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Term Sheet Draft

Portfolio Launch Capital Partner

Parties

  • Company: Grenland Industry Studio ("Studio")
  • Investor: Launch Capital Investor ("Investor")

Investment Overview

  • Equity Offered: 20% post-money equity in Circular H2 Projects SPV Cluster (directly in SPVs)
  • Total Capital Participation: Up to NOK 300 million (callable, as needed)
  • Structure: Strategic equity investment plus backstop participation for SPV launch capital
  • Evergreen: 60-70% of proceeds reinvested into next wave SVP clusters

Use of Proceeds

  • SPIN-to-Exit development and scale-up capital across Grenland Industry Studio's Circular H2 Portfolio
  • Co-investment into SPVs as lead, anchor, or guarantor investor
  • Reserve capital for matched grants, institutional leverage, and milestone-based drawdowns

Funding Mechanism

Shareholding Structure (Post-Money, indicative)

Investment Exposure

  • Grenland Industry Studio HoldCo owns 80% of the following SPVs:
  • H2 Point-to-Point, H2 Off-Grid Power, Waste to H2, H2 Greenhouse Loop, H2 Power Balancer, H2 Backup
  • Foundational Investor indirectly owns 16% of each SPV (20% x 80%)

Estimated Returns

To be disclosed.

Governance & Rights

  • Board seat and Investment Committee participation
  • Right of first refusal on all future equity rounds (HoldCo or SPV)
  • Visibility across pipeline, co-investment access, and exit strategy
  • Strategic influence on portfolio direction and Studio growth

Legal Terms

  • Instrument Type: Equity
  • Jurisdiction: Norway (to be confirmed with Foundational Investor)
  • Documentation: Shareholder agreement, governance charter, funding annex

Next Steps

  • Review and confirm participation tier and board representation
  • Complete legal documentation and side letter terms
  • Studio capital drawdown to proceed on milestone basis

This term sheet is indicative, non-binding, and subject to final agreement between the parties.