A feasibility study has been carried out during Phase 1 project in order to determine the viability of our project from a technical, economical, and market-oriented point of view.
Within the technical feasibility study we have developed and tested a prototype of the motor-driver using EMphiTek technology. We have analysed the results and we have translated them into technical developments needed for EMphiTek to meet the requirements of clients, users and technical performance standards. We have defined the technical developments in our Work Plan for the next 24 months that include the development of EMphiTek technology in synchronous AC motors with permanent magnet technology and in DC brushless motors.
We have also evaluated the market of the electric motor at a global scale, including the analysis of market forces, market trends, competition and market entry obstacles. Our primary research consisted on conducting interviews with a wide range of stakeholders to validate our initial hypothesis. We have also analysed the main market trends of electric motors by application, motor type and geographical region. Besides, we have analysed our two main competitor groups: electric motors manufacturers for electrical vehicles and electric motors manufacturers for drones.
We have analysed our business model and, as a result of the execution of Phase 1, we have concluded that the best strategy is to 1) focus on B2B sales of the electric motors in the short and mid-term. We have conceived a long term business model focused on achieving a joint venture with an electric motor manufacturer. We have also designed clear Business Model Canvas.
Regarding IPR, we have conducted an analysis of the applicable directives/guidelines that EMphiTek technology has to comply. We have started to work with IP attorney VolartPons for trademark registration. As a result of the preliminary study, no identical trademarks can be considered similar. During the execution of Phase 1, we have continued our PCT claim resolution to definitely protect our patent at national level (EU, US, China and Korea). Together with our IP attorney, we have also carried out a Freedom to Operate (FTO) study for the markets in Germany, Austria, Switzerland, Italy, France, Spain, the UK, the US, Japan, and China. Even though some patents have been identified with similar characteristics or close to those of EMphiTek technology, the FTO concludes that our technology does not incur in any relevant patent infringement.
Within the execution of the Phase 1, we have also developed our commercialization and financial plan with a clear go-to-market strategy. We will rely on our own sales force in Spain, France, Germany, Italy, the UK and Switzerland, combined with distributors in the rest of Europe and especially in Asia and North America. We plan first expand our solution in Europe by 2023. By 2024 we expect to enter in Asian market and by 2025 the USA market.
Finally, we have defined a detailed work plan (and respective contingency measures) to be further implemented (expectedly) in the EIC Accelerator Pilot Project.