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Background: Initial capital of £300k is sought to fund the launch of a revolutionary power generator product (“genset”), which utilises an innovative new design of rotary engine. To date, approximately $3m has been invested in development of the genset which has been designed to achieve a power to weight ratio superior to the leading competitor whilst also being more fuel efficient and less than half the size.
The product has already attracted interest from market leaders in the construction, logistics, military and emergency power sectors.
Management requires funds to secure exclusivity rights on the product and to fund the manufacture of a number of evaluation units. These units will be distributed internationally to a variety of potential customers/industries to complete final field testing.
Following completion of evaluation, a further £1.2m will be required to establish a manufacturing facility and a sales and distribution infrastructure.
Ref: D010 130
A statutory demand is a written demand for payment of a debt, in a prescribed form, served on either: An individual, in accordance with section 268(1)(a) of the Insolvency Act 1986 (IA 1986). A company, in accordance with section 123(1)(a) or 222(1)(a) of the IA 1986. This practice note provides more detail (Statutory demands and […]View More
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