Nordic 24/7 Services Oy (www.nordic247.com) was founded in 2010 by our CEO Veli Eloranta. Veli has over 15 years experience in the Point Of Sales International Business and vending industry at management level. He worked in close relationship with biggest brand owners in the drink and food industry in Denmark, Sweden and Finland. According to our CEO Veli, the refrigeration industry is the most boring industry because no radical innovations occur. The technology is the same old concept, based on a compressor that compresses a liquid refrigerant. There were only incremental innovations in the liquid refrigerant to reduce the emission of Green House Gases, an initiative driven by new directives and laws. However, refrigerators/coolers are still the cause of millions of metric tons of waste every year due to the high rate of compressors breaking down and dumped in landfills.
The global commercial refrigeration equipment market was valued at $30Bn in 2014 and it is expected to reach $40Bn by 2020, with market forecasted to grow at a CAGR of 5.7%. The beverages refrigeration equipment is expected to witness the fastest growth (7.2% CAGR), due to the pull marketing strategies of large beverage companies favouring the promotion of their in-store brand presence through branded visi coolers. The market growth is driven by the growth of supermarket, hypermarket, restaurants, hotels and organised food retail chains. The competitive landscape is a Red Ocean – all organisations are offering the same boring features with very little differences in the type of refrigerant and quality of the materials used. Nevertheless, the industry players are not answering the real requests of the customers. Moreover, the coolers are not environment friendly!
Home of Cool™ is a unique environment friendly electronic cooler that uses a novel technology that completely replaces the compressor and refrigerant fluid. Our cooler has a lifetime that is at least five times larger than that of the compressor. Therefore, the greatest benefit of our cooler is that it is service free. Our coolers are 95% recyclable at End of Life. Moreover, our refrigerator elements take less than 8% of the total volume of the cooler (compressor is 30%). Hence, another benefit is that our coolers take 60% less space and are 70% lighter than the smallest compressor coolers available in the market. Other important benefits of our cooler are that it is vibration free and it is free from any chemical regulation since we have removed the fluid refrigerant. Furthermore, our coolers do not contain any flammable gases, hence certifications are by far lower than conventional coolers. All these benefits lead to huge cost savings in manufacturing and maintenance. Bottom line: our solution is green and gives our customers great benefits for a lower price!
Nordic 24/7 carried out a Feasibility Study through H2020 SME Instrument Phase 1 funding. In the study we have analysed and iterated the product through constructive customer development, analysed the local and global market and industry trends, assessed competitive landscape, determined how we can protect our Intellectual Property Rights, assessed business and technological risks, identified organisational gaps, drew a financial plan and a work plan. The outcome is that Home of Cool™ is possible, feasible, viable, profitable, sustainable and key for our business growth and competitive edge. Nordic 24/7 will continue pursuing this project.
