Periodic Reporting for period 1 - LESS (Lift Energy Saving System for Residential Buildings (LESS))
Reporting period: 2015-05-01 to 2015-07-31
Our general objective can be further developed in the next four sub-systems:
- Product development and production of a low-cost energy recovery system based on our proven lift energy recovery technology.
- A hybrid energy storage system that enable autonomous operation of the microgrid system and extends battery service life.
- Connector elements to support microgeneration sources and different electrical loads to add versatility to the system.
- A remote performance monitoring system to simplify supervision and maintenance tasks.
More than 4.5 million lifts are currently installed in Europe of which more than 3 million are for residential use. This is the target market of the new developed product, being not limited only to the existing lifts but extending also to the new installations. According to sector statistics, it is estimated that in average near 80,000 new electric lifts were annually installed in Europe in the last years, showing a positive trend.
The low-cost version of this system which will be specially addressed to the residential market responds to a growing tendency and demand from EU electricity consumers to have more options for reducing their carbon footprint and have a better control of their energy consumption and expenditure. This is a unique opportunity for Epic Power to expand our business by producing and selling an innovative product to the thriving residential market and to establish fruitful relationships with stakeholders in the lift and energy sector.