The offer is carried out through an investment in the holding company SOLARCROWD AB. The holding company will, after the issue, use the cash to buy shares in SWITCHR AS. The sole purpose of the holding company is to own and manage the shares in SWITCHR AS and to monitor the owners' rights in relation to existing and any other future direct owners. 1 share subscribed in SOLARCROWD AB will equal 1 Share in SWITCHR AS. Illustration of company structure could be found here
By investing you agree to the Shareholder's Agreement.
This campaign has 88 lead investors from Norway
Shares issued in this campaign are of the type Series 1. Shareholders of the Series 1 hold 1 (one) vote per share. The company's founder holds shares of Series 2 and holds 10 (ten) votes per share.
The problem this product solves
Most people want to do something about the climate challenges and know that solar energy is part of the solution. But until now these people have had to own a huge roof or piece of land to participate in solar. Solar as an investment today is also not available to most people without a significant amount of capital.
How the product solves it
At SWITCHR we believe that solar should be available for everyone to participate. SWITCHR is a gamified investment platform where ordinary people are able to invest in individual solar panels in large-scale solar farms.
Users are able to follow the performance of solar panels in real time through their phone or web interface. Investors using Switchr will typically earn 6% annually on their solar investment in addition to the ability to brag about reducing carbon emissions and producing green renewable energy.
After extensive user testing we are convinced about the importance of making ownership in solar completely transparent. The switchr target audience has told us that the platform must have a simple customer onboarding process, the ability to view the investment performance and the ability to sell their panels if necessary. Key features therefore include:
- Live energy production: Users can follow their solar energy production in real time.
- Live carbon emission reduction: Users get visual information about the impact they are making.
- Buy and sell solar panels: The ability to opt-out is important.
- Automatic reinvestments: Lets the investment work for itself.
Product use cases
SWITCHR, an alternative to the savings account!
Investing in solar energy gives higher returns and makes something good for the planet.
SWITCHR, an alternative to investing in the stock market!
Because the energy market is not volatile like the stock market, instead SWITCHR creates a stable return throughout many years.
SWITCHR, an alternative to investing in real estate!
Unlike many asset classes, energy has the element of providing instant data, this makes it possible to follow your ownership and performance in real time.
Simon Uldén CEO - Founder
Founder of Urban Garden (2014) & Svensk Solkraft (2016). 3-year experience in solar energy. Experience in digital marketing and backend development. Holds a profound interest in sailing and completed a long distance sailing adventure from Sweden to Australia, as a captain at the age of 22.
Lars Dysterud Hansen COO - Founder
Lars is a true veteran of the solar energy industry, having worked in Italy since 2003. He was a Co-founder of Norsk Solkraft, a pioneer in developing, constructing and operating solar power plants. In 2013, he Co-founded Aega, later successfully listed at Oslo Axess Stock Exchange. With his long experience, ... See more
Lars is a true veteran of the solar energy industry, having worked in Italy since 2003. He was a Co-founder of Norsk Solkraft, a pioneer in developing, constructing and operating solar power plants. In 2013, he Co-founded Aega, later successfully listed at Oslo Axess Stock Exchange. With his long experience, he has an extensive professional and political network in both Norway and Italy. He was instrumental in establishing Intpow (Norwegian Renewable Energy Partners) together with Statkraft and other major energy companies, being a board member for many years. See less
Bjørn I. Bjørnnes CFO - Founder
Bjørn has 11 years of experience in solar energy. In 2005 he Co-founded Norsk Solkraft AS, where he was head of Solkraft Energy, responsible for large-scale solar PV project development. Bjørn has a diverse background with experience from start-up consulting, business advisory, project management, ERP software development, and accounting.
Håvard Lillebo Chairman of the board
Håvard has 10 years of solar experience. He has a broad senior management experience from both startups as well as listed companies. He has been part of scaling two growth companies, first as Finance Manager in REC ScanCell growing from 88 employees to 320, and then later as Founder and ... See more
Håvard has 10 years of solar experience. He has a broad senior management experience from both startups as well as listed companies. He has been part of scaling two growth companies, first as Finance Manager in REC ScanCell growing from 88 employees to 320, and then later as Founder and CFO for Innotech Solar - from his own idea to 180 employees. He has experience successfully listing Aega ASA on Oslo Axess Stock Exchange. Aega raised more than 7 M€ in equity during his CEO year in the Aega Solar group. He also co-founded Kolos Norway AS, and served as Co-CEO, and he made a successfully exit in 2018. Håvard has a broad experience working with professional investors and investment banks, and he has lead raising about €100m in equity, debt and grants. See less
Mark Robinson Boardmember
Mark is a seasoned Silicon Valley entrepreneur and executive with over two decades of experience in mobile applications, security, payment systems, analytics, and advertising solutions. He was responsible for the successful product launches of the 1st GUI Browser, MMS client, FOTA system and WAP advertisement platform in the mobile space. ... See more
Mark is a seasoned Silicon Valley entrepreneur and executive with over two decades of experience in mobile applications, security, payment systems, analytics, and advertising solutions. He was responsible for the successful product launches of the 1st GUI Browser, MMS client, FOTA system and WAP advertisement platform in the mobile space. Products have been deployed on over 1000 mobile device models, used by over 2 billion people worldwide and earned over $2 billion in cumulative revenue. Mark currently holds numerous board positions, is a guest lecturer at several universities and associations, an author and a business advisor for over a dozen companies throughout the world. See less
Gaute D. Magnussen Business Strategy
Gaute has 6 years of solar experience from Norsk Solkraft AS and Solar Innovation AS where he held the position of Business Development Manager. Gaute has a broad senior management experience as CEO and Project Manager from both startups and listed companies where work has involved product development and patenting. ... See more
Gaute has 6 years of solar experience from Norsk Solkraft AS and Solar Innovation AS where he held the position of Business Development Manager. Gaute has a broad senior management experience as CEO and Project Manager from both startups and listed companies where work has involved product development and patenting. Successfully raised seed capital and venture capital with professional investors for more than 10 startup companies. Educational background in Social Anthropology from La Universidad de Los Andes, Administration and Management from The Norwegian School of Management, B.Sc. in Economy and Finance from Arizona State University where he graduated with Summa Cum Laude. See less
Ingmar Rentzhog Advisory
Founder of the financial communications agency Laika Consulting. Founder and CEO of the environmental social network WeDontHaveTime. Board member at Biostock, Trygghetsspar, Svenska Bostadsfonden Management, and Nucleolus Corporate Finance. Member of Al Gore’s organization Climate Reality Leaders. One of Veckans Affärer’s “super talents”, DI Gasell 2009, 2017.
Jolie Bories Advisory
Jolie Bories has over 20 years working and consulting for a variety of startup and fortune 500 companies including Verizon, Vodafone, Intel and Sony Pictures defining the product requirements, customer journey and user experience.
Robin Waaler Advisory
Member of the Board in Induct AS since 2008. Mr. Waaler currently provides services as a self-employed management consultant and has previously held a partner position at Habberstad AS. He has experience from substantial strategic, creative & innovative processes from being Board Member in start-ups and other non-listed companies. His ... See more
Member of the Board in Induct AS since 2008. Mr. Waaler currently provides services as a self-employed management consultant and has previously held a partner position at Habberstad AS. He has experience from substantial strategic, creative & innovative processes from being Board Member in start-ups and other non-listed companies. His directorships over the last five years include current board positions in Induct AS (Board Member), Green Ideas AS (Chairman) and VentureLab AS (Board Member). Mr. Waaler has Master of Business Administration from INSEAD (France, 1978/79), a Cand.Oecon./Master Degree in Economics, University in Oslo (1972-1976) and a General Certificate of Education (‘A’ level): United World College of the Atlantic (Wales) (1968-1970). See less
The typical SWITCHR user wants to earn additional income while benefiting the planet. These users are typically Millennials and Generation X people who believe that operating their life in harmony with the planet is the best way to secure their future and the future of those around them.
In Europe alone there are more than 139 million millennials and 200 million GenX. According to a Nielsen study, 73% of the millennials are ready to pay more for sustainability.
SWITCHR is not without competition. Most of the competition is indirect, meaning we are targeting the same audience but have slightly different business models. The most influential competition are as follows:
- Nordics: Tessin, Kameo, Trine, Utellus(Ox2)
- UK: Abundance Investment, Tridos Bank, Ethex
- Europe: Lumo, Bettervest, Ecconova, Coopernico
Unique differentiator from competitors
As SWITCHR is working with energy, the platform has the ability to make investments more engaging by providing real time information on solar power production and financial performance. SWITCHR users will always understand the state of their investment and how it is benefitting the planet. This is possible because SWITCHR uses the data coming from its solar farms, to not only analyze and improve the farms performance but to report that information to its investors. This is an ability that our competitors have yet to develop.
Company revenue streams
SWITCHR will draw revenue from two sources:
First, SWITCHR will receive a facilitation fee through the platform when a user buys solar panels.
Second, SWITCHR will receive an annual service fee from sales of electricity for maintaining the solar farm and operating the SWITCHR platform.
All transactions and handling of the SWITCHR investment offers will be carried out at the SWITCHR Platform. SWITCHR will establish a strong social media presence with active participation in major environmental and financial communities. Main marketing will be focused on social media and digital media related to the environment, startups and finance.
Q4 2017 Initial funding
Q2 2018 Development & test of concept
Q2 2018 Approved for risk-loan Innovation Norway
Q3 2018 Developed solar park pipeline, in operation (20MW)
Q3 2018 1st Equity Crowdfunding funding (Folkeinvest) Norway
Q4 2018 Developed spec MVP/Platform v1.0
Next key objectives
Q4 2018 Execute 2nd crowdfunding Campaign (Funded by me)
Q4 18-Q2 19 Develop Platform/APP v1.5
Q2 2019 Launch Switchr Platform Nordics
Q2 2019 Acquisition of first solar power plant
Q3 2019 Raise VC capital in combination with Crowdfunding Campaign Europe
Q4 2019 Launch Switchr Marketing Campaign Europe
Innovation Norway market research grant: 10.000 EUR*
Research & development phase 2017/18 total 300.000 EUR*
Risk-loan Innovation Norway: 150.000 EUR*
Crowdfunding Folkeinvest Norway: NOK 855.000
*Before the incorporation of Switchr AS (Sept 2018) all grants and funding regarding SWITCHR was raised in Mypower AS. Part of this financing has also been used to develop the solar energy branch. All IP rights concerning SWITCHR is transferred to Switchr AS.
Use of funds
- Launch the SWITCHR Pre Order campaign
- Build a network of influencers and climate-conscious players that help spread the word
- Develop methods that attract members and investors to SWITCHR.global
- Continue development of the SWITCHR platform
We are building a strong company with great cash flow capable of surviving for many years to come.
Some additional long-term outcomes for the company are:
- Acquired by the energy sector.
- Acquired by banks or sustainable investment funds.
- Initial public offering (IPO).
- The development of the platform may take longer than expected - To mitigate this risk we have invested in documenting the product so engineers can make better estimates.
- Governments may not continue to allow funding through crowdfunding - To mitigate this risk we have engaged attorneys to understand the legal risks and establish strategies to avoid them.
- If our funding does not reach the needed amount the company may have inadequate capital to attain the next milestone - To mitigate this risk we have developed an extensive financial model and company budget.