Game Changing Innovations to Transform the 21st Century and Beyond
Business overview
| Location | London, United Kingdom |
|---|---|
| Social media | |
| Website | www.hw.energy |
| Sectors | Energy Mixed Digital/Non-Digital Mixed B2B/B2C |
| Company number | 11194750 |
| Incorporation date | 8 Feb 2018 |
Business highlights
- Successful Indiegogo Campaign 1000%+ funded by 2,800+
- World Economic Forum Top 100 startups shaping 4.0
- Featured in Wired, Euronews, Business Insider, Yahoo Finance
- Three Game Changing Innovations
Learn more about convertible campaigns.
Idea
Introduction
We are developing disruptive technologies to solve three of the biggest challenges of the 21st century, low cost clean electricity, grid scale energy storage and seawater desalination.
OceanHydro Wind: disruptive technology that harnesses offshore altitude wind using kites, stores the energy subsea and releases it on demand as electrical energy. A game changer that lowers the cost of energy, provides grid scale energy storage, dispatchable power and auxiliary services to the grid.
SubSea RO Wind: disruptive technology to desalinate seawater into potable fresh water at scale using subsea pressure, reverse osmosis membranes and altitude wind using kites.
QuenchSea: The world's only low cost handheld seawater desalination device specifically made for humanitarian purposes but has applications in the marine and sailing sector.
Substantial accomplishments to date
Selected as one of the top 100 startups shaping the 4th Industrial Revolution by the World Economic Forum we are building the foundations for future success and growth.
Monetisation strategy
OceanHydro Wind: This technology plans to establish a new market in harnessing offshore altitude wind power. The technology we are developing is by its very nature a global technology that is deployed offshore in territorial and international waters. 80% of the world's wind energy resource is available offshore, and more so at altitude offshore. Our business model is based on generating on-demand dispatchable electricity at a lower price than any other power generation technology without the need for government subsidies.
SubSea RO Wind: Our aim is to partner with a strong and experienced EPC (Engineering, Procurement, Construction) and funding partner to scale the technology and deploy globally. We are aiming for a world record of below $0.30 per cubic meter.
QuenchSea: We have already started monetising QuenchSea and we will start to fully scale and commercialise in 2021. We aim to be generating revenues and profits in 2021.
Use of proceeds
The investment will fund technology development, product development teams, international expansion and to scale QuenchSea globally and achieve economies of scale. To build a sub-scale system of SubSea RO Wind (desalination) to validate, test and prove the technology. This will put us in a very strong position for a valued funding round to a build scale prototype.
Key Information
Loans
The company has an outstanding £30,000 Covid Bounce Back loan from Barclays at an interest rate of 2.5% per annum. The loan is to begin monthly repayments from June 2021 with the final repayment date being June 2026.
The funds raised from this investment round will not be used to repay this loans.
Existing Convertible Loans and Share Option Agreement
The Company has a number of convertible loan agreements and a share option agreement in place with Techstars and existing shareholders which may convert into equity or be repaid after this round. The terms of these convertible loans and the share option agreement is set out in the “Existing convertible loans” document in the Documents section of this Campaign.
New Advance Subscription Agreement (This Investment)
This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".
The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.
• Discount – conversion at a 30% discount to the valuation set by a Trigger Event.
• Valuation cap of £10,000,000.
• Conversion is triggered by ("Trigger Events"):
- An Equity Fundraise – defined as the Company raising investment capital of at least £183,000 from one transaction or a series of transactions, in exchange for the company issuing equity shares;
- A Change of Control of the company (transfer of more than 50% of the share capital); or
- An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.
• Longstop Date is 12 months from the date of the advance subscription agreement.
• If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is the lower of:
- the lowest price of any shares issued after the date of this Agreement; and
- a price per share based on a pre-money company valuation of £5,000,000 on a fully diluted basis.
• The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.
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