04 · Roadmap & law
A sequence with kill-switches, not a vision deck
Holding Phase 1 can start this quarter. STAR KEY construction cannot. The original packs flatten those clocks. This chapter puts them on one page with the legal rails that actually exist in Ethiopia.
Who owns what
AURION GLOBAL HOLDINGS PLC
Parent · Addis Ababa
AURION MARKETS
Export marketplace
AURION JEWELS
Jewelry manufacture
AURION LABS
Filings & prototypes
AURION POWER PLC
Green-energy division
STAR KEY Energy PLC
Project SPV · lenders sit here
Lenders, the PPA and the wells sit in STAR KEY Energy PLC. Marketplace cash sits in MARKETS. Mixing them is how a $3.6M company dies of a $1.9B rumour.
Legal rails
| Item | Instrument | Status |
|---|---|---|
| PLC + holding certificate | Commercial Code; Commercial Registration 980/2016; Regulation 392/2016 (holding companies) | Not evidenced in the pack as issued |
| Investment licence (EIC) | Investment Proclamation 1180/2020; Regulations 517/2022, 586/2026 | Template only |
| SEZ / industrial park | SEZ Proclamation 1322/2024; IPDC practice (rent holiday on selected parks) | Not allocated |
| Minerals / jewelry export | Transaction of Minerals Proclamation 1144/2019 | Not applied |
| Power PPP / generation | PPP Proclamation 1076/2018; Geothermal Resource Development Regulation 453/2019; EEA licensing | Term sheet in appendix only |
| Dual-class / 10:1 votes | Commercial Code articles on share classes | Sponsor ambition |
Status is of this recast. None of these are ‘approved’ because a Word document says so.
- PLC + holding certificate. Parent plus three subsidiaries is the right shape. Paper it before the Seed close.
- Investment licence (EIC). Manufacturing and export need this. Power is a different desk.
- SEZ / industrial park. Jewelry factory CAPEX waits on an actual plot, not a proclamation.
- Minerals / jewelry export. Crafting and refining certificates are conditions for Jewels, not Power.
- Power PPP / generation. STAR KEY lives here. Holding Phase 1 does not.
- Dual-class / 10:1 votes. Do not tell a DFI the founder has 10:1 super-voting stock until counsel confirms the articles can carry it under Ethiopian law.
Clock
2026 H2
Holding · PLC, trademarks (EIPO), marketplace MVP, jewelry prototypes, two patent drafts
Power · DNI mast procurement, GSE/Tendaho liaison, GIS overlay of the 11.8566°N pin
Kill · No company, no raise
2027
Holding · Seed. 50 live SKUs, first export lots (US/IL/UAE), QC hub, 400-piece collection
Power · ESIA kickoff, 3-well program design, GRMF concept, land/FPIC start
Kill · If GMV < $0.3M and jewelry has no offtake, freeze Series A factory talk
2028
Holding · Series A only against order book. SEZ application. Labs first filing receipts
Power · PPA term sheet with USD capacity + MoF wrap. Pump tests. Resource report scope
Kill · No PPA path → Power stays a development company, not a CIM
2029–30
Holding · Jewels factory if orders exist. Markets in 5 corridors. Holding EBITDA approaching break-even
Power · Phase 1 NTP only if DNI, wells P90, IA, ESIA, wrap are closed. 50 MW PV build
Kill · CSP option expires if DNI or land fails
2031–32
Holding · Steady compounding. No mining SPV until a separate feasibility exists
Power · Geo COD if P90 ≥ 15 MW. Greenhouse at 5 ha. Decision on CSP raise
Kill · Dry holes → Power is a 50 MW PV IPP. Underwrite it as one
2033+
Holding · Optional AURION RESOURCES (separate study). Do not pre-sell it
Power · CSP only with named EPC, capacity PPA, IFI scaffolding
Kill · No 28.7% slide, ever