German Engineered Solar Energy Storage Systems
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 |
Investment summary
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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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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