A C2C New Cap é uma empresa portuguesa de tecnologia, que produz células de energia para veículos. Fundada por três engenheiros visionários, e marcada por um percurso desafiador, a C2C New Cap, angariou prémios e apoios que impulsionaram o desenvolvimento das suas inovadoras células de energia.

Em entrevista ao Empreendedor, André Mão de Ferro, Co-fundador e Executive Manager da C2C New Cap, aconselha cautela aos empreendedores com projetos de Deep Tech, destacando os desafios financeiros e a falta de apoio público adequado para startups tecnológicas em Portugal, em comparação com as suas congéneres europeias mais favorecidas.
Inovação Impulsionada por Desafios

A C2C-NewCap desenvolveu um supercondensador inovador que contribui para uma mobilidade mais sustentável. Os fundadores da empresa constataram que os camionistas, nas pausas obrigatórias, durante as viagens, deixavam os veículos ligados, por receio das baterias não terem energia para um novo arranque. O supercondensador, que desenvolveram, disponibiliza uma reserva de energia necessária para o arranque dos veículos, sem depender do estado ou capacidade da bateria principal.

“O objetivo da nossa empresa é ter alto impacto no mercado de armazenamento de energia e contribuir para o uso eficiente de energia com menores custos ambientais e operacionais. Os dispositivos de armazenamento de energia são o principal facilitador para um futuro energético sustentável”, explica André Mão de Ferro.

From Idea to Reality

The idea came up in 2012, at Instituto Superior Técnico, as a project for a master's thesis. André Mão de Ferro and his cousin, Rui Silva, saw the potential in transforming research carried out with academic objectives into a company. They co-founded the company with Sónia Eugénio, who, however, only later joined the team.

Winning the BES Innovation award turned out to be crucial, providing not only initial funding, but validation for the idea. However, it was the passage through the COHiTEC program that became decisive for the launch of the project, offering training in entrepreneurship and teaching how to approach investors.

“Looking back we realize that they made a big difference, because I had no idea how to create a Business Plan, how to approach an investor and, finally, after we have a prototype and want to reach a client, we need to know what it is like we will explain it”, says André Mão de Ferro.

Deep Tech Challenges

However, the transition from a promising idea to an operating company, especially in the Deep Tech sector, has not been without its challenges. Developing a Deep Tech startup in Portugal is challenging due to the investment and time required for research. Learning business language is essential for an entrepreneur in this technological area.

“Investors are often unaware of the time and path that needs to be taken by a startup that works with technology that needs research, that needs to be tested before starting to sell and produce. Our Deep Tech area has a lengthy investigation and, in Portugal, investors expect quick returns. Of course, if we are MIT students, things will be simpler”, says André Mão de Ferro.

“If you ask me today whether the first investment or another one we've already had is more difficult, I think they are all difficult, but the first one is more complicated, because what we have to show is just a laboratory sample. This is extremely difficult for anyone to realize. Now, investors come here and see a product, they see that there are customers, they see that there are things happening.”

Financial Boost

Although the idea arose in 2012, the company only started in 2016 with the first investment. Initially, everyone kept their jobs while working at the startup part-time.

“In 2012/2013 I was a research fellow, Sónia was teaching and Pedro was an engineer in a mold factory. We all had our jobs, but always at the end of the day, or on the weekend, we would get together to study an opportunity, prepare for a competition or enter an acceleration program. We always made applications and always spoke to Investors. But it was a part-time job, our startup was our hobby. Our passion was to make it a real company, but the truth is that it was not our main activity”, recalls André.

Their luck changed when they obtained a pre-seed investment from Caixa Capital and InnoEnergy, in 2016, and a donation from the Repsol Foundation, in 2017, which boosted development, allowing participation in European projects and creating conditions to establish an assembly line.

“With funding from Repsol in 2017/2019 we assembled the first prototype on a truck and that was our first more tangible result. With that we made a submission to a European Union program for a grant of 2 million euros, which allowed us to move into the facilities where we are now and create an assembly line. We are currently raising 6 million euros, of which 3 million are from the EIC Accelerator program of the European Innovation Council. They will be our partners through the program”, explains André.

“From the idea in 2012 to the first sale it was a long journey. It was only last year (2022) that we made our first sale. Today our product is certified by the IMT and we have a big customer in Galp.”

The Motivation

André's motivation to undertake goes beyond the desire for professional freedom. It was the tiredness of institutional dynamics and the search for a positive work environment that drove him. The idea of contributing to society and improving people's lives also played a crucial role in his decision to follow this challenging path. However, overcoming financial difficulties was a constant challenge, but the passion for work kept the team focused.

“Difficulties have always existed. The hardest difficulty there is is running out of money, and that happened twice. The money was practically running out and, in a lucky moment, we got a grant, we got a prize”, recalls André Mão de Ferro.

“Last year, for example, we had a very difficult time, but the year ended brilliantly. We got the Accelerator, which hasn't materialized yet, we got a project worth 2 and a half million euros and we won a $100,000 prize for a pitch I made in Miami. But before that it was a super difficult year and this difficulty has a lot to do with liquidity. Liquidity greatly determines an entrepreneur’s level of stress.”

André recognizes that, if he could go back to 2012, the initial recommendation would be to avoid the financial and bureaucracy challenges in Portugal.

“Honestly, if I were to recommend anything to André in 2012 it would be: ‘don’t get involved in this’. The route was interesting but difficulties with available money were the cause of extremely stressful years. Furthermore, both Pedro and I started to have children and to see that we have children to feed. This is very difficult for an entrepreneur”, he highlights. “It’s a good thing we were naive and ended up taking the idea forward because the first recommendation is: ‘No, please!’”

Challenges of Entrepreneurship in Portugal

André Mão de Ferro also criticizes the lack of adequate public support for technological startups in Portugal. He highlights the disadvantage of Portuguese startups compared to their European counterparts, which have better conditions to develop innovative solutions.

“When startups from France, Germany, Estonia or Italy arrive at European programs, they have already developed their prototypes and completed the development stage in national programs. European programs are seen as an alternative. In Portugal there are only European programs. We only play in the European championship, because the Portuguese championship is sad the way it works. And this is a problem for Portuguese startups when they have to compete with startups from other European countries.”

Excessive bureaucracy and distrust in complying with the rules are additional obstacles. André highlights the need to understand that, unlike other European countries, in Portugal, companies face constant challenges and the need to ‘get out of trouble’.

“There is excessive bureaucracy associated with a constant suspicion that the beneficiary does not comply with the rules. For example, we were in the ‘Portugal 2020’ program in 2018, and in 2023 we are still dealing with invoices. Due to the Ministry of Finance's efforts, financing for the project was approved, but we only received the financing after the project ended. We had to meet the goals we committed to, without having the financial conditions to execute them.”

“When we talk about Entrepreneurship, we have to be aware that things really work abroad and foreign companies have much better conditions to develop solutions while we have to ‘find out’. This is a problem that Portuguese companies often have difficulty overcoming”.