EarthGrid
Growth Stage
Tunnel-boring technology
Overview
Raised: $3,346,521
Total Commitments ($USD)
Platform
Netcapital
Start Date
11/13/2022
Close Date
08/31/2023
Min. Goal
$10,004
Max. Goal
$4,999,998
Min. Investment
$101
Security Type
Equity - Common
Series
Seed
SEC Filing Type
RegCF
Price Per Share
$4.38
Pre-Money Valuation
$60,006,000
Rolling Commitments ($USD)
Status
Funded
Reporting Date
09/02/2023
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$11,540
Momentum
Funded
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Year Founded
2016
Industry
Energy, Power, & Natural Resources
Tech Sector
Cleantech
Distribution Model
B2B
Margin
Low
Capital Intensity
High
EarthGrid, with a valuation of $60 million, is raising funds on NetCapital. The company has designed its tunnel-boring technology to create an underground network of tunnels. The technology of EarthGrid aims to create a network of underground utility tunnels bored by a plasma tunnel boring robot, making the process faster, more efficient, and less costly. EarthGrid works on Boring and Drilling as a Simple Service (B.A.D.A.S.S.) and Build Own Operate & Maintain (B.O.O.M.) model to eliminate fossil fuels and offer ultra-high-speed Internet, sustainable clean water, transportation, and delivery services. Troy Helming and Scott Lane founded EarthGrid in September 2016. The current crowdfunding campaign has a minimum target of $10,000 and a maximum target of $5 million. The campaign proceeds will be used for the tunnel boring machine, plant equipment, and compensation for managers.
Summary Profit and Loss Statement
| FY 2022 | FY 2021 | |
|---|---|---|
|
Revenue |
$1,711 |
$31,139 |
|
COGS |
$0 |
$0 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-6,558,646 |
$-273,604 |
Summary Balance Sheet
| FY 2022 | FY 2021 | |
|---|---|---|
|
Cash |
$397,096 |
$14,111 |
|
Accounts Receivable |
$0 |
$4,725 |
|
Total Assets |
$1,861,515 |
$184,208 |
|
Short-Term Debt |
$74,309 |
$225,143 |
|
Long-Term Debt |
$5,625,730 |
$0 |
|
Total Liabilities |
$5,700,039 |
$225,143 |
Financials as of: 11/13/2022
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