Our client is setting up a network of universal, smart-charging locker pods for personal e-scooters starting in France; they will operate two main business models: Exclusive Sites, where the company will sell or lease storage and charging pods to private businesses (offices, apartment blocks) as an amenity for their tenants. Open Access Sites, where our client will install pod sites at cost in public-facing areas (supermarkets, shopping centres, mobility hubs) and B2C e-scooter owners can pay-as-you-go or subscribe to gain access to the public storage and charging network.
With an exciting business proposition, the company now seeks four Investing Non-Executive Directors (Non-Execs) and/or Advisors ahead of a seed funding round. You will have a background / experience in high growth start-up businesses for a disruptive technology, ideally in the fast-growing worlds of Electric Vehicles, micromobility or real estate.
The appointments are aimed to strengthen the Board, adding experience, skills and credibility to an already impressive engineering led team. Non-Executive Directors and Advisors will be expected to contribute their knowledge, experience, and networks to the continued growth of the company.
The Non-Executive Directors and Advisors will be encouraged to become shareholders in the company to align their interests with that of the existing Directors who are all shareholders with a minimum investment of £25k.
Market & Opportunity:
- The micromobility revolution is here as people realise e-scooters and e-bikes are Cheap, Clean, Convenient and Contamination-Free.
- In France (leading market), the transformation has already begun with e-scooter sales having overtaken EV and E-bike volumes.
- Sharing vs Ownership; the company is currently focused on the owned market because, like bikes, 90% of e-scooters will be owned not shared (McKinsey, 2022).
- In France there are: 2.5M owned e-scooters and 100k shared e-scooters. Source: La Fédération des Professionnels de la Micro-Mobilité and France Mobilité Électrique (2022).
- The current problems are as follows:
- Inadequate storage – 89% of users are concerned that there will be nowhere to securely store their scooter at their destination. Leading to high levels of theft -over 50% of surveyed users fear theft when using their e-scooter in public (gyms, offices, supermarkets).
- Range Anxiety: 60% of surveyed users fear they will run out of charge on their trips.
- Fire safety: Landowners and cities are concerned as charging Li-ion batteries create fire hazards - storage and charging risks. In 2021, the London fire brigade reported 70 fires caused by e-scooters and e-bikes.
- Battery Lifetimes: batteries make up 1/3 of the e-scooter cost and last only 2 years → lithium waste.
The Solutions: Universal, smart-charging locker pods for personal electric scooters.
- Novel (patentable) universal charger developed, which allows Honeycomb to be the only company able to develop infrastructure that can charge all private e-scooters.
- This universal charger also enables fire prevention systems and smart charging, which can increase the e-scooters’ battery lifetime by up to 100%.
- Accessed through the company’s mobile app.
- Pods sites available within 5-min walk.
- Collect data on batteries and city transport.
Prototype demonstrated in Oxford Innovation Centre in February 2022 funded through Niche Vehicle Network (InnovateUK & Office of Zero Emissions Vehicles) grant project. This demonstrator proved:
- Universal charging
- Remote access control
- Charging multiple vehicles simultaneously and independently
V2 in Sept ’22 to include: kiosk, digital signage, and improved design.
- The company is filing a multi-innovation patent upon closure of this round to protect their key innovation: universal charger. This is following a successful IP Audit Grant with Potter Clarkson, funded by the UKIPO.
- The climate impact: E-scooters reduce emissions by 95%.
- £280k raised so far - £111k from grants, £127k from pre-seed, and £42k from accelerators.
The company intends to offer a similar service for E-bikes once the business has been established.
Client Proposition:
- We are looking to close net £600,000 of seed funding. The investing NED’s / Advisors we seek are expected to make a contribution to this seed round.
- The team has previously raised £280k with over £100k coming from government funded grant projects.
- EIS advance assurance.
- Total Equity offered 12% (i.e., 1% per £50,000 investment)
Use of funds:
- 8 pod pilot in central Paris.
- Launching Exclusive Site model commercially (France, UK).
- Continue R&D for: off-grid solution, e-bike chargers.
Role Requirements:
As an engineer driven business this is a start-up seeking input from four investing NED’s with the following areas of expertise:
- Property management (real estate) expert.
- Financial expert (with experience in the infrastructure/mobility/hardware space).
- B2C consumer sales, marketing and branding expert.
- Operations expert.
Additional criteria are as follows:
- Experienced Non-Executive Directors / Advisors (non- Execs) to join your team to progress their exciting journey.
- Proven experience of strategy and business growth.
- Proven entrepreneurs with successful business track records.
- Experience of growing one or more early-stage companies.
- An interest in sustainability and knowledge of the E-Bike and/or E-Scooter sectors would be an advantage but is not seen as essential since this is a disruptive technology.
Applying for the role:
Candidates who feel they meet the above criteria are invited to apply, having first registered their CV with First Flight Non-Executive Directors (if they have not already done so – there is no charge) by using our “Apply for Role” tab for role no: 1183 and completing the application form explaining how they match the key criteria we have set out for the role.
