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Heliac

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Developing high-efficiency green solar thermal solutions to global process industries

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Funded 22 Nov 2023
€2,320,015 target
€2,354,446 from 0 investors
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Business overview

Location Nivaa, Denmark
Social media
Website www.heliac.dk/
Sectors Energy Non-Digital B2B
Company number 35841911
Incorporation date 1 Jan 2014
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Investment summary

Type Equity
Valuation (pre-money) €34.4M
Equity offered 6.31%
Tax relief N/A
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Business highlights

  • Partnered with E.ON Energy for our first Solar Site
  • Developed Patented Solar Lens Technology
  • Two Solar Sites Currently Active
  • Testing our new Rockstore Heat Solution
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Key features

  • Secondary Market
  • Nominee investment min. €34.92 +

Idea

Introduction

Heliac offers patented solar thermal technology and novel heat storage solutions to provide emission free heat production for global process industries.

Led by technical ex-founders, Heliac has built 2 solar fields for multinational energy company, E.ON and district heat provider, Norfors.

The aspiration to develop the technology to achieve low-cost solar power plants was born from the founders’ pioneering work with solar compression foil. Realizing the global need for simple and low-cost energy storage, our team of engineers expanded the company’s focus to include heat storage, which has led to the RockStore solution.

Today we are a fast-growing scale-up counting 35 ambitious employees, having raised €13.5m in 2021.

The Heliac group also comprises SiOx, a provider of anti-scale coating for heat exchangers as well as Forsyning Danmark, a provider of renewables-based district heating.

Substantial accomplishments to date

☀️ SOLAR PLANTS ☀️

Our first solar plant build at Lendermark (DK), with a capacity of 1,6MW, and was inaugurated in 2020 in partnership with our customer E.ON. Compromising 144 panels, the out temperature of the production is 95°C, in line with the customer requirement.

Our second solar plant in Horsholm (DK) supplies heat to Norfors, a utility company that provides district heating to five municipalities. This comprises of 144 panels like in Lendermark, but with substantial upgrades including improved lenses, isolation, tracking software etc. The plant went into production in October 2022.

🪨 ROCKSTORE 🪨

In 2022 the Rockstore concept went into development. The first test was conducted only a few months after development was initiated.

In 2023 further development was made in Rockstore to test the best method to store the rocks in the steel tanks.

in Q4 2023 we aim to identify external customer to initiate a large scale Rockstore with a storage capacity of 300 MWh.

Monetisation strategy

💰 Market: We are targeting utilities, Engineering, Product and Construction Solar Companies (EPCs), and Energy Solar Companies (ESCOs). Forsyning Danmark for local expansion.

☀️ Solar Fields: We will sell turnkey projects to utilities/EPCs. We will also offer Heat Purchase Agreements (HPAs) directly to end-users. We also aim to collaborate on large HPAs.

🪨 RockStore: Store electricity as heat or electricity, adapting to market needs. Our goal is to build a full scale Rockstore with 300 MWh capacity.

🏅 Competitive Edge: We have our proprietary, patented technology for both our transparent lenses and thermal storage solutions.

👷 Strategic Objectives (2023): Data from new solar fields, Solar Keymark certification, partnerships, fundraise, cost reduction, revenue growth.

🌍 Marketing: Focused on Spain and Poland, engage online, nurture leads.

🔨 Operations: Prepare for automation, cost reduction, and local lens production.

Use of proceeds

Heliac's proceeds allocation for the next 2 years includes:

- Hiring staff, especially engineers in Poland: 30%

- Marketing efforts for Southern Europe market entry: 10%

- Development and construction of a full-scale 300 MWh Rockstore for production by 2025: 55%

- Attaining Solar Key Mark certification by 2024: 5%

Key Information

Outstanding Debt

Heliac secured an EU energy financial instrument of €2,014,394.00 from InnoEnergy in 2019 in order to support them with the scaling of their initial Solar site and initial runway.

This loan has 1.5% annual interest, and 1.5% of annual revenue goes towards repayment of this loan.

Company Structure

Heliac is originally spun out from Inmold, who are now shareholders with the same rights as all other investors, including Seedrs. Heliac has sole ownership of its IP.

Heliac also has three subsidiaries which are wholly owned by Heliac A/S.

1. SiOx, a provider of anti-scale coating for heat exchangers as well

2. Forsyning Danmark, a provider of renewables-based district heating.

3. Heliac Varme ApS, which has been created to handle the HPAs (Heat Purchase agreement) Heliac aims to sell in the future. Currently there are no employees, and no activity in the company.

FX Rate

Direct investments in the round from investors outside of Seedrs have been paid in Danish Krone (DKK). This is a total amount of 16,575,350 DKK, which has been reflected in the campaign at an agreed Exchange Rate (set on 16/10/23) of 1 DKK:0.1341 EUR.

The share price paid by direct investors was 275 DKK, which as been converted into Euro and rounded to 2d.p, at €36.88.

Investments on Seedrs are made in EUR.

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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 €34,427,453

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.

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Equity Offered

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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.

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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

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Direct investment

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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

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