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Hycube - Secondary

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German Engineered Solar Energy Storage Systems

Closed 16 May 2023
€169,889 for sale
€-582 still available
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Business overview

Location Mannheim, Germany
Social media
Website www.hycube.com
Sectors Energy Mixed Digital/Non-Digital Mixed B2B/B2C
Company number HRB718714
Incorporation date 21 Jan 2014
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Investment summary

Type Secondary
Last valuation €33.1M in Feb 2023
This sale offer 0.00% premium
Tax relief N/A
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Business highlights

  • Highly competitive and innovative German engineered product
  • Huge and growing marketplace for renewable energy solutions
  • Hit operating profit breakeven May '19*
  • Recently backed by Bridges Fund Management, major UK PE Firm
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Key features

  • Secondary Market
  • Nominee investment min. €581.81 +

Learn more about secondary campaigns.

Idea

Introduction

Hycube Technologies exists to build world-class energy storage systems – taking energy from solar panels and storing it for later use in your home or business. This means you can store cheap clean energy during the day, and use it at night, or whenever you need it. It also means you have electricity if there is a power cut in your area, which is important for developing countries.

Our products have high levels of home integration, expandability and intelligence that separate us from the competition, including major brands like Tesla.

Currently, we have 3 products that can all be used for home or for small businesses:

Our products provide a simple to install, all-in-one housing that enables the addition and removal of batteries. A user interface, on the unit / via mobile / “MyHycube.com”. A power failover mechanism and a Home Energy Management System that can interface with electric vehicles, sockets, heating and intelligently prioritize their use.

Substantial accomplishments to date

Profit breakeven was reached in May 2019.*

So far, we have sold over 1000 units with a total combined revenue of over EUR 18m* **

Engineering Achievements:

• Design and Engineering of a Hybrid Smart Storage System

• Development of a Home Energy Management Software networking with the Battery Management System (BMS) in each single battery rack to control the entire energy flow in the building including EV Charger, radio controlled sockets, immersion heater etc.

• “On Box” control system with touch screen GUI.

• Development of a web portal, and mobile apps with real time monitoring.

Production design and build efforts have resulted in:

• Setup Test Stand for Quality Assurance (QA).

• Regulatory certification.

• Setup of the production line.

Marketing efforts to date include:

• Branding.

• Training of sales team members.

• Development of a CRM system.

• Creation of a direct marketing website with configuration options for the customer for online sales.

Monetisation strategy

Hycube makes money by selling our storage solution products.

Each Hycube can be configured for the customer in terms of model and capacity which results in different pricing per installation.

So far, we have concentrated only on SW Germany. Our intention now is to market across all of Germany and some selected European countries.

In the future we intend to supply a VPP product and charge for this on a subscription basis.

* Contains unsold/unfinished inventory value in revenue figures in accordance with local accounting standards

** to end of 2021, does not include 2022 as 2022 books are not officially closed and registered with German authorities and the figures cannot be publicly disclosed until then.

Secondary Sale

Hycube raised €9,783,156.00 of new investment in a fundraising round completed in January 2023. Three early investors in the Company (not part of the current management team) are seeking to achieve some liquidity from their initial investment via this secondary offer.

The share price of €581.81 for the secondary offer is the same as the recent fundraising round closed in January 2023.

Key Information

2023 Investment Round

Bridges Fund Management (the Investor) recently completed an investment of 9,783,156 EUR in Hycube. In addition to the standard share class rights of all existing investors, the Investor received:

• 1.5x non-participating preference. On an exit or liquidation, the holders of these preference shares will receive 1.5x the amount of their initial investment back first, and the remaining proceeds will then be distributed amongst all ordinary shareholders.
• the right to assume management of the company in the case of (i) insolvency (ii) breach of the SHA.
• the right to drag along all other shareholder if the Investor agrees to sell their shares in the period starting after the third anniversary of completion.

Please note, as set out in the Campaign, three existing investors will be selling their shares to Seedrs investors in this round via a Secondary Sale. These shares will not carry the additional rights above.

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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 campaign for Hycube - Secondary has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 21 February 2023 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

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 €33,065,426

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

Investing in a secondary campaign allows you to purchase shares in a company that is not currently fundraising. Unlike other Seedrs campaigns, you will be buying shares from existing shareholders rather than investing into the business.

Learn more about pitch type on Seedrs

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).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the 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.

Learn more about Custodian here

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.

Learn more here

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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None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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