Periodic Reporting for period 1 - POLG (Testing and scaling of an electro-magnetic power on line generator for remote areas)
Période du rapport: 2016-11-01 au 2017-02-28
Task 1: Preparation for the in-Depth Market Study of Laki Power’s POLG with analysis to determine end users and market opportunities for this unique product. This includes identifying the electrical transmission and distribution system operators’ marketplace and determining that through industry partnerships the Nordic region is best to enter first. Laki Power has recognised that the best approach to enter new European markets is through regional distribution. Parts supp
liers have been sourced for components to manufacture the POLG. The in-depth market study also includes a risk analysis from a commercial, regulatory, and financial perspective with mitigation proposals. A comprehensive analysis of competing products indicates that the POLG is a unique design. The POLG will be certified in Europe to meet all regulatory requirements.
Task 2: The technical work plan prioritizes the tasks needed to take POLG from the current technology readiness level (TRL)6 to TRL9. This includes the design, engineering, and software programming activities to carry out, as well as planning for commercialization and searching for industry partners. Costs have been estimated for tasks and responsibilities assigned to achieve milestones. Parts suppliers for the critical components have been located. A thorough intellectual property search has been undertaken with no known infringements with other products discovered. Laki Power has filed for a patent in Iceland and will file patents in other territories as they expand. A review of European industry regulations has been completed and certification labs for the POLG have been contacted.
Task 3: The business plan has been updated to include a financial and sales forecast of POLG. At this time, the POLG is Laki Power’s only product offering. In the future, Laki Power plans to offer POLG units of varying sizes and features. The main costs of the POLG project are the following: 1) design work 2) testing and production of prototypes 3) materials and production costs 4) certification processes 5) marketing and sales. Laki Power currently estimates that they will become profitable in 2021, two years after market launch. Laki Power has prepared a Business Model Canvas to manage their strategy.
Upon completion Laki Power will have engineered and built their cost-effective POLG unit to generate “free” electricity through the use of physics and technology. Sealed within a robust enclosure that will withstand the rigors of any environment, the POLG will reliably, cleanly, and silently generate electricity to monitor the electrical lines that are critical for modern society. The POLG unit will transform the way electrical grids around the world are monitored and maintained. Not only will this benefit the consumers of the POLG: TSOs and DSOs, it will secure a more reliable supply of electricity for society as a whole.