Periodic Reporting for period 1 - SAB (Fully integrated solution to both monitor and control indoor air quality thanks to a network of inbuilt sensors array combined with an AI driven management of the HVAC system)
Reporting period: 2019-11-01 to 2020-02-29
HVAC units are essential systems to ensure proper air quality in buildings. Yet indoor air quality is often worse than outdoor air quality. Furthermore, buildings are estimated to be responsible for 40% of all of the EU’s energy consumption. Building managers therefore need to find a cost-effective way to improve indoor air quality while at the same time reduce HVAC energy consumption to adhere to the EU’s targets within the Clean energy for all Europeans package. To meet this demand, Airboxlab is developing the Smart Air Building (SAB) system, a sensor array with Artificial Intelligence and Deep Learning capabilities. Our solution will be coupled with a Building Management System (BMS) to offer users a complete HVAC optimization solution that will enable improved air quality and reduced energy usage. During the Phase 1, our objectives were to evaluate the technical, commercial and financial feasibility of our SAB system to ensure its successful commercialization.
We have confirmed the required technical upgrades needed to finalize the development of our SAB system, including the required testing and evaluation to confirm its functionalities. We have also defined our industrialization and project execution plans to bring our solution to TRL9. We have conducted a Freedom to Operate assessment, updated our IP management strategy and identified the required certifications. We have also defined our exploitation and commercialization plan, and our dissemination and communication plan to ensure its successful commercialization. And finally, we have updated our business plan, established the budget for our SAB Accelerator project, as well as estimated our financial projections for the 5-year post project period.
Aging buildings are prone to poor indoor air quality and inefficient energy usage because of the ineffective utilization of HVAC units. By optimizing current systems through the implementation of our SAB system, our customer base will be able to meet the comfort expectations of users. It will also allow them to minimize their total energy consumption and thereby adhere to the EU’s energy targets for commercial buildings. Our solution will be retrofitted into existing building infrastructure, further lowering installation expenditure and maintenance costs. Our expectation is to have a fully mature system by 2022, and ensure a cumulative revenue of over €50 million and a cumulative profit of almost €10 million through the first 5 years of commercialization.