Periodic Reporting for period 1 - PRIMESYST (PRecise Instrument MEtering SYSTem)
Reporting period: 2019-08-01 to 2019-11-30
In the fluids metering and dispensing sector, customers have to deal with unprecise measurements ending in fraudulent readings; to solve this, the EU Measuring Instrument Directive was introduced, a Directive to which every vendor has to comply. Additionally, most of the available technologies in the market discharge the generated gases into the atmosphere, creating flammable sensitive zones and thus increasing the risk of damage both for the population and for workers; PRIMESYST solves this problem by re-injecting the generated vapours into a tank. Finally, the industry is demanding more advanced solutions in order to allow for predictive maintenance, automation of operations and process control. PRIMESYST project overall objectives are; upgrading the operating parameters, design of an integrated data collector + analysis software (equipped with a set of sensors), validation and scale-up of the production process, full certification of our product, and the creation of the commercialization plan.
PRIMESYST is the next step forward in terms of technology development from our last project Referee, meaning that our technology is demonstrated to work at an industrial level (with Referee we made the first fully certified fluid metering system in the market). In this project, we managed to achieve a first upgrade of the operating parameters for flow rate, pressure, protection grade and precision grade, and created a conceptual design of our innovative integrated data collector + analysis software. A market analysis and commercial assessment was also performed, showing a rapidly growing market, limited competition, and no IP conflicts. Finally, the financial plan confirmed the viability of the project with affordable risks, potential partners and investors.
PRIMESYST will provide 30% drop in fraudulent activity related to measuring fluids, 50% cost savings and 75% time reduction in fluid-handling machines maintenance and will improve air quality in customers facilities thus, health of the customers and employees by the re-injection of the produced flammable gases into a tank. By the introduction of our software + sensors, PRIMESYST opens a world of possibilities in this sector like predictive maintenance, process control, automated operations, inventory and sales reports generation, performance monitoring and exception-based surveillance (EBS). PRIMESYST also supports employment creation as this project will generate 30 new skilled jobs.