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18 Days left

Oceanvolt - The cleaner future of boating

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anonymous 3 days ago

You say that your Way Forward plan of 2019 included provision for €1m of lending and 'other financing instruments'. Can you explain why this money was never raised? Why did banks etc fail to support you as expected?

Furthermore, in view of missing your previous 2020 target by nearly 75%, how confident are you of your latest targets for 2021, 2022 and so on?

Oceanvolt
Oceanvolt Oy
3 days ago

1) The bank withdrew from continuing the negotiations due to new tighter regulations.

2) The forecasts for 2021 and 2022 have been made with the latest information and they include the start of serial production of standard systems and also the growth of the North American subsidiary Oceanvolt Inc. Both of these have shown positive signs.

anonymous 2 days ago

"due to new tighter regulations" - could you be more specific please? If the bank got cold feet, I'd really like to understand why. Did they see something that they didn't like?

Oceanvolt
Oceanvolt Oy
2 days ago

We don't have exact information about the internal criteria of our bank but the reason communicated to us was that they now required the EBITDA to be positive. We had the same numbers during the whole application process and that requirement was not brought up in the beginning of the process.

anonymous 5 days ago

I have been an admirer of Oceanvolt products for some time. My question regarding investment into the company is how can we get reliable financial data for making investment decisions? Are the company financials certified by an independent third party?

Oceanvolt
Oceanvolt Oy
5 days ago

The company financials are audited by an independent auditing firm PricewaterhouseCoopers (PwC). In addition, we hired a CFO (new position) 10 months ago to improve the quality of our financial reporting.

anonymous 2 days ago

How are the financials reported to share holders and prospective share holders

Oceanvolt
Oceanvolt Oy
1 day ago

The financials are shared to shareholders in quarterly newsletters and also in our annual general meeting.

anonymous 9 days ago

You state that you wish to develop your "always connected" approach with the new investments. Software development in this space is notoriously difficult, as we have seen in numerous examples with car companies (e.g. Tesla, VAG group, etc). The basic connectivity is the easy part, but doing it securely, effectively and respecting privacy is hard. There has been several public instances of e.g. security issues where 3rd parties have gained controls for a connected car.

From financing perspective this might result in cost overruns. In the longer room, if the implementation work is poor, this might result in reputation loss and lawsuits for damages, especially in cases of data breaches and GDPR violations.

Question: What specific tools/processes are you going to use to mitigate these kinds of issues in developing your connectivity platform?

Oceanvolt
Oceanvolt Oy
8 days ago

At this stage we are still in the planning phase of Always connected. We are currently evaluating partly ready-made solutions which would ease up the work on our end on the IT infrastructure and security side.

Those car companies have shown the value of having such a system in place. After-purchase software upgrades have been the driving force behind Tesla's success and a big part of car ownership experience. They also increase security over time as vulnerabilities and less secure modules are patched.

While there are many challenges in the area of safety and security, there are also established best practices on mitigating risks. Once in place, Always connected will follow industry standards for establishing secure connections, signing and verification of update packages, and restricting access to systems according to authorized user's permissions.

Regarding privacy, GDPR has been a wake-up call for most IT companies. We are focusing on providing best-in-class propulsion systems for boat owners world wide, and for most part that does not require us to collect and store sensitive information on users. If the data collection enables us to build features in interest of boat owners (example: location history), such data will be collected with consent and stored safely. While the data breach is always a possibility, we want to both minimise the amount of collected data and make sure that it stays private.

We are fully aware of the security risks of Always connected and take them seriously.

anonymous 9 days ago

Hello, I was looking your previous round in 2019 and noticed that the estimated revenue was 8,7 M€ for year 2020 back then. Now, the forecasted revenue for this year is approximately 2,3 M€. Can you open the reason(s) a little bit behind this gap of roughly 6,4 M€ in estimated revenue? Thank you!

Oceanvolt
Oceanvolt Oy
8 days ago

The change in the estimate can be roughly divided into two main categories: 1) The sales of ServoProp was halted for more than half a year for further development. The sales was started again in the spring of 2020. 2) The market has been developing slower than expected. There are several reasons behind it. We are still estimating growth. However, with a delay compared to the previous year.

JVH 12 days ago

Hello, you forecast that your sales will reach over 2 M€ this year, can you tell what is the actual cumulative sales at end of August, ie. first 8 months of 2020?

Oceanvolt
Oceanvolt Oy
12 days ago

The latest confirmed revenue for Oceanvolt Oy is from July 2020 and the YTD revenue was 938 k€. The order backlog was 0,6 M€. The forecasted revenue for year 2020 is still 2.268 k€.

Best regards, Oceanvolt