Battery Storage Market – Due Diligence Support

Situation

Our client has been investing in a company operating in the energy storage market that was looking for additional funding. The client would like to perform an audit before deciding to commit additional funds. 

Objective

The objective was to conduct due diligence on the target company’s main areas, including product development efforts and roadmap, product-market fit, market positioning, and sales efforts, as well as assess how reasonable costs and burn rate are, and whether financial forecasts are achievable. 

Our Work

10EQS assessed the target company’s current position and outlook by conducting internal interviews with stakeholders as well as external interviews with industry experts and market research. 10EQS further defined key strategic options and their implications for the investors

Project Team
  • Ex-L.E.K. and Capgemini Management Consultant with strong background in due diligence, corporate strategy & financial modeling 
  • Associate Consultant conducting secondary research & supporting content synthesis
  • 10EQS Delivery Operations (=PMO) providing quality assurance, process management and expert recruitment
  • 7 internal stakeholder interviews
  • 5 external industry experts
Industry Experts (sample)
  • Strategic Business Development Manager – Industrial Battery Company (Competitor)
  • Chief Engineer – Prospective Customer
  • Senior Director, Solid-State Battery Development – Industrial Battery Company (Competitor)
  • Director Of Electrification of Commercial Electric Trucks – Prospective Customer 

Results

10EQS concluded that the target company’s financial situation is problematic. Further, the legacy product representing 100% of sales is uncompetitive in costs and features. As a result, the investor decided to discontinue the investment.