Periodic Reporting for period 1 - LUBRICAIRLESS (Lubrication system by oil mist)
Reporting period: 2014-10-01 to 2015-02-28
The main objective of the project is to verify the technological and economic viability of a highly innovative technology for the lubrication of industrial machinery on the global market.
This technology consists of a new energy efficient, environmentally friendly lubrication system by means of oil mist. Compared with existing systems, it is much more efficient, more respectful of the environment and may also be used in systems that require very high viscosity lubrication oils, thus expanding the application range.
Aligned with this goal, the following specific objectives were planned:
• Analyze the status of protection and define the IPR strategy for target markets.
• Carry out a detailed analysis of the target market.
• Determine the technical and economic feasibility of the project.
• Define funding needs and resources required.
• Analyze the risks associated with the development and exploitation.
• Identify technological and commercial partners and alliances
• Refine the Business Plan and growth strategy.
This technology consists of a new energy efficient, environmentally friendly lubrication system by means of oil mist. Compared with existing systems, it is much more efficient, more respectful of the environment and may also be used in systems that require very high viscosity lubrication oils, thus expanding the application range.
Aligned with this goal, the following specific objectives were planned:
• Analyze the status of protection and define the IPR strategy for target markets.
• Carry out a detailed analysis of the target market.
• Determine the technical and economic feasibility of the project.
• Define funding needs and resources required.
• Analyze the risks associated with the development and exploitation.
• Identify technological and commercial partners and alliances
• Refine the Business Plan and growth strategy.
As a result of this work a complete business plan has been developed which take all of the relevant aspects of the business model into account. The analysis describes not only the final objective, but also the path, actions, timeline, and resources required to achieve it.
In particular, the main areas addressed in the study have been:
• Technical development: the technology concept and approach has been refined, validated and scaled up from TRL6 to TRL7 outlining actions towards TRL8 and 9.
• Market impact: total accessible market and possible market share have been evaluated and quantified.
• Intellectual Property, knowledge protection and regulatory issues have been revised.
• Industrialization: processes and suppliers to be integrated in RIVI’s workflow for the industrialization of the innovation have been defined.
• Economic and financial analysis: a comprehensive economic and financial analysis has been made considering all of the expenses and investments that will be necessary to implement the proposed business plan.
Finally those aspects required for the successful execution of the business plan have been identified.
In particular, the main areas addressed in the study have been:
• Technical development: the technology concept and approach has been refined, validated and scaled up from TRL6 to TRL7 outlining actions towards TRL8 and 9.
• Market impact: total accessible market and possible market share have been evaluated and quantified.
• Intellectual Property, knowledge protection and regulatory issues have been revised.
• Industrialization: processes and suppliers to be integrated in RIVI’s workflow for the industrialization of the innovation have been defined.
• Economic and financial analysis: a comprehensive economic and financial analysis has been made considering all of the expenses and investments that will be necessary to implement the proposed business plan.
Finally those aspects required for the successful execution of the business plan have been identified.
With the work executed and from the results obtained it has been confirmed that the innovation project demonstrates high potential in terms of company competitiveness and growth. The basic idea plotted in the grant agreement has been refined, reoriented in some points and detailed in all business aspects. The project will be submitted to the next SME Instrument Phase 2 call for its funding.