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FloatWind Ltd

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Mass-produced floating offshore wind turbines aiming to be cheaper, better and faster.

122%
 - 
Funded 6 Oct 2021
£250,001 target
£312,358 from 712 investors
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Business overview

Location Littlehampton, United Kingdom
Social media
Website www.float-wind.com/
Sectors Energy Mixed Digital/Non-Digital B2B
Company number 12785634
Incorporation date 2 Aug 2020
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Investment summary

Type Equity
Valuation (pre-money) £2.1M
Equity offered 12.70%
Tax relief

EIS

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Business highlights

  • Disruptive, green and internationally scaleable business
  • 30.4% CAGR forecast from 2020-30 for floating offshore wind
  • $108bn global annual offshore wind CAPEX spend by 2030/Bloomberg
  • Led by an experienced team of industry experts
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Key features

  • Secondary Market
  • Nominee investment min. £10.50 +

Idea

Introduction

FloatWind Ltd aims to disrupt the £20bn offshore wind energy market with our floating turbine solution. Up until now, offshore wind farms have been installed at sea, using expensive and slow methods, in often dangerous offshore conditions. This installation process can have damaging effects on the marine environment, is time-consuming and costly. These costs are, in turn, passed directly to you, the energy consumer.

FloatWind Ltd is different. By working with global product partners, we aim to be the first harbourside floating wind turbine manufacturer, starting in the UK. By building on land and then floating our ready-to-float turbines out to sea, we aim to reduce environmental damage, substantially reduce costs, and make offshore wind energy cheaper.

The FloatWind team have decades of experience in renewable energy, specifically in the wind and offshore wind sector. FloatWind Ltd is now on the road to concept commercialisation, with this investment being used to advance the company along its Technology Readiness Level (TRL) journey.

The serviceable offshore wind market for FloatWind Ltd is expected to reach in excess of £16bn p.a. by 2030, targeting specifically offshore projects in water depths greater than 40m. We believe FloatWind Ltd can reduce the Capex (and therefore energy costs) by as much as 10% per project. In a market where the average Capex spend per megawatt is £1.57m, and the average project size is £1.3bn, this offers material savings and also greatly reduces the environmental impact.

Substantial accomplishments to date

FloatWind is a start-up company founded in 2020, aiming to revolutionise the offshore wind market. The accomplishments to date include:

- Established an experienced advisory board with senior industry specialists

- Appointed well-known communications agency Blue Communications as PR agency

- 3,000+ followers on LinkedIn gained in the last four months

- Selected for UK Innovate Edge business mentoring programme (6 months)

- Greentech South grant application to be submitted September 2021

- UK Internationalisation Fund application in preparation

- Selected for SetSquared business mentoring seminar May 2021

- Appointed international accountancy firm Azets

Monetisation strategy

The FloatWind strategy for monetisation follows a carefully developed plan.

A typical offshore wind farm project in UK/European waters (2020: 96 turbines, fig. by WindEurope) has an average Capex spend of around £1.3bn. The Ready-to-Float product offering from FloatWind Ltd is approximately 76% of the CAPEX spend on a project. Other suppliers will cover other parts of the project.

The first product sale to a customer for FloatWind Ltd, based on the average size of an offshore wind farm in Europe, has the potential to be worth up to £1bn, consisting of around 100 x Ready-to-Float units. We expect the first sale in 2022/23 and therefore revenues to start flowing from 2023 onwards.

Use of proceeds

This investment will fund team growth which will enable FloatWind Ltd to develop its product and engage with customers through marketing and PR for international expansion and to scale FloatWind Ltd globally.

It will allow the company to establish and protect its IP through the development of patents, trademarks and copyright.

Invested money will facilitate drawing down grants already applied for and allows for de-risking.

Areas of priority that the proceeds will be used for include:

- Build out the team by hiring top talent

- Software development

- Assembly hub location selection

- Partnering with manufacturers

Key Information

Tax Relief

Please note, investments in this round are expected to be eligible for SEIS tax relief.

The company has £150,000 of SEIS allocation offered here on a first come first serve basis.

Investment beyond £150,000 is expected to be eligible for EIS tax relief.

Tax treatment depends on individual circumstances and is subject to change in the future.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited (trading as Republic Europe) ("Republic Europe"), which is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Republic Europe platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Republic Europe platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

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Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £2,100,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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Nominee investment

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

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