In order to confirm the feasibility of our project we have carried out a 4-month study consisting on:
- Technical Plan: characterization tests of our products show that they are appropriate to use as raw material for coating, adhesives, sealants and elastomers (CASE applications) manufacture. And the analysis to adapt the biodiesel plant to produce bio-polyols as well, is favourable.
- Analysis of the subsequent stages of the supply chain for the production of coatings shows that because of technical reasons, it is not possible carried out. However, we have stablished relationships with stakeholders (CETEM) to validate and give support to commercialize our technology in this sector.
- Commercial Plan and exploitation strategy: thorough market analysis performed has identified our target markets (wood coating and adhesives & sealants), which present great potential. Commercial strategy has been defined introducing our technology in Europe for those markets as providers of bio-based polyols and offering engineering services and technology to biodiesel producers as well. We will penetrate in the market in three stages: 1) national market (Spain), 2) Germany (the largest producer of these sectors), 3) France, Italy and UK.
- Financial feasibility study: this demonstrated the economic feasibility of our project, confirming estimated prices of products (2.8€/kg) and services (240,000€/kg), taking into account operational costs and profit margins.
- Development of complete Execution Plan for the Phase 2 project, including planning, organization, risk analysis and budget.