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What once started as a garage project five years ago has since grown into a structured corporate initiative, gaining momentum at every stage of its development.
The mission of this company now is to stabilize its innovation for robust market adoption, expand its innovation across multiple sectors, and drive widespread implementation. To achieve this, Nicola SRL (trade name "biaNergy") is executing a structured market and financial strategy designed for sustainable growth.
This strategic investment will propel biaNergy into its next phase by enabling further innovation development and market expansion. However, the narrative and financial projections presented below relate specifically to the MRT-E Printable project and not to the company’s overall business activities and financials.
However, the financial projections for the period 2028–2030 are intentionally based on defensive assumptions derived from currently observable market interest rather than speculative forecasts. Consequently, this analysis does not fully reflect the full market potential of MRT-E Printable technology, and actual financial performance may significantly exceed the projections shown here.
Exit vision
biaNergy is positioned at the regulated infrastructure layer of the ≤4W EU IoT market (retail, logistics, sensors, wearables), addressing a large and fast-growing segment.
Based on the company’s IP-driven deep-tech positioning, its enterprise licensing model, its regulatory alignment and its infrastructure-layer strategy, the most likely exit scenario remains a strategic acquisition rather than an IPO.
With the expected achievement of enterprise licensing revenue ramp-up, regulatory certifications and EBITDA break-even within the coming years, a credible exit window within 5–8 years appears consistent with the company’s trajectory.
Potential acquirers would include:
• Device OEMs seeking to integrate wireless power infrastructure • Industrial IoT platform players • Technology licensing consolidation players
Alternative scenarios may include buy-back or IPO.
This exit vision should be understood as an ideal scenario and not as a guarantee.
To support this exit vision and enable investors to assess progress year-on-year, the main KPI's are the following:
KPI 1 — Enterprise Licensing Revenue
• Target within 2 years: ~€0M enterprise licenses • Target within 3 years: ~€4M • Target within 5 years: ~€16M • Break-even expected at ~€4M revenue
KPI 2 — Number of Enterprise OEM Licensing Agreements
• Ramp model: 2 → 4 → 8 customers • €2M per exclusive enterprise license per year (5-year term)
KPI 3 — EBITDA
• Target: operational break-even around year 3 • Long-term gross margin target: ~80%
Scope and Timeline
biaNergy has completed its core technology validation phase, including real-world prototypes and the onboarding of a first staging customer.
The current focus is on development, industrialization and market entry of MRT-E Printable. MRT-E Printable is being brought to industry-integration level in 2026–2027 (with UCL), with commercial deployment expected from the end of 2027 and scaling through 2028–2029.
Product - The technology MRT-E Printable
biaNergy develops and licenses MRT-E, a wireless energy transfer technology for low-power devices. The company operates as a technology licensor and does not manufacture hardware.
MRT-E Printable enables the integration of ultra-thin wireless receivers into labels, packaging, and textiles, allowing battery-free operation.
OEM partners receive a complete integration package (software, design specs, implementation guidelines and support), enabling direct industrial deployment.
Customers / Staging Customers
biaNergy is already engaging with leading global players across logistics, retail, and healthcare, including Amazon logistics, AWS, Zara (Inditex), Fresenius Hospitals, and Acıbadem Healthcare Group. Early discussions indicate strong potential for pilot deployments, with Amazon and Zara positioned as prospective staging customers.
These early adopters validate MRT-E Printable in real environments and generate initial licensing revenue in millions while that traction reflects a scalable market opportunity across billions of labels, tags, and smart materials, with significant potential for rapid expansion once initial deployments are validated.
Roadmap - Phases of Growth of MRT-E Printable
Revenue
Phase 1 — Initial Licensing (from end 2027 / 2028) Revenue starts with a limited number of staging customers under exclusive licensing agreements linked to specific use-cases.
Ramp:
Year 3: 2 customers
Year 4: 4 customers
Year 5: 8 customers
This phase validates both the product and the business model.
Phase 2 & 3 — Scaling (from 2029 onward)
Following validation, biaNergy scales through broader OEM licensing across industries, supported by both direct sales and additional distribution channels.
For conservatism, projections are based solely on direct licensing and exclude any indirect or additional revenue streams.
Revenue Projection
The first two years primarily reflect the development and technical validation phase, while significant revenue growth begins thereafter. The Innoviris grant of ca. €0.8M supporting the two-year project phase is not included as revenue and is therefore not reflected in the projections presented here.
This sheet presents the five-year revenue ramp for MRT-E Printable. Year 1 and Year 2 reflects pilot-stage monetization and early commercial conversion. Year 3 represents the step-up phase, where the project passes the stated break-even threshold of around €4M revenue. Years 4 and 5 assume broader enterprise adoption and multi-site rollout, which is why the growth curve steepens materially.
Break-Even
The break-even table compares cumulative revenue with cumulative costs over the five-year period. Cumulative revenue is zero in Year 1 versus cumulative costs of €0.7M, indicating that the business remains below break-even. By Year 2, cumulative revenue remains also as zero. In the Year 3 revenue rises to €4M while cumulative costs reach €3,7M, meaning the business moves slightly above break-even during the third year. Thereafter, in the Year 4 and Year 5 the cumulative revenue base expands significantly faster than cumulative costs, reinforcing the scalability of the operating model.
The break-even analysis shows that the project transitions from the development phase to profitability in Year 3, when revenues surpass total operational costs and the business begins generating positive cash flow.
The break-even analysis illustrates the point at which cumulative revenues surpass cumulative project costs. While the first two years primarily reflect the development and validation phase, revenues beginning in Year 3 exceed cumulative expenditures, marking the project’s break-even point and the start of sustained profitability.
Break-even reached with 2 customers only (3rd year)
Annual Revenue versus Annual Cost
In the first two years, the effective cost base is reduced through tax incentives and public funding support from government programs at around €800.000 while the Project Cost amounts to €1,5M. (Taxes here excluded, see for it cash-flow table for 5 years below).
The comparison of annual revenue and operating costs illustrates the transition from the initial development phase to commercial scaling, with revenues beginning to exceed the relatively stable cost base from Year 3 onward.
While the first two years reflect the technology development phase, the chart demonstrates the scalability of the licensing model, where revenue growth accelerates significantly while annual operating costs remain comparatively moderate.
Cost Structures (For the Project Phase - 2-Years)
Fixed Costs: • R&D facilities and technical team salaries. Management team waives in the first year salaries.
• Patent, IP, maintenance, Regulatory Compliance and legal services.
• Prototype, pilot development and testing expenses.
• Licensing and compliance documentation and key-management costs.
• Cost for scaling the production of prototypes and pilots.
• Cost for collaborations for acquirement of external sources (For development and testing with diverse partners, among hardware component producers for proto-and pilots and scientific partners.
Cost Structure for the Project-Phase (2-Years)
The chart plots the cost structure reflecting only the project phase, covering the first two years, as the project is planned to be successfully completed within this period.
Cash Flow (5-Years)
The cash flow table below compares annual revenue against total operating costs and derives the resulting net cash flow. The first two years represent development phases during which the project does not yet generate revenue. As a result, total operating costs of €700,000 in Year 1 and €800,000 in Year 2 lead to negative net results of the same magnitude (included subsidies. Total operating cost for the first 2 years subsidies included is €700K).
In the third year, the company reaches commercial traction and begins generating revenue. With projected revenues of €4.0M against operating costs of €2.2M, biaNergy achieves a positive pre-tax result of €1.8M and fully covers its operating costs.
From Year 3 onward, a corporate tax rate of 25% is applied to positive pre-tax earnings. This results in a net cash flow of €1.35M in Year 3, €4.35M in Year 4, and €10.35M in Year 5.
This progression reflects the transition from the initial development phase to a scalable commercial licensing model, where revenues increase substantially while operating costs remain relatively stable.
The table plots revenue and total costs over time. It illustrates widening operating leverage as revenue grows much faster than the cost base. The increasing gap between the revenue and cost lines from Year 3 onward indicates a strengthening cash-generation profile.
Chart is showing the Revenue, Total Costs, Taxes applied from the Year 3 onward and Net Cash
Why invest in biaNergy?
biaNergy is not just a company, it’s the next disruptor. A game-changer with table-turning technology that delivers unmatched benefits to users—with no harmful side effect 🚀
— Herbert Verweij, Chief Investment Officer at biaNergy
Scorecard
The Scorecard is a tool designed to help investors make more informed decisions when considering investments in start-up companies. It provides an overview of a company's current situation. Developed by Spreds, it offers an objective score based on a defined set of key factors, often identified by academic research as indicators of a start-up's potential for success. The documents provided by the project owner were received by Spreds and made available to (potential) investors. The content of these documents was not analyzed by Spreds nor Spreds Finance.
