During the Phase 1 of the SME Instrument, Nuventura successfully performed a deeper analysis of the technical and business feasibility of its gas insulated switchgear technology. In particular, focus was given to the development of a new variation on their current switchgear technology that will be applicable for a higher current rating (up to 2500A instead of 1250A). They believe this to be a market viable product (as confirmed by real user needs) which soon will be ready for commercialization.
Nuventura have confirmed and validated the problems that they intend to solve with their unique switchgear technology. They have also verified that there are no comparable competing solutions. During the Phase 1, Nuventura also better assessed the improvements that could be implemented during the technology’s industrialization phase which would lead to a reduction in production costs. This was significant as it demonstrated a feasible pathway from the current prototype stage, to commercialization. The current commercialization process has established strong foundations, which, at a later stage, can be adapted so as to allow for a rapid scale-up.
Nuventura has prepared a draft product development plan for a dry-air, MV GIS for a higher current of 2500 A. In so doing, the main objectives of such a technical development and the resources required, have been highlighted. The direct costs of the pure product development over 2 years is estimated to be around €2.242 M. Several stakeholders have been engaged, and their interest in the product’s development has been confirmed.
During Phase 1, Nuventura comprehensively assessed the industry, the gas insulated switchgear market and its current trends, and also continued to scout and talk to potential customers which include larger Tier 1 manufacturers as well as smaller Tier 2 companies. The focus during commercialization will be on the European market. Its increasing focus on sustainability, favourable market prices and the regulatory situation make it suitable for market entry. This will lay the groundwork for later commercialization at a global scale.
Nuventura has produced a forecast of its organizational growth for the next 5 years, as well as prepared financial projections that foresee for 2024 a revenue of €9.4m and a gross profit of € 5.9m.
Overall, Phase 1 provided the time and resources required to undertake in-depth market research, and to better understand the use cases of the switchgear technology. Moreover, dozens of discussions took place with potential stakeholders, based on which Nuventura was able to better define the objectives and the next steps. In summary, Phase 1 convinced Nuventura’s management of the viability of expanding their product range with new technologies. The product development of these new technologies will, hopefully, be conducted with the help of Phase 2 of the Horizon 2020 grant scheme
