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Cast Coil receives growth financing from “Stiftung Bienenelfe”

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Bienenelfe implements innovative growth financing with cast coils

With its commitment, the “Stiftung Bienenelfe” provided seed capital to Münster-based Cast Coil GmbH in October 2023. By signing an investor agreement, the foundation has now become a strategic investor and is implementing its concept of sustainable growth financing.

Denise Ulbrich, Chairwoman of “Stiftung Bienenelfe”: “We provide funds where we expect a high, positive contribution in line with our foundation’s objectives. At the same time, however, we also have to accept that a start-up needs maximum flexibility in order to grow and secure market share. With our investor agreement, we are enabling the Cast Coil team to seize all opportunities, while at the same time helping to identify and avoid possible undesirable developments at an early stage.”

This is achieved through an innovative investor agreement that has no negative criteria. It contains only two rules:

First rule:

If a new business relationship would obviously violate the sustainability goals enshrined in the Fundations Articles of Association or if the use of cast coil technology would be used in environmentally harmful products, in violation of human rights or outlawed weapons systems, the Foundation has a right of veto.

This enables all shareholders to reassess the business relationship, taking into account the violations. If the remaining shareholders come to a unanimous conclusion that the business relationship is necessary for Cast Coil GmbH despite the foundation’s veto, this can be decided accordingly.

Denise Ulbrich: “On the one hand, we are safeguarding our interests in terms of sustainability, but on the other hand we are preventing Cast Coil from being put into a (too) tight corset.”

Second rule:

Cast Coil GmbH uses a fixed portion of its profits to promote and support non-profit and/or charitable organizations in Germany.

“For every 1 million profit, EUR 50,000 is allocated to corresponding organizations in Germany. The circle of shareholders decides on the use – whereby a payment to the ‘Stiftung Bienenelfe’ was expressly excluded,” Denise continues.

This concept strengthens the socio-political profile of the start-up and at the same time promotes the commitment of all those involved. Each shareholder waives a small share and at the same time has a say in the total amount.

“We didn’t have to discuss anything at shareholder level: the investor agreement benefits everyone involved. We have set out to implement the transformation to more sustainable electric drives with our Cast Coil key technology. The investor agreement with the ‘Stiftung Bienenelfe’ is proof of this,” explains Franz-Josef Wöstmann, Managing Director and founder of Cast Coil GmbH. “Both technologically and economically, as well as ecologically and socially.”