Turbulent started in 2015 with 195.000 euro in seed funding from the founders, Imec and EIT Innoenergy. Over the last 3 years, the total budget of Turbulent surpassed 1.000.000 euro for the complete technology development, personnel costs, market research, experimenting and building the current commercial pilot in Chile. This budget originated in research & innovation grants and prizes, debt and quasi equity financing. The result is the current situation, where Turbulent is ready to industrialize its product, start up quality production and scale into different regions and large decentralized projects.

The 5-year financial plan is presented below:

The revenue estimates are based on the potential projects in our current sales funnel and extrapolations into the distribution segment. Prices of the turbine will be flexible and based on the end energy price, giving ideally a IRR of 20% to the customer and capturing the rest of the value for Turbulent and the distributors. However, Turbulent will always target a minimal margin of 50% on the sales price.The chosen added value re-sellers and project developers to scale into different regions will be paramount to the growth of Turbulent and will be a large focus over the coming years to make these processes extremely scalable.

Besides the costs of goods sold (the material to produce the turbines), our major cost will be salaries and remunerations. Although Turbulent works according the lean management principles, per region a small dedicated business development team will be needed to enter the local market (in 2023 the Turbulent team will consist of +50 employees). Starting at 2020 the startup costs of entering a region will be translated gradually into larger and more follow up projects with the same small team creating more efficiencies.The first personnel hire will be an experienced business development manager to kickstart and scale our sales and international expansion. Later on, more international business developers will be added together with technical and operational teams.Fixed costs include the investment in material, production setup and scaling over the coming years. Budget for business development, experimenting and innovation, legal and accounting, office spaces,...