Green Energy Storage, an Italian startup founded in 2015 and based in the Trentino Region in Northern Italy, closed its second equity crowdfunding campaign on Mamacrowd platform, raising over 2 million euros, beyond the set maximum limit. This is a real record for an equity crowdfunding campaign in Italy where the average campaign in 2018 was just around 320k euros (see here statistics by CrowdfundingBuzz).
The company, which has developed an organic storage system for renewable energy, has therefore decided to extend the maximum funding target to 2.3 million to allow all investors intervening in the last few days, and after exceeding the previous target set at 2 million, to finalize their investment and become new members to all the effects (see the press release here).
The first GES campaign, closed in August 2017 again on Mamacrowd (see here a previous post by BeBeez), had raised one million euros thanks to 290 investors. The investors of that time therefore see now their shares revalued by 43%. Then, in fact, the pre-money valuation was 9 million, while for this second campaign it had risen to 12.9 millions (see here the CrowdfundingBuzz sheet).
With an exclusive agreement for Europe with Harvard University, Green Energy Storage has developed an organic storage system for renewable energy based on quinone, a molecule that is extracted from vegetables and oil waste. Storage systems allow the use of energy produced from renewable sources with flexibility, solving the problem of intermittent sources and reducing costs.
GES, the only company in the world to develop an accumulation system based on an organic molecule, began marketing its product in 2018, which closes with total orders for 500k euros, divided between the pre-commercial series delivered in recent months of the year and a race won alongside Enel Distribuzione and Enea.
GES also received a contribution of 2 million euros from the European Union under the Horizon 2020 program and a further recognition came from the Province of Trento, with a contribution of a further 3 millions.