Periodic Reporting for period 1 - PetroRov (A multipurpose solution for high resolution soil and sub-soil mapping)
Reporting period: 2019-12-01 to 2020-03-31
Soil mineralogical composition is important for a wide range of sectors such as agriculture, environment monitoring and mining activities. Existing data collection and geochemical techniques are time-consuming, expensive, ineffective, and non-reliable due to the necessary transfer of samples to the laboratories. In this context, we have developed PetroRov, the first instrument for soil analysis that collect samples and analyses them in real-time directly in the field thanks to the unique combination of our proprietary hardware and AI software. The overall aim of the project is to take PetroRov from its current TRL6 (first prototype developed and tested) to TRL9 to successfully reach the market in 2022.
In this Feasibility Study, we have analyzed the implementation of PetroRov. We have carried out research and analyses concerning various fields: Technical, Commercial and Financial Feasibility.
Technical objectives achieved: analysis of the different elements that each application of PetroRov will require; analysis of the latest technical advancements and plan for integration, testing and validation of PetroRov with the definition of the Work Plan (tasks, timing and resources) to be followed for the required future improvements; Lifecycle Assessment Plan.
Commercial objectives: analysis of our market (Soil Testing Equipment), our positioning in it and competitors. Definition of our customers and end-users, our current position and the strategy to reach them. Update of our FTO analysis and definition our IPR strategy; analysis of the regulations that PetroRov will have to comply with to achieve the CE mark.
With all these tasks in combination with a deep financial projection analysis, we have established a clear business plan to be followed to reach the market in the next 24months.
Technical objectives achieved: analysis of the different elements that each application of PetroRov will require; analysis of the latest technical advancements and plan for integration, testing and validation of PetroRov with the definition of the Work Plan (tasks, timing and resources) to be followed for the required future improvements; Lifecycle Assessment Plan.
Commercial objectives: analysis of our market (Soil Testing Equipment), our positioning in it and competitors. Definition of our customers and end-users, our current position and the strategy to reach them. Update of our FTO analysis and definition our IPR strategy; analysis of the regulations that PetroRov will have to comply with to achieve the CE mark.
With all these tasks in combination with a deep financial projection analysis, we have established a clear business plan to be followed to reach the market in the next 24months.
PetroRov works in complex areas with a very high precision and a very high number of soil samples analyzed in real-time in the field. It does not require high skilled personnel to be operated and the sample analysis is done independently from the person in charge. PetroRov overcomes all existing solutions limitations and will allow its end-users to have much more precise data in a shorter period of time at a lower cost for the implementation of smart farming techniques, among other applications. We expect to have over 500 PetroRov units operating across the EU by the fifth year of commercialization, which means a cumulative revenue of €42.7 million and 20 new job positions.