# Bramble Energy Financial Model UK deep-tech company commercialising a PCB-based hydrogen fuel cell stack (PCBFC™) for portable power and mobility applications. - Canonical: https://finamodel.com/startups/bramble-energy - Excel download: https://finamodel.com/startup-models/bramble-energy.xlsx - Category: Climate/Energy - Model type: Marketplace / GMV - Funding round: Series B - Funding: $47M - Founded: 2022 - Geography: UK-headquartered; global manufacturing ambition via PCB supply chain; partners include BOC/Linde (global), MAHLE Powertrain (Germany/UK). - Customer: B2C ## About the company Bramble Energy commercialises PCBFC™, a hydrogen fuel-cell stack made through standard printed-circuit-board manufacturing. Its portable SD generators and configurable high-power stacks target off-grid power, light commercial vehicles, marine, aviation, and rail applications worldwide. The company positions its PCB route as lower-capex and simpler than conventional fuel-cell production, with around four times fewer components. Commercialisation combines direct hardware sales with co-development partners such as BOC/Linde and MAHLE, plus licensing, contract manufacturing, and non-recurring engineering work. The financial model should separate portable-generator units, mobility stack sales, and licensing/NRE revenue because their margins and timing differ sharply. Forecast unit volumes, ASPs, COGS, royalty deals, R&D, and launch timing; keep a cash-flow and light capex schedule despite the claimed use of existing PCB capacity. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - Core product: PCBFC™ (Printed Circuit Board Fuel Cell) - a hydrogen PEM fuel cell stack built on standard PCB manufacturing infrastructure rather than bespoke graphite or metal-plate factories. - Key claims vs. incumbents: - ~4x fewer components than traditional fuel cells - £0 manufacturing CAPEX spend (uses existing PCB facilities worldwide) - Lowest cost pathway ($/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: 1. **Hardware sales** - direct sale of PCBFC™ stacks and finished products (SD range generators, vehicle/marine systems) 2. **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:** 1. Assumptions - all drivers with vs. tags 2. Revenue build - by segment (portable hardware, mobility hardware, licensing/NRE) 3. COGS & gross margin - by segment 4. Opex (R&D, S&M, G&A) - headcount-driven 5. P&L (Income Statement) 6. Capex & D&A schedule 7. Cash flow statement (operating + investing) 8. Balance sheet (simplified) 9. Scenario toggle (Base / Bull / Bear) 10. KPI dashboard: units sold, ASP, gross margin %, licensing deals, quarterly cash burn, runway ## Frequently asked questions ### Is the Bramble Energy financial model free? Yes. The Bramble Energy model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.