In an interview for Kanał Zero, Malinkiewicz recalled that the method she developed for printing perovskite cells without high temperatures allows for the production of flexible solar panels, which gives great potential in energy, electronic and even military applications (dual use).
In the spirit of patriotism, the invention was brought to Poland, and Saule Technologies obtained funds from EU funds (PLN 22 million) and NCBR (PLN 25 million). The key moment in financing was the possibility of disbursing a loan from NFOSiGW for PLN 84 million, which, however, required PLN 40 million of own contribution.
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“They risked nothing and took control”
According to the website mamstartup.pl, in search of the missing funds, Malinkiewicz turned to Piotr Kurczewski (DC24) and Dawid Zieliński (Columbus Energy). The founder pointed out that the terms of the loans were extremely controversial – security on private property, changes in the company's statute and the supervisory board, high interest rates of up to 20 percent, as well as delays in payments, which made it practically impossible to release public funds. “They risked nothing and took control of the company,” Malinkiewicz emphasized.
The lack of access to financing led to the departure of some partners and lawyers, leaving Malinkiewicz alone on the management board. The subsequent actions of investors, cited by mamstartup.pl, had a retaliatory dimension: debt enforcement (PLN 5 million) directed to the founder's private accounts, blocking of savings and a dramatic reduction in living expenses, as well as a court judgment for PLN 489 million instead of PLN 5 million.
Malinkiewicz points to the lack of negotiations and the rejection of the company's buyout offer for PLN 80 million in April 2023, as well as the proposal to take over the company “for debts” in exchange for the cancellation of claims.
Confrontation
During an interview at Channel Zero, there was a confrontation with Dawid Zieliński. The president of Columbus Energy suggested the influence of “eastern services” and proposed giving the entire technology to the state “for one zloty”, which Malinkiewicz rejected, emphasizing that investors want to take over the company, and she and the team are creating a new SPV structure. The founder made the meeting conditional on the immediate removal of the bailiff from the accounts, emphasizing that negotiations must be transparent and without the threat of financial pressure, according to the website mamstartup.pl.
Malinkiewicz appeals to Polish founders for thorough due diligence of investors, warning against “gangster rules” and pointing to the need for changes in the law that would prevent the takeover of companies developed with public funds through registered pledges.
A warning for start-ups
Malinkiewicz's story is intended to be a warning to the startup community: even a breakthrough technology can be quickly stifled by aggressive investor practices if there is a lack of experience and legal protection.
It also highlights the potential of perovskite technology, which can play a significant role not only in the energy industry, but also in electronics and the military sector. Her fight does not concern only her personal interests, but the entire innovation environment in Poland. “It cannot be denied that after such tests it is possible to detect threats earlier and avoid errors,” concludes Malinkiewicz.
