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Green Turbine WHR System

Periodic Reporting for period 1 - GT WHR system (Green Turbine WHR System)

Reporting period: 2015-06-01 to 2015-11-30

Bepart has performed a feasibillity study in order to explore the introduction of a waste heat recovery system in the shipping industry.
In order to validate our system for market entrance and select the right business strategy when entering the shipping market, Bepart studied the following objectives during this study:

- A feasibillity study that explorers the posibillities of two markets (dredging and inland shipping) for the Green Turbine Waste Heat recovery system (a.k.a GreenSkid system). Resulting from this study, Bepart has studied revenue- and businessmodels (lease vs sale), profits, milestones, start funding and selection of partners to form a consortium for the market.
- A technical validation of the performance of the ACTE-Sa Heat Exchanger in order to decide wether the flue gas Heat Exchanger is the best choice for the GreenSkid system. The technical validation results in a validation for system costs and process this in the formation of our businessmodel. The perfomance studies the capabillities of the Heat Exhanger by testing the quality of the steam generated and other impacts that the Heat Exchanger has on the engine, such as max. backpressure.
- Study impact of safety and enviromental regulations on (PLC) system costs. This study resulted in a final model of a PLC for the GreenSkid system. LIoyds Register and a company that specializes in steam engineering have been called in to help with this objective. In order to meet up with certification requirements as much as possible in an early stage, we have included this objective in our feasibillity study. As a result, Bepart hopes to avoid complications with certification issues that drive up the costs when dealing with first customers.

Bepart has succeeded to answer all three objectives during this study.
The market research showed us an interesting market in both the dredging as well as the inland shipping industry. During our research, other markets emerged as well. Based on market research, Bepart was able to form a businessplan and form predictions on expected sales and growth. The most important conclusion is that Bepart can easily grow towards a revenue of approx. EUR 4 mln. in 2021. Bepart also crystalizes milestones, expected turnover a complete financial plan and the specific risks in this report. We explored two businessmodel options; a sale and a lease model. Bepart discusses both models and select the final strategy for the best possible market entrance.

The results of the technical validation of the ACTE-Sa heat exchanger were postive. Tests proved that the ACTE-Sa Heat exchanger suits the Green Turbine technology in producing the right quality of the steam and not exceeding the max. backpressure that could affect the performance of the engine. These results helped Bepart in finalyzing system costs and form a financial plan.

The results of impact study with regards to safety and environmental regulations on the GreenSkid (PLC) system helped Bepart to math the system abibilties with the requiremenst that are being demanded on board of a ship and crystalize final system costs. Furthermore, this study formed the basis for calulating the final return of investement and form a financial plan that is included in the final businessplan.
Bepart has succeeded to answer all three objectives during this study. The market research showed us an interesting market in both the dredging as well as the inland shipping industry. During our (internet) research, other markets emerged as well. Based on the market research, Bepart was able to form a businessplan that describes predictions on expected sales and growth.
The most important conclusion is that Bepart can easily grow towards an expected sales number of at least 100 pieces a year in 2021 and a team of 25 FTE. Bepart also crystalizes in this report the milestones, expected turnover a complete financial plan and the specific risks. We explored two businessmodel options; a sale and a lease model. Bepart selected a sale model to start the market entrance. The businessplan describes that Bepart will start with a sale model to enter the market and the plan discusses the reasons why.

A market research was performed of the Green Turbine WHR system in dredging and inland shipping industry. In order to explore the marketshare for our system and make predictions with regards to sales numbers, we interviewed and talked to a lot of potential customers (IHC Merwede, Van Oord, Boskalis, Anthony Veder, DFDS etc.) and performed an online literature study. Furthermore, we talked to suppliers, potential partners and knowledge organizations and presented ourselves at the Europort exhibition (amongst others). These actions helped us a great deal in forming our businessplan.

Following these actions, we have recently started to explore our options for a follow up project that includes our first customer.

The technical validation study of the heat exchanger and the impact of the safety and enviromental study of our (PLC) system was performed with help of two important parties: GPE-TS and LIoyd's Register. Furthermore, other parties suh as; EMS Binnenvaart BV, ACTE-Sa and NPS Diesel BV also contributed to our questions. The technical results of these studies (a final model of the PLC system and a perfomance analysis of the ACTE Heat exchanger) are being descibed in two reports. These reports are available on request.

The financial impact of these studies form the basis for our system cost valdidation. Based on these results, we were able to predict Return of investments of the total system (turn-key).
Finally, by including LIoyd's Register and GPE-TS at an early stage in this design proces, we hope to meet with the certifications requirements and speed up this process and avoid unforeseen costs when dealing with the customer.
As mentioned before our feasibillity study and our other objectives has shown us that:

- Return on investement lies between 2 and 4 years for our GreenSkid system. These costs include a certification from LIoyd's register, installation costs and a debit item unforeseen costs of 10%.
- We compared a lease versus a sale businessmodel and decided to proceed with a sale model to start with. The businessplan explains this choice.
- The ACTE Heat Exchanger perfomance tests provided positive results with regards to the qualility of the steam generation and backpressure values. Bepart has- based on these testresults- decided work with the Heat Exchanger in the GreenSkid system.
- The impact of safety and environmental measures that derived from ananalysis on this topic did not affect the system costs in a negative way. Return of investment is still attractive.
- We see an interesting market in the dredging industry and the island shipping industry, but we also see interesting markets in ferries, passenger vessels, fishery vessels and even navy vessels. We were able to make conservative estimations of expected sales based on these conclusions.

- In 2021 , the company expects to grow towards a revenue of approx. EUR 4 mln. with a salesnumber of 100 a year with a team of approx 25 FTE.

Final results of this study will include a complete businessplan that describes our revenue model, business strategy, financial plan, specific risks, ROI, Profits, Milestones, selected partners .
We expect to work with mainly local partners and suppliers (in The Netherlands and Belgium) in order to launch our product to the market. This will contribute to employment on a local scale at our facilities as wel as with our partners and suppliers.

If the expected sales of 100 pieces in the year 2021 will be realised, the Green Turbine WHR (or GreenSkid) system will account for a significant environmental impact by saving 7,5 mln. liters of diesel a year and a total cost saving for our customers of EUR 5.670.000
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