone is real and independently documented: the MAG15 prototype completed a fully autonomous flight (takeoff, flight, landing) — reported as a world first by Grenoble INP, the Transpolis test site, and multiple press outlets, with the Airborne Wind Europe secretary general in attendance.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The team checks out against public records: a co-founder with 25 years at Boeing and Airbus, a physicist co-founder (Polytechnique/ENS, ex-Thales) whose models underpin a decade of published academic work, and a CEO whose previous company (Agronergy) was sold to an infrastructure fund in 2021. Techstars invested in 2024.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Funding momentum is verifiable: a €2M pre-seed round closed in autumn 2024 (private investors, banks and BPI), and this campaign passed its €600K objective — €715,019 raised at the review date.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s own numbers conflict: this campaign quotes an eventual electricity cost of €10–15/MWh, while the company’s own website quotes €90–110/MWh for the first product and €28–40/MWh for the large one; the campaign says "3 worldwide patents", the company’s website FAQ says "two granted patents".</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The campaign dates the world-first autonomous flight to August 2025; every public source we found dates it to 4 November 2025. The competitor list also includes Ampyx Power, a company declared bankrupt in May 2022.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">What a shareholder would actually own is not in the pack we reviewed: no share class, no ownership table, no sale-payout terms, no financials (revenue, spending rate, cash). The company is pre-revenue, and the utility-scale product that carries its €100M revenue plan is not funded by this round.</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:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Deal terms. </span></strong><span style="color:black">No terms were identified in the reviewed documents that would prevent a crowdfund investor from sharing in the upside. Note, however, that almost no share terms were in the pack we reviewed at all — the key ones appear in the questions section. Full mechanics are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 Information, not investment advice. </span></strong><span style="color:black">Capital at risk — you could lose the full amount invested. Full notes are at the end of this memo.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🏢 What the company does</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Wind Fisher, a French company based in Grenoble and founded in 2021, is developing a new kind of wind power: instead of a turbine on a mast, a helium-filled cylindrical wing flies at 300–500 metres, tethered to a ground station. The spinning wing is pushed sideways by the wind (the "Magnus effect"), and its pull on the cable drives a generator on the ground. The company reports that winds at this height are stronger and steadier, giving much more constant output than normal wind or solar.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The first customers, per the company, would be off-grid sites currently running diesel generators and businesses wanting cheaper, cleaner power — served by the MAG25 model (about 0.1–0.2 MW, priced at €300,000 per unit, sold directly or leased), planned to be ready within 12–18 months. A larger 2 MW model (MAG80, €1.7M per unit) is planned for 2027–2028 to serve utilities and data centers, where the company sees its main growth. Ongoing maintenance and performance contracts would add recurring income.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">So far, the company has built and flown a 15-metre prototype fully autonomously — publicly documented — and reports 18 letters of intent from four continents worth over €180M in potential revenue, plus partnerships with EDF and Michelin’s Start2Prod programme (both of which rest on the company’s materials; we found no public record of either). This raise funds finishing the first commercial product and its European aviation certification (40%), four pilot deployments (30%), key hires (20%), and marketing (10%).</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📈 The returns picture</span></span></span></h1> <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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">The target</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10x over 7–10 years — the company did not state its own return target, so this is the standard expectation for seed-stage investing, with the time horizon extended because the product still needs aviation certification and factory-scale production before it can sell at volume.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the company plans to get there</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the campaign: finish and certify the MAG25, convert pilot projects into reference customers (50 more letters of intent by end-2027), then launch the 2 MW MAG80 for utilities and data centers (200 letters of intent in 2028, 20 customers that year, 300+ units and €100M revenue by 2030). The exit route named by the company is a sale to an energy major (EDF, Engie, TotalEnergies…), a wind-equipment maker (Siemens, Vestas, GE…), or a tech/data-center giant (Google, Microsoft, Amazon, Meta) — the campaign names candidate buyers but no comparable sale prices; the dossier records that no comparables table was provided in any material reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">What has to be true</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For a 10x payout on the listed price, the company must be worth roughly €107M when sold. Deeptech hardware companies typically sell for 2–4 times their annual revenue, so that means reaching roughly €27–53M of yearly revenue — which in turn requires the technology to work at commercial scale, pass certification, and sell in the hundreds of units. The company’s own plan (€100M revenue in 2030) would clear this bar if fully achieved.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:193px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">If reached — potential returns</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:431px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Illustrative only: reaching the €107M sale value described above would pay roughly 10x before fees. We found no recorded sales of comparable airborne-wind companies with published values to benchmark this against — the two best-known predecessors ended without a sale (Makani, shut down 2020; Ampyx, bankrupt 2022). Method: stage-standard seed target applied to the listed valuation; deeptech sale pricing of 2–4x revenue from the dossier’s benchmark block. These figures do not include dilution from future fundraising rounds, which would reduce actual returns — see the dilution section. Most early-stage investments return little or nothing.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 this target? </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 make up for the losers, so each seed investment is typically aimed at roughly 10x — here over 7–10 years given the certification and scale-up path ahead.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📊 Score breakdown</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Score = each category’s score weighted by its importance; weights sum to 100%.</em></span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:153px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:73px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:324px"> <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="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Team capability</span></strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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">82</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">19%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Good — </strong>Founder backgrounds independently confirmed: 25 years Boeing/Airbus (CTO), Polytechnique/ENS physicist ex-Thales (CSO), CEO with a confirmed company sale in 2021; Techstars invested; 13 staff and a decade of academic collaboration. Gap: the board presented in the campaign is names-and-titles only, and one member’s role differs between the campaign (board) and the company website (CFO).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Technology risk</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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">60</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>The hardest early step — a fully autonomous flight cycle — is done and publicly documented, a genuine sector first. But sustained electricity production at the claimed 60% load factor is not yet demonstrated publicly, the design must scale from a 15 m prototype to an 80 m machine, and the sector’s history (Makani shut down, Ampyx bankrupt after ~€50M) shows how capital-hungry that scale-up is.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Product-market fit</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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">60</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>A clear product ladder (MAG15 → MAG25 → MAG80) matched to named customer segments, and the diesel-replacement pitch is concrete. But the first sellable product is 12–18 months away, and the central economics conflict within the company’s own materials: €10–15/MWh in this campaign versus €28–110/MWh on its own website.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Traction & growth</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>Real signals exist: 18 letters of intent across four continents (per the company), an overfunded campaign (€715K vs €600K objective), and confirmed national TV coverage. But letters of intent are non-binding, no revenue is reported, and the EDF "feasibility validation" milestone rests on the company’s materials alone.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Market size</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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">65</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">11%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>The demand story is anchored in confirmed facts (data-center and AI power demand; OpenAI’s public 100 GW/year request). The company’s $8.9B-by-2031 market figure sits at the aggressive end of published estimates — independent reports range from ~$2.3B to trajectories consistent with ~$9B by 2031.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Competition</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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">60</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">8%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>Public record supports the key claim: no other commercial player uses the Magnus approach, and active rivals (Kitepower, SkySails) operate smaller-power systems. But the sector’s two best-funded players failed before reaching scale, and the campaign’s competitor list includes one of them (Ampyx) as if still active.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Business model</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">7%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>Clear unit prices (€300K / €1.7M), named sales channels per segment, and a specific use of funds. What the disclosed plan does not show is how a €600–715K round funds a 12–18-month product-and-certification programme, and the larger MAG80 phase is explicitly beyond this raise.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Regulatory & compliance</span></strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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">52</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10%</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Average — </strong>Test flights run under authorized operations at a certified test site, which is a real start. But the European certification process (EASA) has not begun, no settled EU certification pathway for airborne wind systems yet exists, and certification is the gate to every commercial plan the company has.</span></span></p> </td> </tr> <tr> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:153px"> <p><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="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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">63</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; 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">100%</span></strong></span></span></p> </td> <td style="background-color:#d9ebc2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:324px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Average</span></strong><span style="color:black"> — the technology milestone and team are solidly evidenced; the path from prototype to paying customers, certification, and the funding it needs are the open preconditions.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">❓ Questions to ask before investing</span></span></span></h1> <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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em><span style="color:black">These are facts the company holds and can supply on request. They were not in the materials we reviewed — they may well exist in interviews, webinars or the company’s data room (a Q&A webinar with the co-founders is offered on the campaign page). The score above is based on what was available — these questions are how you close the gap.</span></em></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What exactly are investors buying — which type of share, with what voting rights, held directly or through a holding vehicle set up by the platform?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Who owns what share of the company before and after this round (the "cap table"), how big is the employee share pool, and do any existing investors have priority payout or forced-sale rights (a "liquidation preference" or "drag-along")?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is the €9,961,800 valuation before or after this round’s money is added, and how was it set?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What are the patent application/grant numbers, countries and filing dates behind the "3 worldwide patents" statement?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">On what date did the first fully autonomous flight take place, and can you share the flight log? (The campaign says August 2025; public records date the world first to 4 November 2025.)</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Is there a signed agreement with EDF, what does it cover, and is any payment attached? Same question for Start2Prod by Michelin.</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Of the 18 letters of intent, how many name a price and volume, how many include any payment or deposit, and what must happen for the first one to become a purchase order?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">At the MAG25 price of €300,000, what does one unit cost to build, what is the profit per unit, and how many can you build per year?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">How many hours has the MAG15 flown, and what electricity output and availability have you measured against the 60% target?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which electricity cost should investors use — the €10–15/MWh in this campaign or the €28–110/MWh on your website — and what assumptions separate them?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">What is your current monthly spending and cash position, how far does this round take you against the 12–18-month plan, and when and how much do you expect to raise next?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Which EASA certification route are you targeting for the MAG25, and what happens to the timeline if certification takes longer than planned?</span></span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:624px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">Can you provide the documentation supporting the JEIR status behind the 50% tax-reduction claim?</span></span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 What you own</span></span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">This is an equity campaign — you would become a shareholder in Wind Fisher SAS — and French tax labels on the listing (PEA-PME eligibility and the JEIR 50% income-tax reduction for French residents) both apply to share subscriptions. Beyond that, the pack we reviewed does not state which type of share you would receive, whether you would hold it directly or through a vehicle set up by the platform, or what say you would have in company decisions. These are the first questions in the list above. Whatever the structure, expect no ability to sell early: your return depends on the company eventually being sold or a similar event.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Everything below is reference detail for readers who want to go deeper.</em></span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🔍 Detailed review</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Team capability</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The founding trio combines the three skills this product needs, and all three backgrounds held up to public checking. Garrett Smith (co-founder, President–CTO) spent 25 years at Boeing and Airbus; Armand Tardella (co-founder, Chief Scientific Officer) is a Polytechnique/ENS physicist and ex-Thales, whose flight models anchor a Grenoble academic collaboration running since 2015; CEO Stéphane Vidaillet (HEC) founded Agronergy, whose control was sold to Vantage Infrastructure in October 2021 — a confirmed exit. Techstars invested in 2024; headcount was 13 in mid-2025 with 10–15 hires planned.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">All three founder track records confirmed against press, registry and patent records</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Techstars Sustainability Paris investment (Oct 2024) — external professional validation</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Decade-long collaboration with Grenoble INP labs (GIPSA-lab, LEGI) with published research</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Board card gives names and titles only — no mandates or CVs in the pack we reviewed</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">One board member is presented as board ("AI champion, Natively AI") in the campaign but as CFO on the company website — both values recorded, unresolved</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder equity and vesting not in the pack we reviewed (asked in the questions list)</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Technology risk</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports — and the public record confirms — a fully autonomous flight cycle of the 15 m prototype: takeoff, a controlled loop, and automatic landing, achieved in four flights and demonstrated at the Transpolis test site. Grenoble INP calls it a first for the sector, and the head of the industry association attended. What is not yet publicly demonstrated is the economics: sustained electricity production at the claimed 60% load factor, and the jump from a 15 m wing to the 25 m commercial unit and the 80 m utility machine.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">World-first autonomous flight independently documented (Grenoble INP, Transpolis, national press)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ground-based generation and helium lift are design choices that remove launch infrastructure — the claimed advantage is consistent with how rival systems are described publicly</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Ten years of peer-reviewed academic groundwork on Magnus-effect flight control</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No public measurement of energy output, hours flown, or availability yet — the campaign’s own plan calls for "several hundred hours" of validation flights still to come</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Scale-up risk: 15 m prototype → 80 m machine, with industrialization not yet started</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Sector precedent is harsh: Makani (Google) shut down in 2020, Ampyx went bankrupt in 2022 after raising ~€50M — both before commercial scale</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Product-market fit</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The product ladder is clearly segmented: MAG25 (0.1–0.2 MW, €300K) for off-grid diesel replacement and SMEs, MAG80 (2 MW, €1.7M) for utilities and data centers. The diesel-replacement wedge is a concrete first market with a clear cost comparison. The concern sits in the numbers: the campaign’s headline electricity cost (€10–15/MWh "at technological maturity") is 2–4 times below the floor of the company’s own website figures (€28–40/MWh for the MAG80, €90–110/MWh for the MAG25), and the MAG25’s stated power and launch date also differ between the two company sources.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear two-product strategy matched to named customer segments and purchase channels</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">First target market (diesel microgrids) has a concrete, quantifiable pain point</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Environmental profile (30x less material, small footprint, recyclable components — per the company) matches documented acceptance problems of conventional wind</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Electricity-cost figures conflict across the company’s own materials — €10–15/MWh (campaign) vs €28–110/MWh (company website FAQ); both values recorded</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">MAG25 spec inconsistent: 0.1–0.2 MW (campaign) vs 100 kW (website); launch "12–18 months" (campaign) vs "late 2027" (website)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No measured field-performance data from the prototype in the pack we reviewed</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Traction & growth</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pre-revenue, as expected at this stage. The company reports 18 letters of intent across four continents worth over €180M in potential revenue, six of them pilot opportunities; these rest on the company’s materials, with no counterparties or terms stated. Verifiable signals: the campaign passed its objective (€715,019 raised vs €600,000), national TV coverage (TF1, BFM Business) checks out, and the company reports 8 million social-media views.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Campaign overfunded — €715,019 against a €600,000 objective at the review date</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Media reach confirmed: TF1 news feature (March 2026) and BFM Business French Tech segment (February 2026) both verified</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18 LOIs across four continents (per the company) indicate broad inbound interest before commercial launch</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Letters of intent are non-binding; no counterparty names, terms or deposits in the pack we reviewed</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The EDF "technical and economic feasibility validation" milestone rests on the company’s materials — we found no public record of the partnership either way</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No revenue reported; first paying deployments are still ahead</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Market size</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The demand drivers the company cites are real and confirmed: electricity demand from AI and data centers is surging, and OpenAI’s public request for 100 GW/year of new US capacity checks out. The company sizes the alternative-wind market at $8.9B by 2031; published estimates for airborne wind diverge widely — from ~$2.3B by 2031 (Knowledge Sourcing) to a 40%-growth trajectory consistent with ~$9B by 2031 (Market Research Future). The company’s figure sits at the aggressive end of that range. Its broader €100B/€600B framings describe general energy segments, not the airborne-wind category.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Core demand thesis (AI/data-center electricity demand) anchored in confirmed public facts</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Named, concrete demand anchors: EDF’s 30 GW onshore pipeline; the French Campus AI project (700 MW by 2029, per the campaign)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Europe is the strongest region for airborne wind in independent reports</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Market-size estimates for the category diverge by 4x across published reports; the company quotes the aggressive end</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The €100B/€600B addressable-market figures are broad energy-segment framings, not the airborne-wind market</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Utility-scale demand only becomes reachable with the MAG80, which is beyond this round’s funding</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Business model</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per the campaign: direct sales of the MAG25 at €300,000 with rental and leasing options, distributor and installer channels for the first segments, the MAG80 at €1.7M with power-purchase-agreement structures for utilities, and recurring maintenance and optimization contracts on top. Use of funds is specific (40% product and certification, 30% pilots, 20% hires, 10% marketing). Cost per unit, margin, and the company’s spending rate are not in the pack we reviewed, and the plan’s larger phase is explicitly outside 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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Unit prices and channel strategy stated per segment — unusually concrete for this stage</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Multiple revenue layers planned: hardware, leasing, PPAs, maintenance contracts</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Specific, itemized use of funds for this round</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No unit cost or margin in the pack we reviewed — the €300K price cannot be assessed for profitability (asked in the questions list)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A €600–715K round against a 12–18-month product-and-certification programme implies more fundraising, with terms unknown</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Leasing and PPA structures are capital-intensive models whose financing is not described in the pack we reviewed</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Competition</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company’s central claim — that it is the only player using the Magnus effect — is consistent with everything we could find; no other commercial Magnus-effect system surfaced in our searches, and the academic lineage sits with the Grenoble labs the company works with. Active rivals fly kite-type systems at smaller power (Kitepower, ~100 kW class, raised ~€6.1M to date; SkySails, operating pilots in Germany and Taiwan). The concern is less about rivals than about the category’s track record — and about the campaign listing Ampyx Power, bankrupt since May 2022, among current competitors.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Unique technical approach corroborated — no competing Magnus-effect player found</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Active competitors operate at lower power classes, consistent with the company’s utility-scale positioning claim</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rivals’ funding levels (Kitepower ~€6.1M cumulative) suggest no competitor is dramatically better capitalized</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The two best-funded companies in the category failed before scale (Makani, Ampyx ~€50M) — evidence that execution, not competition, is the bottleneck</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The campaign’s competitor list names bankrupt Ampyx as active and lists KiteKraft in both rival categories — the competitive analysis is partly stale</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Competitor-capability claims (no autonomy, <500 kW ceiling) are the company’s characterization, not independently verified</span></span></li> </ul> </td> </tr> </tbody> </table> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Regulatory & compliance</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Flying a tethered 15-metre object at 300–500 m requires aviation permissions. The prototype operates under authorized operations at the Transpolis test site (per the company and the site operator), and the campaign reports DGAC authorizations for the MAG15. The commercial gate is European certification: the EASA process is planned to start with this round — a dedicated Certification Project Manager is budgeted — and no settled EU certification pathway for airborne wind systems yet exists.</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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">⚠️ Concerns</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Test operations run at a professional certified test site with the operator publicly confirming the collaboration</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Certification is explicitly planned and budgeted in the use of funds — the company is not ignoring the gate</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">French DGAC authorizations reported for the prototype (per the campaign)</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">EASA certification has not begun, and the certification framework for this category of aircraft is itself still forming — timeline risk is structural</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Every commercial milestone in the plan sits behind certification</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Current permit scope (altitudes, locations, operations near people) not in the pack we reviewed</span></span></li> </ul> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">💶 Valuation detail</span></span></span></h1> <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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:213px"> <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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">€9,961,800 — the figure shown on the listing; Sowefund’s own investor guide states the valuation it displays is the pre-money figure (the value before this round’s money is added). Confirm with the company (asked in the questions list).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Derived: about €10.68M with the €715,019 raised at review date (€9,961,800 + funds raised), on the assumption above.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Equity (shares) — the tax labels on the listing (PEA-PME, JEIR) apply to share subscriptions. The share class is not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Ownership % offered</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not stated. Derived illustration: €715,019 on a ~€10.68M post-money value would be about 6.7% of the company for the whole crowd — an individual €1,000 ticket about 0.009%.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Methodology not in the pack we reviewed.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Insufficient comparables for this sector and stage: the nearest peer with public campaign data (Kitepower, Crowdcube, Aug 2025) did not disclose a valuation in accessible materials, and Wind Fisher’s own €2M pre-seed (autumn 2024) valuation was not published. No recorded sector exits with values exist.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Valuation fairness (1–5)</span></strong></span></span></p> </td> <td style="background-color:#efefef; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Insufficient comparables to assess</span></strong><span style="color:black"> — a fairness score requires named independent benchmarks, and none with published values could be found. This is a statement about the available evidence, not about the price itself.</span></span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:213px"> <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 black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:411px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">French tax advantages per the listing: JEIR status claimed, giving French-resident individuals a 50% income-tax reduction on the amount subscribed (within legal caps and holding periods); PEA-PME eligibility; 150-0 B Ter (capital-gains rollover). The JEIR qualification rests on the company’s materials — no public register exists to check it (asked in the questions list).</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">🚩 Red flags & integrity checks</span></span></span></h1> <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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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 black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — not in the pack we reviewed: all share terms (class, voting, payout order, ownership table), financial figures (revenue if any, spending rate, cash), measured flight-performance data, and unit costs for the €300,000 product. Each appears in the questions list.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; 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 black; border-left:none; border-right:1px solid black; 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> — electricity cost: €10–15/MWh (campaign) vs €28–40/MWh MAG80 and €90–110/MWh MAG25 (company website FAQ); patents: "3 worldwide patents" (campaign) vs "two granted patents" (company website FAQ); MAG25 power: 0.1–0.2 MW (campaign) vs 100 kW (website); MAG25 timing: 12–18 months (campaign) vs late 2027 (website); material savings: 30x (campaign) vs 10x (earlier company communications); one board member listed as board in the campaign but CFO on the website.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; 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 black; border-left:none; border-right:1px solid black; 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> — the campaign dates the world-first autonomous flight to August 2025; Grenoble INP, the Transpolis test site and every press source found date it to 4 November 2025 (both values recorded, unresolved — the flight itself is not in doubt). The competitor list includes Ampyx Power, declared bankrupt by the court of The Hague on 2 May 2022. The $8.9B-by-2031 market figure sits at the aggressive end of published estimates (~$2.3B to ~$9B trajectories).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; 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 black; border-left:none; border-right:1px solid black; 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> — <em>None found</em> in public registries or news searches: no litigation, insolvency or regulatory action against Wind Fisher SAS or its founders. Registry filings are routine (a seat transfer in 2025; accounts filed under a standard confidentiality declaration).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; 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 black; border-left:none; border-right:1px solid black; 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> — €2M pre-seed equity closed autumn 2024 (private investors, banks, BPI; Techstars and Le Tarmac also on record). The milestone stated at the time — flying the MAG15 prototype — was met in 2025. The CEO’s previous company reached a control-sale exit in 2021. No missed-milestone record found.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; 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 black; border-left:none; border-right:1px solid black; 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> — ~€10M pre-money for a pre-revenue seed deeptech with a flown prototype, a €2M prior round, ~13 staff and Techstars backing. No named benchmark with a published valuation could be found to compare against (Kitepower’s crowdfunding valuation was not disclosed; no sector exits with values exist). Recorded as a comparison gap, not a verdict.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">📜 Instrument & investor terms — full mechanics</span></span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">What you own — in full</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The listing is an equity campaign: you would subscribe for shares in Wind Fisher SAS. The share class, voting rights, and whether you would hold shares directly or through a holding vehicle set up by the platform (a structure often used so many small investors act as one shareholder) are not in the pack we reviewed. In practice, on French platforms either structure is common; which applies determines whether you vote yourself or a representative votes for the pooled crowd. How a decision to sell the company would reach you depends on those same undisclosed documents.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Dilution — how your share can shrink</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">When a company raises money again, it creates new shares, and every existing shareholder’s percentage shrinks unless they buy more ("dilution"). The pack we reviewed does not state whether a next round is planned — but the plan it describes points that way: the utility-scale MAG80 phase (2027–2028) sits beyond what a €600–715K round funds. Whether you would have the right to join future rounds ("pre-emption"), or whether any existing investors hold protection that shifts dilution onto others ("anti-dilution"), is not in the pack we reviewed. Illustrative example with standard mechanics: if you owned 0.01% after this round and the company later raised a round that doubled the share count, your stake would become 0.005% — the same shares, half the percentage. A sale price would then be split over that larger share count.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">If the company is sold or wound down</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The standard payout order is: lenders and creditors first, then any shareholders with a priority right to be repaid before others (a "liquidation preference"), then everyone else splits what remains. Whether any share class in Wind Fisher holds such a priority, how the remainder is split, whether a majority can force all shareholders to join a sale ("drag-along"), whether you can join a sale on the same terms as the founders ("tag-along"), and whether any lock-up applies — none of this is in the pack we reviewed. There is no organized market for these shares; plan for your money to be tied up until a sale or similar event.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif"><span style="color:#2e74b5">Terms not in the pack we reviewed</span></span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>These exist in the shareholder documents and could have been disclosed — a genuine gap, unlike operating figures. Each also appears as a question in the questions section.</em></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Share class, voting rights, and direct vs holding-vehicle structure</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The cap table — who owns what before and after this round</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Employee share pool size, and whether it grows before the next round</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liquidation preference (priority payout) and the exact split of remaining proceeds</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Anti-dilution protection, and which classes hold it</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Rights of crowdfund investors to join future rounds (pre-emption)</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along threshold and tag-along rights</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder share vesting and leaver provisions</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Information rights — how often, and in what form, reporting is provided</span></span></li> </ul> <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 black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; 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.<em>Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</em></span></span></span></p> </td> </tr> </tbody> </table> <p> </p>
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Sågfond FR
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EUR 1000
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EUR 140,0M
