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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - SmartSense (New Method of Magnetic Field Integration and its Smart Grid and Industrial Applications)

Teaser

Summary

Due to massive growth in the use of electric equipment and worldwide increase of the electricity distribution/consumption, the interest in sensors for electric current metering, particularly in high voltage, high current levels, has increased significantly over the last decade. Currently used optical sensors are too expensive for most of industrial applications due to special optical fibers and highly sophisticated optical instrumentation. In order to implement future smart grids the current key players are requesting full integration of metering in smart distribution systems with independent communication, highest accuracy, simple installation, low operational costs, high interoperability and mechanical flexibility, broader field of applications, remote diagnostics, and the strictest safety standards.

The effort aimed at renewable and clean energy production in Europe has led to more distributed energy sources like wind and solar power systems. The properties of such distributed system are significantly different compare to existing static power network. The local power systems generate an increase in harmonics on the waveforms. With rise of renewable energy sources necessity of energy storage and management is increasing as well. The first generation of measurement systems installed in the European power network is getting old and the systems are being replaced. There is therefore a need to ensure that appropriate technology is available that enables reliable and robust control and billing in future power networks.

The main objective of the feasibility study is to prove technical, commercial and financial feasibility for new Method of Magnetic Field Integration and its Smart Grid and Industrial Applications. The study is composed of three main parts: technical viability, commercial viability and economic viability, incl. financial and business plan. Main goal of the overall innovation project (SmartSense) is to test, validate and prepare necessary preconditions for commercialisation of innovative and high added value complex system developed on the basis of new breakthrough method of magnetic field integration invented and patented by APPLIED PRECISION. The result will be production of novel electric current sensors, respective measuring devices and test systems including the information pre-processing and large scale respective data distribution.

Work performed

In order to prove viability of the SmartSense concept, APPLIED PRECISION implemented a set of activities in the field of (1) technical feasibility â€“ definition of the final product for different stages of market introduction, evaluation of technical resources, availability of all inputs (quality, transportation, substitutability and prices), exploration of potential for market replication, proposals for final design, branding and visuals of the product, technical risk assessment, (2) commercial feasibility - evaluation of the market trends, market situation & trend analysis, influence of cooperation with top customers in order to fine-tune the concept on the customersâ€™ needs (quality and quantity potential), selection of reference customers for validation and early adoption of the product, evaluation of the other market exploration, pricing and promotion strategy, distribution/selling opportunities, type and geographical territories of IP protection and preparation of the IP strategy, commercial/market risk assessment and (3) financial feasibility, incl. business and investment planning. The feasibility study was implemented from February to July 2017.

Final results

The feasibility study has confirmed the decision on introduction of new product(s) based on innovative and patented method into international markets. The study is proposing the plan for next activities for product development, testing, validation, scaling up as well as intellectual property protection, branding and market introduction (initial introduction and market replication). Future reference customers that will be involved in validation of new products in real operation environment have been chosen among potential clients and will be involved in Phase 2 activities. Discussion with clients confirmed new product concept anticipated in the study and proposed new additional features. APPLIED PRECISION has participated in several international missions during the project implementation that resulted in decision on updating the business strategy, diversifying the product portfolio and entering to additional markets. Three day coaching session has significantly contributed to increasing internal competences in strategy settings in the area of product development and sales.