Cool Planet, the decarbonization company founded by tech entrepreneur Norman Crowley, is on track for a major capital raise next year which the Irish group is expected to value at more than €200m.
peak on the Irish IndependentMr. Crowley said the company is primarily targeting a US investor base for the fundraising that will raise millions and potentially more than 10 million euros.
According to Mr. Crowley, total sales this year will be in the region of 22 million euros, while the company will post a small loss. Last year it made an operating loss of 7.6 million euros, in addition to a loss of 9.7 million euros the year before.
“On a six month run rate basis, we are profitable,” he added.
“We don’t like losses, but we don’t worry about losses,” he said. “Two things that concern us are the growth rate and the gross margin.”
Mr Crowley also said the company had little debt – around 1 million euros.
Cool Planet, which grew out of a decarbonization company founded by Mr. Crowley in 2011, has seen its sales jump over the past two years.
The push to achieve net-zero carbon emissions has become a holy grail for businesses ranging from airlines to pharmaceutical companies.
Cool Planet’s customers include most of the world’s largest food and pharmaceutical companies. It has customers all over the world.
Mr Crowley said the company has increased its focus on developing its Clarity software system, which helps customers manage their decarbonization strategy.
He said Cool Planet’s software business was generating €250,000 a year in recurring revenue in 2020 when Covid hit.
“Fortunately, when Covid hit us, we had 20 million euros on the balance sheet and so we decided – and we didn’t have much of a choice – to focus on software because no factory in the world would let us into energy projects, the world around them is collapsing,” he said.
He said the software division will finish this year with €11 million in recurring revenue.
“We already have a backlog of another €22 million in recurring revenue from existing customers for next year on top of what we have,” he said. “That puts us in a very strong position.”
The company will have hired a further 50 people this year – most of them in Ireland – bringing its workforce to around 140.
Last year it raised a further €11.4 million from investors including Mr Crowley. It issued a bond that raised around €6 million and was backed by pan-European asset manager Tikehau Capital. The company is headquartered in Paris and manages assets of around 38 billion euros.
Cool Planet’s other supporters include clean-tech investor George Polk and other high-profile businesspeople.
Mr Crowley insisted Cool Planet would remain a private company for some time rather than seek an IPO.
Cool Planet is also significantly expanding its operational base in Enniskerry, Co. Wicklow and hopes to reopen its climate change education center there in 2024. It was originally opened by Richard Branson in 2018 and Prince Charles, now King Charles, visited in 2019
https://www.independent.ie/business/norman-crowleys-cool-planet-targets-funding-round-42138118.html Norman Crowley’s Cool Planet is aiming for a round of funding