Cost-efficient, solid-state refrigeration technology for cold storage

Projektinformationen

SolidCool

ID Finanzhilfevereinbarung: 809520

DOI

10.3030/809520

Projekt abgeschlossen

EK-Unterschriftsdatum 31 Januar 2018

Startdatum 1 Februar 2018

Enddatum 31 Mai 2018

Finanziert unter

• SOCIETAL CHALLENGES - Secure, clean and efficient energy

Gesamtkosten

€ 71 429,00

EU-Beitrag

€ 50 000,00

Koordiniert durch

INTEGRATE NV
Belgium

Periodic Reporting for period 1 - SolidCool (Cost-efficient, solid-state refrigeration technology for cold storage)

Berichtszeitraum: 2018-02-01 bis 2018-05-31

Zusammenfassung vom Kontext und den Gesamtzielen des Projekts

Thermoelectric cooling has existed for decades. The limitation in heatload (< 500W), high cost per kW and low efficiency have narrowed its application to niche market segments, such as aerospace or laboratory equipment.
Integrate has developed a technology to assemble thermoelectric materials and raw materials to a heatpump, capable of over 100kW heat load, a cost of 150 EUR/kW and competitive efficiency, following the increase in performance of the basic thermoelectric materials. This technology, named ‘SolidCool’, will be able to replace compressors in all cooling applications, with the SolidCool heatpump, assembled in a fully automatic production line.
It is Integrates aim to not only build cold storage applications, but to become the component supplier of heatpumps in all these cooling applications.
As Integrate aims at becoming a component supplier for the broad spectrum of cooling applications, the technical feasibility study focused on identifying the optimal roadmap for future application launches. The roadmap takes current and next generation thermoelectric materials into account, as well as temperature conditions of each application.
The goal of this feasibility study, is to evaluate the technical, commercial and financial feasibility of Integrates plans to become a world leader in thermoelectric component supply. The technical feasibility must lead to a detailed product launch roadmap, whereas the commercial feasibility needs to address the competitivity and pricing strategy of Integrates SolidCool technology. The financial feasibility can than use this information to calculate cash need and return for future investors.

Arbeit, die ab Beginn des Projekts bis zum Ende des durch den Bericht erfassten Berichtszeitraums geleistet wurde, und die wichtigsten bis dahin erzielten Ergebnisse

The technical feasibility study clearly demonstrates the ideal ‘starting-point’ applications for Integrates SolidCool technology to be transport climatization and marine cooling. Cold storage installations, the cooling application put forward in Integrates project proposal, is ideally launched after two other segments of cooling applications, as explained in §1.3.
In the commercial feasibility study, the business model as a component supplier is defined in detail with a strong view on market introduction, the location of Integrate in the Value Chain and a logic buildup of the pricing strategy. In terms of Intellectual Property, integrate has a global freedom to operate using its current and future patents. In the past, only 1 patent was filed that approaches Integrates mass production methodology. The patent was filed during a time that thermoelectric materials had a much lower efficiency. Its commercialization, then, was set in the wrong timeframe. The right time to commercialize mass produced thermoelectric heatpumps, is now.
The business model, the pricing strategy and the bill of materials allow for a detailed financial plan buildup. In order to realize its ambitious sales targets, Integrates financial plan shows a cash need of 1,2 mio EUR. Given its relatively low overhead and high margin, this results in a increasing personnel count to 14 people by 2022 and investing ~700 kEUR in tooling, Intellectual Property and the development of the mass production concept for SolidCool heatpumps.

After the investment, Integrate launches its first products in 2021 and manages to be breakeven the year after. Investors see a net present value of 7,2 mio EUR, a return on investment of 827% and an Internal rate of return of 85%. Considering the variety of product applications that are planned to follow, this is just the tip of the iceberg.

Fortschritte, die über den aktuellen Stand der Technik hinausgehen und voraussichtliche potenzielle Auswirkungen (einschließlich der bis dato erzielten sozioökonomischen Auswirkungen und weiter gefassten gesellschaftlichen Auswirkungen des Projekts)

The time of SolidCool thermoelectrics is now.
Over a period of 5 years of commercialization and 2 years of development, this investment results in a net present value (NPV) of 7,4 mio EUR, an internal rate of return (IRR) of 85% and a return on investment of 841% (ROI).
This is, however, just the tip of the iceberg. As the heatpump is to be integrated in a far greater variety of applications than the first three considered in its early years of commercialization, exponential growth is not only possible and attainable, but very plausible. As a component supplier, a large fraction of the typical overhead costs are avoided which translates in a relatively high margin of 40% after its first years of commercialization.

The Global warming potential of current refrigerants vary between 650 (R32) and 8100 (R12), where thermoelectrics uses glycol or water to transport its heatload. No greenhouse warming potential, no toxicity and no flammability. Zero.

Thermoelectric cooling is the way of the future. Integrates mass production concept defines a clear path towards that future. Its products have a very strong technical and commercial competitivity and the advantages, inherent to its SolidCool technology, enable an exponential growth and high return on investment.

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