NewCO2

David Banitt, CEO & Founder at NewCO2fuels

New co2 Fuels (NCF) is a start-up company in the field of CleanTech.  The company develops a breakthrough technology to provide a cost effective solution to two global concerns; CO2 emissions and diminishing liquid fuel reserves. Their product uses a proprietary technology to generate liquid fuel out of carbon dioxide using solar energy.

NCF was founded in 2011. Seeking to have all financial aspects of the business attended to thoroughly and professionally, the management of NCF had met with several accounting firms and evaluated their capabilities. After examining the options carefully, they had decided to contract Nextage’s services

Founded: 2011
Vertical: CleanTech
Offices:  Rehovot, Israel

“The fact Nextage gives all the services in one package is very helpful. In my eyes, what Nextage does in terms of their business model is smart and the results prove successful.”

 

Challenge

David Bannit, CEO of NCF, had led several start-up companies in the past.  In his earlier startups, he had outsourced bookkeeping services, which require a relatively small amount of work that usually comes down to a few days per month. The other two roles of chief financial officer and controller, David would perform himself.  This is not an uncncf-logo-300dpi(1)ommon scenario with early stage start-ups, where having a diverse skill set is often a necessity.
The required roles of a financial department usually include a bookkeeper, a controller and a chief financial officer. One person does not have the time or relevant skills to perform all three roles. Still, often in early stage companies there is not enough work for three different people.

Solution

Nextage brings value to the table by incorporating these three roles into one convenient service package. This makes it easier for a company that requires all three positions at different volumes to get just the services they need.  NCF was very pleased to utilize this package which enabled them to select particular services and leave others out.
Nextage’s team of professionals provided NCF with all the skills and expertise required for full financial guidance and assistance. From budgeting to bookkeeping and reporting, Nextage took over duties such as cash flow management, examination of Government grants, setting up policy & regulations, tax reporting and more. NCF was able to trust the professionals at Nextage and received full cooperation right from day one.

Results

Nextage continues to work with NCF, providing the positions of CFO, controller and bookkeeper, as the company diligently develops its technology. The management of NCF is very pleased with the high quality and timely service delivered by Nextage’s team.

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