Astatine was scaling in a sector where growth is directly tied to execution. In energy infrastructure, contracts can be large, delivery timelines can be long, and the investment required to mobilise people, equipment and project delivery often comes before revenue is fully realised.
That made Astatine’s growth both exciting and demanding. The business moved from €250,000 in first-year revenue to €96 million in signed orders, creating a different kind of challenge: not whether there was demand, but how to keep funding delivery at the same pace as opportunity.
As projects became larger and more complex, the gap between upfront delivery costs and later customer receipts became more important. This was not a weakness in the business. It was the reality of scaling in a capital-intensive sector where momentum can create pressure before it creates cash.
Traditional funding routes were not naturally built around that stage of growth. Banks often require longer trading history and predictable cashflow. Equity can bring capital, but it also introduces dilution and more complexity around decision-making. Astatine needed a way to keep moving without slowing the business down or giving up control