OXTO Ltd t/a OXTO Energy
www.oxtoenergy.com
eis
Investment to date:
£96,450
Share price:
£2.00

target amount:
£650,000
£300,000
OXTO Ltd t/a OXTO Energy
OXTO Energy is an innovative, agile and growing flywheel energy storage company, serving the transition to a low-carbon world by stabilising electricity from renewable intermittent sources of energy.
About OXTO Ltd t/a OXTO Energy

Overview

OXTO Energy has developed a new flywheel energy storage device that will deliver safe, scalable storage at a competitive cost, with high energy density and low physical footprint. It's founder and CEO Dr George Prassinos previously developed and manufactured flywheels for satellite applications. The proposed flywheel is suitable for very fast response time applications across the world.
 
The company has its IP protected under patent No. GB2489523.
 
OXTO Energy is seeking up to £650,000 through the issue of 325,000 shares at £2 per share. OXTO Energy is expecting to receive an offer of match funding for up to £200,000. Assuming the minimum of £300,000 is reached, the company will then expect to receive an additional £200,000. Existing investors have committed over £150,000 to the fundraise which means that the minimum target of £300,000 will be achieved through these sources. 
 
In addition, OXTO Energy received a grant of £375,000 from the Energy Entrepreneur's Fund 5 in 2017. It has recently received a grant of £100,000 from Coventry and Warwickshire Innovation Programme.
 
OXTO Energy has a contract form Salzburg AG in Austria (under revision) for a project of 1MW and another project in the UK for 30MW. The funds are required to finalize the manufacture of the first 2 units and complete the final stages of certification.
 

The Problem

Electricity is one of the most perishable goods, which makes balancing the grid a very difficult and expensive task. The moment electricity is generated it must be consumed but predicting when someone will flick on a switch or plug in a device it's an impossible task.  We are witnessing a major transition towards renewable generations, such as wind and solar.
 
In order to change the world to renewable energy systems, we will require efficient, low cost and sustainable energy storage. Currently, one of the most common ways of storing energy is the chemical battery. It has a negative consequence for our environment, as they create several problems from the availability and mining of the chemicals needed to their disposal.
 
The requirement is therefore to find alternative ways of storing energy in a sustainable energy storage solution. Flywheels were one of the oldest methods of storing energy, now combined with modern electronics and materials, can offer an alternative with virtually zero environmental impact, during and after their operation lifetime.
 
The problem can be summarised as "Power Systems NOT operating at Full Potential". This means that:
 
  1. Power systems usually struggle to keep up with the pace of the decarbonization of the economy 
  2. Markets need a fast & flexible response solution to cope with the increasing complexity of the power grid
  3. Almost all sectors require a stable and reliable solution of power to unleash their full efficiency potential
 
The Solution

OXTO flywheel

 
Oxto
 
The flywheel stores kinetic energy in a vacuum in the form of a rotating mass, then it converts it back into electricity using an efficient switching mechanism. Its innovative power electronics allow alternating between high power and energy whilst providing fast response, allowing quick switching between load and supply modes.
 
In addition, unlike alternative energy storage solutions, OXTO's flywheel has an approximate +25-year lifetime and can be built with readily available materials.
 
OXTO's flywheel has the following advantages compared to batteries:
 
  • Increased lifetime and charge cycle capabilities- 100,000+ compared to 5,000- 10,000 for batteries,
  • No restriction on depth of discharge,
  • Full output within 20ms of signal,
  • No hazardous chemicals or fire hazards.

OXTO's flywheels can be produced as 65kW modules, for a wide variety of applications.

It is competitively priced with a substantially lower cost per kW when compared to other energy storage suppliers both mechanical and chemical.

 

 Market Size

OXTO Energy is targeting five main applications across several industries in the EU, Australia and North America and it is expecting the following demands:

  • Frequency Control: main frequency markets expected to deploy £500 million/year of new projects. Energy Developers and SOs main players in this market.
  • Power Factor Improvements: OXTO expects a 400 GW sales market by 2030 due to Wind and Solar growth
  • Voltage/Power Control: diesel generator market is believed to reach a value of £20bn by 2025. In addition to industry power demand, this opens a huge market opportunity for OXTO
  • Energy Recovery: just in New York City, the expectation is a £3.5bn elevator market. Plus, the port crane power market with a value of £1.4bn

 




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Offer Information
Min Max
Investment Target £300,000 £650,000
Share Price £2.00 £2.00
Shares Offered info 150,000 325,000
Percentage Offered info 5.07% 10.38%
Shares Issued info 2,806,125
Pre-money Valuation 5,612,250
Share Type Ordinary
Minimum Investment £50.00
Tax Relief Available EIS
Sector Manufacturing
Renewables
Technology, Hardware & Games
Location Guildford, United Kingdom
Company Number 10161898
Pitch Launched On 04/06/2019
Pitch Closes On 03/08/2019
Accepted Payment Methods
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