We have been formally notified by Seedrs that they will not complete the fundraising. We are very sorry that this step has been taken. We wished, prior to any notice going to you, to communicate so that you have the chance to understand the background. As you know we launched with Seedrs in November 2022 with a technology platform that included:-
A filed patent for an Energy cell Claims that we had achieved a performance level of 350% with a strong belief that 500% would be achieved once funding had been completed.
Background checks on the company and the Directors and management team.
A business and funding plan.
A pitch deck.
So why has the fundraising process not been completed?
We understand that Seedrs have been involved in discussions with a company called ENG8 Limited who have claimed that the EnergyNetiQ trade mark which was filed in 2020 belonged to their company and not EnergyNetiQ. The ownership of the Trade Mark is unclear, and we understand the confusion being created.
Our position is that a Trade Mark application was made for our name and paid for by EnergyNetiQ after the incorporation of EnergyNetiQ. The process was managed by Valeria Tyutina whilst she was a Director of EnergyNetiQ. She is now the sole Director of ENG8. For whatever reason she filed the trade mark in Cyprus in a trust company which she later assigned to ENG8. Ms Tyutina resigned as a Director of EnergyNetiQ on 19th March 2021 and left the country.
The matter is with our lawyers, as it is potential theft of IP. Both parties, ENG8 and EnergyNetiQ, have written legal letters/claims against each other.
As a Board we would state:-
ENG8 is a shell company founded in Gibraltar and owned by Haslen Matthew Back and Valeria Tyutina.
Mr Back has been disbarred from acting as a Director for 7 years but continues to lead ENG8 against the laws of both the UK and European law. On the ENG8 website he is now shown as Matt Back.
ENG8 continue to show our container, our Energycell and validation work done for us by Professor Morgan, as theirs. They have previously falsely represented Professor Atkins as their Technical Director.
This is at best severe misrepresentation aiming to convince potential Investors that our technology has been built by them. We are aware of far more damaging material against Mr Back but will leave that to the appropriate legal action from the UK authorities.
We will of course be taking appropriate action to defend our IP and TM. But as the name EnergyNetiQ is causing discord we have decided to rename the company and register new trade marks shortly. Having spent over 6 months on this process it is with great regret that we report the above situation.
Seedrs have been very supportive but as a retail crowdfunding organisation cannot proceed. We fully accept that as an Investor you may wish to also withdraw. However it is worth comparing the claims made with what has occurred since the launch.
Firstly we have achieved a performance level of >500%. This was witnessed by many independent witnesses at the end of January. We have not yet performed an independent scientific verification. This will be carried out next month.
Secondly notice was given in January of intention to grant our patent.
Significant work has been carried out on the utilisation engineering resulting in a theoretical work recovery system being designed at 70%.
We will be holding a webinar at 09.30 on Friday 24th February to go further into:-
The performance of the Cell.
Our certainty of our position.
What happens next ?
We will after this webinar allow Investors to approach us privately as many have already done and will honour the price per share. Please reply to this email if you wish to attend.
I would stress:-
This is an annoyance but nothing more.
Our opinion of the actions taken by ENG8 are that they are disruptive but have had no effect on our day to day performance other than time wasting.
We continue to make great strides with the technology and how to use it !!.
We have signed and lodged investment higher than our target fundraising and have in negotiation much larger Investors.
There is now interest from the UK Government.
Most pleasingly the results of our tests were at a level that leaves us in an unparalleled position to create a zero-carbon energy platform.
Onwards and Upwards !
Many Thanks Chris Key
On behalf of the Board.
We had a very successful two days of testing and demonstrations to Investors and Partners at the end of January and the beginning of February.
We have been formally notified by Seedrs that they will not complete the fundraising and will tomorrow return the monies held to private individuals.
Our first Technical Webinar Q and A features Professor Andy Atkins.
Update on New System : Wired and Plumbed 22nd November
EnergyNetiQ was featured at the CC Forum in London Oct 18th / 19th.
Look out for some interesting news on Crowd Funding later in Oct 2022
We have been advised that we have won a small grant from Innovate UK to help us build our Domestic Heating System. Congratulations to all the team.
EnergyNetiQ has applied for some fast start funding from Innovate UK.
We have launched our website. The site will have all the information that you require to understand our technology
Patent Application First Filed February 2021 Application confirmed February 2022. Published September 2022.
You can view the Test History by asking for a password.
Images throughout the years
New energy cell demonstrated to Investors December 13th 2019
Prior to the Webinar on the 14th July 2022 some interviews were pre-recorded to help prepare for the website launch.
Independent Report by Professor Robert Morgan