Periodic Reporting for period 1 - PAALD (Passive and Active Acoustic Leak Detection System)
Reporting period: 2018-03-01 to 2018-08-31
"This feasibility study provided EIM with the opportunity to develop a ""road map"" for the innovative project, its commercialization and further expansion of the business. For preparation of innovation project implementation, EIM drafted feasibility study which includes 7 objectives. EXTRUSION IN MOTION, LLC (EIM) aims to commercialize its innovative “Passive and Active Acoustic Leak Detection (PAALD)” system. Our leak detection system has been designed to address the following spillage-related challenges: Environmental damage; Economic impact; Reputational and financial losses for the industry. Our technology also solves key problem associated with the limits of prevailing technological solutions, namely, all the available LDS are far from optimal in terms of performance and costs, because none of the implemented technologies alone can ensure fast and accurate identification and location of a leakage, being capable to operate in various conditions, while the widely used combinations of several detection methods are costly and complex."
We prepared feasibility study based on the following objectives: I: Elaborate Business Plan, II: Assess technological and technical feasibility of PAALD, III: Elaborate value chain, IV: Ensure “freedom to operate” and core IPR protection, V: Explore regulatory approval and industry standards compliance, VI. Identify organizational needs related to the launch and further business expansion, VII: Prepare the Innovation project`s plan incl. timeline, budget and scope. EIM pursues own commercialization of PAALD in cooperation with LDS vendors, providers of wider solutions for the oil sector (which can offer PAALD as a part of their “turn-key” systems), and other partners, e.g. engineering companies, which can promote EIM`s products and support its customers worldwide. This approach allows fast and cost-effective expansion, incl. in terms of establishing both sales and after-sales infrastructure, moreover partners` reputation, customer base, and local networks will facilitate major market barriers.
PAALD users will benefit as follows: more accurate location of leaks leads to faster repair and less damage to the environment, thus lower clean-up costs and environmental damage fines; high sensitivity enables rapid detection of small leaks, avoiding huge loss of product, as well as other damages; fewer false alarms mean less unneeded inspections and operation interference; lower complexity. EIM will directly contribute to environmental safety and human well-being, given all the described consequences of pipeline spills and PAALD`s ability to minimize the damage. More than 100 workplaces will be created during operational period. When the organization is ready and the applicable approvals are obtained, EIM will launch PAALD worldwide. Other applications will be launch gradually, following our go to market strategy.