# Ubiquitous Energy Financial Model

Ubiquitous Energy makes fully transparent solar glass (UE Power™) that converts UV and infrared light into electricity, turning building windows into power-generating surfaces with no visible aesthetic change.

- Canonical: https://finamodel.com/startups/ubiquitous-energy
- Excel download: https://finamodel.com/startup-models/ubiquitous-energy.xlsx
- Category: Climate/Energy
- Model type: SaaS ARR / Valuation
- Funding round: Series B
- Funding: $30M
- Founded: 2022
- Geography: Redwood City, CA (HQ); US-focused initially, building materials market is global. [DECK]
- Customer: B2C

## About the company

Ubiquitous Energy develops UE Power, transparent solar glass that generates electricity from ultraviolet and infrared light while transmitting visible light. The MIT-originated technology uses standard glass-coating processes and targets commercial and residential windows, with smart-building functionality as a possible extension.

The proposition is a drop-in replacement for window glass, claiming up to 30% building-electricity offset, sub-three-year payback, and potential LCOE below $0.05 per kWh. The deck frames a 20 billion-square-foot annual window-glass market but provides no pricing, production volume, or commercial traction.

The model should be capacity constrained: square feet sold times ASP drives revenue, while coating and glass costs determine the manufacturing learning curve. Forecast pilot conversion, penetration, plant capex, yield, inventory, and gross-margin ramp, then separately flag smart-building services only as optional upside until a commercial pricing model is disclosed.

## 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

- Product: UE Power™ - the only fully transparent solar technology generating electricity from non-visible light (UV + infrared), while passing visible light.
- Technology: Patented, invented at MIT; uses standard glass coating processes and abundant raw materials.
- Transparency: 40–80% with neutral color - matches standard commercial window glass.
- Drop-in supply chain: Designed for commercial and residential use with minimal change to existing glass manufacturing/distribution supply chain.
- Key performance claims:
  - Offsets up to 30% of building electricity
  - <3-year payback and <$0.05/kWh LCOE possible
  - Vertical surface area up to 50x more than rooftop solar
  - Qualifies for solar investment tax credits (ITC)
- Smart building integration: enables sensors, analytics, communications; tunable thermal (low-E) performance.

## Market

- TAM: 20B ft²/yr window glass market; $500B potential stated.
- Market driver: New building regulations requiring on-site renewables are cited as a tailwind.

## Revenue model

- Revenue stream: Sale of transparent solar glass panels (replacement for standard commercial window glass).
- Pricing: Not explicitly stated. Implied cost competitiveness via <$0.05/kWh LCOE and <3-year payback metrics.
- Channels: Designed to integrate into existing glass supply chain (fabricators, glaziers, distributors).
- Volume unit: ft² of glass sold; glass industry standard pricing metric is $/ft².
- Secondary / future revenue: Smart building services (sensors, analytics, comms) implied but not modelled in deck.

## Unit economics

- Customer payback (end-user): <3-year payback on building energy savings
- LCOE: <$0.05/kWh possible

## Competition / moat

- Moat: Patented technology, invented at MIT by co-founders (Richard Lunt / Vladimir Bulović).
- Competitive differentiation: Only fully transparent solar (vs. tinted/colored competing solar glass products); standard glass coating process lowers manufacturing barrier.

## Team & funding ask / use of funds

- CEO: Susan Stone - 20yr+ new tech investor (Sierra Wasatch, JP Morgan)
- CTO / Co-Founder: Miles Barr, PhD - MIT PhD, UE inventor, Forbes 30u30, MIT TR35
- VP Finance: Boris Vilidnitsky, CFA - 10yr+ investor, Carbon 3D, Barclays
- Board / Strategic Advisor: Ted Hathaway - 30yr+ building materials exec, prev CEO of Oldcastle
- Dir. Channel Dev.: David Maikowski - 20yr+ glass industry exec, prev Guardian Glass
- VP Strategy: Veeral Hardev - 10yr+ BD exec, launched first QD display at Nanosys
- VP Tech Dev.: Richa Pandey, PhD - UMN PhD, 10yr+ OPV, Top Woman in Solar Award
- VP Manufacturing: Rachel Molaro, PhD - MIT PhD, 10yr+ OPV and equipment design
- VP Project Dev.: Ian Millard, PhD - Cambridge PhD, 25yr+ organic electronics industry
- Co-Founder: Richard Lunt, PhD - MSU Prof, UE inventor, MIT TR35, CAREER Award
- Co-Founder: Vladimir Bulović, PhD - MIT Prof, UE inventor, Director of MIT.nano

## Recommended financial model

- Archetype + why: **Hardware manufacturer / project revenue model** - volume-based (ft² sold) with $/ft² ASP, COGS ramp, and gross margin expansion as manufacturing scales. This is a pre-revenue or early-revenue deeptech hardware company selling into the commercial glass supply chain; the correct model is a capacity-constrained manufacturing P&L with a capital intensity schedule, not a SaaS or marketplace model. If the company has signed offtake agreements or project-based pilots, a project revenue waterfall should supplement.
- Forecast horizon & granularity: 5 years; Year 1–2 monthly (manufacturing ramp, pilot conversions), Year 3–5 annual. Switch to annual once production at scale.
- Key drivers & assumptions:
  - Addressable window glass market: 20B ft²/yr
  - Market penetration rate Year 1–5: 0.001% → 0.05% ramp; deeptech hardware commercialization is slow
  - ASP ($/ft²): $8–$15/ft² based on premium-to-standard window glass; standard low-E glass is ~$5–$8/ft², UE commands a premium for power generation
  - COGS / manufacturing cost ($/ft²): high initially ($20–$30/ft²), declining toward $6–$10/ft² at scale via learning curve; standard glass coating costs are the reference floor
  - Gross margin: negative in Year 1–2, turning positive ~Year 3 as volume ramps; target 30–40% at maturity
  - CapEx / equipment investment: significant; glass coating lines require capital - placeholder $5–$20M per line depending on throughput
  - Revenue recognition: Recognized on glass delivery (product sale), not subscription
  - ITC benefit pass-through: ITC claimed by building owner, not UE - UE captures value via pricing premium; may change if UE pursues a leasing/PPA model
  - Smart building / IoT services revenue: excluded from base case; modelled as upside in Bull scenario
  - Payback to end customer: <3 years implied at <$0.05/kWh; validates pricing ceiling
  - R&D / SG&A: heavy pre-revenue; estimated 60–80% of revenue in early years
  - Headcount: driven by manufacturing scale-up, not sales headcount

- Scenarios (Base / Bull / Bear - which variables flex):
  - Bear: Slower manufacturing ramp, ASP pressure from competing solar glass entrants, regulatory ITC changes, higher COGS
  - Base: Steady commercialization via glass supply chain partners, 0.01–0.02% market penetration by Year 5
  - Bull: Regulatory mandates accelerate adoption, additional revenue from smart building services, international expansion, faster cost-down curve

- Required sheets / outputs:
  1. Assumptions - all drivers listed above, clearly separated vs
  2. Revenue - ft² sold × ASP, segmented by commercial vs residential (if data emerges)
  3. COGS & Gross Margin - manufacturing cost per ft², yields, scrap, ramp curve
  4. CapEx & Depreciation - equipment lines, manufacturing capacity, depreciation schedule
  5. OpEx (R&D, SG&A) - headcount-driven
  6. P&L (Income Statement)
  7. Cash Flow - operating CF + CapEx; key output is cash burn and runway to profitability
  8. Balance Sheet (simplified)
  9. Unit Economics summary - LCOE, end-customer payback, UE gross margin per ft²
  10. Scenario toggle (Base / Bull / Bear)

## Frequently asked questions

### Is the Ubiquitous Energy financial model free?

Yes. The Ubiquitous 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.