Saturday, 5 March 2016

Solarmass provides a profit!

On the surface Solarmass produces what should be a world beating product - a solar roof tile. We all have roofs and we all need more solar power.

Back in December 2013 Solarmass raised £120k, in just 10 days from 96 investors. The company was valued at around £1m. The CEO had interest in the product from two roofing manufacturers and overseas enquiries from Australia and Canada. So the pitch read.

Luke Lang, one of the founders of Crowdcube, who is never short when it comes to PRing, let us know that 

“Solarmass not only hit and overachieved on it targets but in record time.  It’s a fascinating product and one that will go global as the demand for solar energy increases year on year, both domestically and in the commercial sector.  The renewables market is a great opportunity and we’re delighted to support a new entrant into the market.”

That was over two years ago and Solarmass have just filed accounts to December 2015 - early again like Wrap it Up - must be Spring in the air.

These accounts show a profit - well it is hard to be sure as they are so sparse but it would appear the company made £9k.  - having filed losses in 2013 and 2014. Oddly for a manufacturing company, the fixed assets are only £8k. When they raised their funding, one for the uses of the money was to buy machinery. This appears never to have been bought. 

With so little in the way of fixed assets and  net assets of only £19k, its hard to see how they can make progress without raising more capital.

To be 'going global' maybe a little ambitious at this stage, so Lang's crystal balls may need dusting. Still they have not closed yet which for Crowdcube is a massive success story.

Anyone out there with news on Solarmass please do get in touch. 

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