During the Feasibility Study, we carefully assessed the technical, commercial and financial feasibility of our innovation project, and fine-tuned our roadmap to introduce our breakthrough product to the offshore wind market.
From the technical side, we analysed the features to be improved in our offshore prototype and finalised our product development plan to advance A2MIRO to TRL-9. We established partnerships with key players in the offshore wind value chain, creating an additional route to market for our product.
We carefully analysed the offshore wind market and identified the key drivers that will fuel the adoption of our product from the industry; based on this we fine-tuned our commercialisation strategy. During our market analysis, we identified a great alignment between A2MIRO offering and the efforts of the wind industry to reduce the cost of offshore wind. To this end, we identified that A2MIRO’s fully automated inspection will translate to more than €14 million in cost savings for the European offshore wind industry. At the same time, A2MIRO will greatly improve the safety practises in offshore wind O&M, one of the pain points of the industry. To ensure that A2MIRO does not infringe the intellectual property rights of others, we performed a thorough patent search which confirmed our Freedom to Operate with A2MIRO commercialisation. In addition, our competition analysis revealed the advanced offering of our solution and confirmed our strong lead over the competition.
During our financial analysis, we carefully calculated the funding needed to advance our product to TRL-9 and we projected our sales revenues due to offering our services for 2022-2026. Based on conservative assumptions, we identified that A2MIRO commercialisation will boost our growth, generating 13 new job positions in our company. Hence, we took the decision to further invest in advancing our prototype to a fully-ruggedized offshore inspection system and swiftly launch it to the market.
