BEBramble Energy Financial Model
Climate/Energy Startup Financials (Free Excel Download)
UK deep-tech company commercialising a PCB-based hydrogen fuel cell stack (PCBFC™) for portable power and mobility applications.
professionals from Deloitte
Used by professionals from
About this model
Bramble Energy commercialises PCBFC™, a hydrogen fuel-cell stack made through standard printed-circuit-board manufacturing. Its portable SD generators and configurable high-power stacks target off-grid power, light commercial vehicles, marine, aviation, and rail applications worldwide.
The company positions its PCB route as lower-capex and simpler than conventional fuel-cell production, with around four times fewer components. Commercialisation combines direct hardware sales with co-development partners such as BOC/Linde and MAHLE, plus licensing, contract manufacturing, and non-recurring engineering work.
The financial model should separate portable-generator units, mobility stack sales, and licensing/NRE revenue because their margins and timing differ sharply. Forecast unit volumes, ASPs, COGS, royalty deals, R&D, and launch timing; keep a cash-flow and light capex schedule despite the claimed use of existing PCB capacity.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Bramble Energy
brambleenergy.com
How to build a detailed financial model for Bramble Energy
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Bramble Energy model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Core product: PCBFC™ (Printed Circuit Board Fuel Cell) - a hydrogen PEM fuel cell stack built on standard PCB manufacturing infrastructure rather than bespoke graphite or metal-plate factories.
- Key claims vs. incumbents:
- ~4x fewer components than traditional fuel cells
- £0 manufacturing CAPEX spend (uses existing PCB facilities worldwide)
- Lowest cost pathway ($/kW)
- Fully customisable form factor (vs. monolithic blocks)
- Robust and durable
- Near-term commercial products:
- SD range portable generators (up to 1 kW; SD01 = 15 W); launched with BOC Genie hydrogen cylinders
- High-power PCBFC™ stacks for light commercial vehicles, marine, and aviation
- Distribution: sells stacks as hardware; also offers licensing/royalty agreements and contract manufacturing/NRE arrangements.
Market
Target verticals identified:
- Portable power (off-grid lighting, CCTV/surveillance, environmental sensing, mobile equipment recharge)
- Light commercial vehicles
- Marine
- Aviation
- Rail
Revenue model
Two stated revenue streams:
- Hardware sales - direct sale of PCBFC™ stacks and finished products (SD range generators, vehicle/marine systems)
- Licensing and royalty agreements - including contract manufacturing (third parties build under licence) and non-recurring engineering (NRE) fees from development partners
No pricing, ASP, royalty rate, or unit volume data in the deck.
Channels:
- Direct / co-development partnerships (BOC/Linde for portable power; MAHLE Powertrain for automotive; unnamed commercial partners for marine)
- "Global partnerships / Projects with go-to-market partners"
Traction & metrics
- SD01 portable generator: 15 W output; developed in collaboration with BOC; 20L BOC Genie cylinder delivers 7.5 kWh → 500 continuous hours at 15 W before replacement
- Up to 1 kW SD range capacity
- PCBFC™ demonstration vehicle launched at Cenex LCV 2021 event (with MAHLE Powertrain)
- Launch customers for low-power portable products stated; commercial availability target: 2022
- No revenue, ARR, customer count, order backlog, or growth rate figures disclosed.
Unit economics
Only relevant data point: PCBFC™ claims ~4x fewer components vs. traditional fuel cells and £0 manufacturing CAPEX spend. No gross margin, COGS, CAC, LTV, or payback data.
Competition / moat
Competitors: traditional graphite-plate and metal-plate PEM fuel cell manufacturers (unnamed).
Moat claims:
- Patent protection on PCBFC™ design
- PCB manufacturing route = no bespoke factory CAPEX, global scalability
- Simplified BoM (~4x fewer components)
- Fully customisable / adaptable form factor via digital tooling
- First-mover in PCB-based fuel cell manufacturing
Team & funding ask / use of funds
- CEO & CTO: Thomas J Mason
- No other team members named in the deck
- No funding ask, round size, valuation, or use-of-funds slide present
- Deck is labelled "Intro : 2022" - likely an awareness/partnership deck rather than a live fundraise deck
Recommended financial model
- Archetype + why: Hardware + licensing P&L model. Bramble Energy has two distinct revenue streams (unit hardware sales and IP licensing/royalties) with very different margin and cash-flow profiles. The right archetype is a 3-statement hardware + licensing model - revenue split by segment (portable products, mobility hardware, licensing/NRE), with COGS/gross margin per line, R&D and opex below the line, and a capex schedule (light, given £0 manufacturing CAPEX claim). Not a SaaS or marketplace model.
- Forecast horizon & granularity:
- H1 2022 – H2 2023 (from deck roadmap) as near-term operational quarters; extend to FY2025 for a 3-year view.
- Quarterly granularity for Year 1–2; annual for Year 3 onwards.
- Key drivers & assumptions:
- Portable power unit sales (SD range):
- Units sold per quarter
- ASP per unit
- COGS per unit
- Mobility hardware (PCBFC™ stacks for automotive/marine/aviation):
- Stack sales volume
- ASP per stack
- COGS
- Licensing / NRE revenue:
- Number of licensing deals
- NRE fee per deal]
- Royalty revenue
- R&D spend:
- Headcount / opex:
- Capex:
- Grant / non-dilutive funding:
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: Portable product launches H2 2022 on schedule; 1 licensing deal by end 2022; mobility hardware sales begin H1 2023.
- Bull: Multiple OEM licensing deals accelerate royalty income; portable power takes off in off-grid / defence verticals; ASP and margins above base.
- Bear: Product launch delays to 2023; no licensing revenue materialises; R&D burn continues without meaningful hardware revenue; cash runway becomes critical.
- Flex variables: unit sales ramp rate, ASP, number of licensing deals, launch timing.
- Required sheets / outputs:
- Assumptions - all drivers with vs. tags
- Revenue build - by segment (portable hardware, mobility hardware, licensing/NRE)
- COGS & gross margin - by segment
- Opex (R&D, S&M, G&A) - headcount-driven
- P&L (Income Statement)
- Capex & D&A schedule
- Cash flow statement (operating + investing)
- Balance sheet (simplified)
- Scenario toggle (Base / Bull / Bear)
- KPI dashboard: units sold, ASP, gross margin %, licensing deals, quarterly cash burn, runway
Frequently asked
Is the Bramble Energy financial model free?+
Yes. The Bramble Energy model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Bramble Energy's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
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