During our Phase 1 Feasibility Study, we analysed the technical, practical and economic feasibility of Foresight for the Maritime industry:
Product development feasibility study
During the Q1 2019 Machine Prognostics (MP) manufactured a batch of 50 sensors at its manufacturing warehouse in Oslo (Norway) with the support of its current manufacturing partner. This sensors batch was used to investigate and demonstrate Foresight technical feasibility by introducing faults in small and large bearings, planetary gearboxes and shafts. The only issues found in the first batch were due to ground noises of the power supply. The laboratory testing demonstrated the good performance of our CIs, which detected all the failures intentionally introduced into the machinery.
To confirm the practical feasibility of the Foresight system with actual machinery, MP together with a major crane OEMs component supplier installed Foresight on a 1 MW High-Pressure Unit used on cranes. During the tests, we shown that: 1) Foresight could be used without data analysis expertise; 2) the information collected of the machinery health data was complete; 3) the installation process was simple and effective, the OEM team was able to complete it without integration problems.
In parallel to these laboratory tests, we performed some demonstrations to different potential end-users, as seen in Figures 1 and 4, in machinery on board vessels during their stay in harbours.
Regulatory feasibility study
Thanks to our collaboration with DNV GL, we started the analysis of the certification under the DNVGL-CP-0484 rule, which had been re-edited in February 2019 to allow the class approval of digitally based service supplier scheme, valid for Oil & Gas and shipping. This is a major milestone for Foresight as it opens the door for class processes without an expert performing all the data processing.
Commercialisation readiness and communication feasibility study
The tests performed confirmed the strategy to start the sales on cranes and progressively grow into other machinery installed on board vessels and platforms. The meetings with the potential customers confirmed this approach, as they have not found a solution to properly ensure the constant maintenance monitoring of cranes, which are critical for many operations in the Oil and Gas (O&G) segment. In order to quantify our competitive advantages, we performed an in-depth analysis of the sector, the main competitors, their solutions and competitive advantages. As the first solution that offers an autonomous machine monitoring solution, Foresight demonstrated manyUnique Selling Points over the competitor offerings.
Financial feasibility study and Detailed business plan
The results obtained by MP during the tests with the major OEM have attracted the interest of potential end-users and other OEMs. The companies that accepted to participate in the pilots have not only confirmed their interest in piloting the solution during the future Accelerator project but also the intention to purchase the system once it is available. In order to ensure the financial feasibility, we met with different investors. In those meetings, investors have seen a great potential in Foresight, but the financial risk for them is still too high. A €70-million-AUM Venture Capital firm has confirmed their interest in participating in the investment round associated to the Accelerator project.
