It is with deep regret that we must inform you that our company, Ecoisme Limited, has ceased trading due to becoming insolvent. It means that we cannot cover our obligations, and return the money to our customers, backers, creditors and investors.
We have accomplished a lot since we founded the company: we gathered a team of bright talents, developed the product from an idea and an early prototype to a working ready-for-manufacturing product, we raised money from credible private investors and European institutions, delivered a small-scale batch of energy monitors, conducted pilot projects with large enterprises, won a number of prestigious awards.
During this intensive and challenging journey, we faced dozens of things which we weren't able to anticipate and a number of bad luck events. They led to difficulties with securing required funding to start full-scale manufacturing, ship the product to our customers and build a sustainable business.
After the failures with fundraising in the USA and the EU in 2017, the Middle East in 2018 and equity crowdfunding campaign on Syndicate Room in early 2019, we decided to sell our company. It could allow us to return money or deliver competitive energy monitors to our customers and return money back to our investors and creditors.
We reached the final round of discussions with one of the potential acquirers and visited their headquarters in the USA in early May. Unfortunately, the deal did not happen.
We are very grateful to everyone who believed in Ecoisme and was with us till the end. We are thankful to our clients, who supported us in the beginning and pre-ordered Ecoisme energy monitors, to our investors and creditors, who believed in our company and our business model, to our team and all the contractors who worked with us to make the world more sustainable and energy efficient.
We are very sorry that we could not fulfil our obligations and repay your trust.
We're willing to do our best in this difficult situation. We've reached out to the team at Sense, and they have offered to provide a 50% discount on Sense Home Energy Monitors for everyone who pre-ordered Ecoisme energy monitors in the US and Canada (Sense is currently available in the US and Canada). We tested their product and we can totally vouch for their quality.
All US and Canadian customers will receive unique discount codes to their emails this week. Discount is valid until 30th of September. Please note, Ecoisme is not benefitting from this offer in any way. For customers outside the US and Canada, you will receive a link to a beta-testing contact form. Should Sense become available in your country, Sense will invite you to participate in their beta program.
Our next steps are the following:
- In the next few weeks, our company will be appointed an insolvency practitioner. The practitioner will contact all the creditors and customers who pre-ordered the product.
- You can file a complaint on the money return directly with the insolvency practitioner.
- The insolvency practitioner will evaluate all assets and intellectual property of the company. The insolvency practitioner will try to return as much money as they can to the creditors.
Finally, we will keep looking for the opportunity to make the world a more sustainable and energy efficient place. We hope you will hear about us in the nearest future and we will change the world together.
Ivan, Alexander and Anton,
Founders of Ecoisme Limited