Periodic Reporting for period 1 - BioAXOS (A novel cost-effective process to produce prebiotics from by-products of the ethanol industry)
Reporting period: 2016-12-01 to 2017-05-31
The objectives of the feasibility study were to validate the product/market fit of BioAXOS with potential partners and customers, determine a suitable business model, and ensure the scalability of this business model going forward. To fulfil these objectives, three main tasks were carried out: 1) validate the commercial/market feasibility of BioAXOS and its production process, 2) validate the economic feasibility of BioAXOS and its production process, and 3) validate the technical feasibility of BioAXOS and its production process.
At the outset of the feasibility study, Carbiotix had the ambition of assessing the interest of the top ethanol producers and prebiotic distributers/customers in Europe. This ambition was quickly reshaped by a strong interest from one of Europe’s largest ethanol producers. Accelerated due diligence activities through an independent third party laboratory and processing engineering consultant, a thorough examination of the market, IP and commercial risks, as well as onsite pilot trials at a full-scale production site, resulted in a decision to form a joint venture company to commercialise the BioAXOS technology.
The feasibility study confirmed earlier assumptions that there would be significant interest in the BioAXOS technology among ethanol producers and that it could be brought to market at a highly competitive price point. Moreover, that the BioAXOS technology could be efficiently and cost effectively scaled up, while related commercial and technical risks could be adequately managed, if the technology was placed in the right constellation of partners.