Market study for Solenco Power Box, a zero-carbon small-scale local energy storage product. Potential application as missing link in residential PV uptake (residential and commercial buildings)

Project Information

SOLENCO

Grant agreement ID: 683402

DOI

10.3030/683402

Project closed

EC signature date 19 June 2015

Start date 1 July 2015

End date 31 October 2015

Funded under

• SOCIETAL CHALLENGES - Secure, clean and efficient energy

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

VANDENBORRE ENERGY SYSTEMS NV
Belgium

Periodic Reporting for period 1 - SOLENCO (Market study for Solenco Power Box, a zero-carbon small-scale local energy storage product. Potential application as missing link in residential PV uptake (residential and commercial buildings))

Reporting period: 2015-07-01 to 2015-10-31

Summary of the context and overall objectives of the project

A new product, referred to by the tradename SOLENCO POWER BOX TM (SPB) has been developed.

The SPBTM eliminates the uncertainty of supply and cost of energy for family homes and commercial buildings by using small-scale energy storage based on hydrogen technology, in combination with renewable energy sources (wind and solar PV). This technology distinguishes itself from better known battery technologies by making it technologically and financially feasible to store more energy and even realizing seasonal storage as opposed to hour/day storage.

The SPBTM is a Decentralized Power Production & Storage Device that enables a shift in the energy model from central distribution to local generation and distribution while stabilizing the grid and hence enabling higher penetration (up to 100%) solar PV energy. The product enables EU households to be 100% independent from the grid and 100% independent from price fluctuations in fossil fuels. It is the missing link for mass uptake of residential solar PV and an insurance against rising energy prices.

The goal of Phase 1 of the SME Instrument was to prioritize and validate the application, the value proposition and target market(s) for the product as well as to draft an elaborated Business and Financial Plan.

All of the goals have been reached, e.g. 8 “Letters of Intent” could be obtained not only from companies active in the home energy market (Belgium) but also from companies in The Netherlands, Luxembourg, France and Italy. The Business and Financial Plan has been successfully used to convince potential shareholders to invest equity capital in a new company. Together with subsidies of Horizon 2020 (SME instrument Phase 2) and a bank loan, a boost can be given to the mass-production and mass-commercialization of the product.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

During Phase 1 the following main issues have been tackled:

· Analysis and validation of the market segments

· Competitor benchmarking

· Business model and launch strategy

· Business plan an quantification and timing



This resulted in e.g. 8 “Letters of Intent”, not only from companies active in the home energy market (Belgium) but also from companies in The Netherlands, Luxembourg, France and Italy.

The Business and Financial Plan has been used to convince potential shareholders to invest equity capital in a new company. It is expected that 2 new shareholders will start a new company with Vandenborre

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Ultimately we want the Solenco Power Box TM to be an affordable solution for every household and give the power back to the end user. We truly believe Solenco Power has a crucial role to play in changing the way think about energy. The title of a study from the European Economic and Social Committee says ‘Changing the future of energy: civil society as a main player in renewable energy generation’. This is exactly how Solenco sees the future of the energy landscape. The Solenco Power Box gives end users the control over their own energy production and consumption, giving them back power that previously sat with the utilities and the authorities. Decentralized renewable energy generation by citizens, communities, local authorities, charities, NGOs, farmers, cooperatives or SMEs creates a new stream of value that can stay within the region and contribute to local socio-economic development. An example of this is the German ‘Energiewende’, which involves over 1000 energy cooperatives. Empowering local/renewable energy generation is crucial to stimulating regional and local development. Being able to store and re-use energy generated locally, makes users fully independent from the grid, something that has never before been possible without using fossil fuels. The Solenco Power Box makes this a reality.

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