There are 65 million people living in 58 small island developing states (SIDS) around the world. Collectively they are forced to burn more than 351 million tonnes of diesel every year (enough to fill about 165,400 Olympic swimming pools). Generating electricity in this fashion is massively polluting, noisy, creates illness amongst users and extremely expensive.
Our client has developed a unique solution to address this. By combining both wave and solar power in the same adaptable system, their product will enable these SIDS to become energy independent – without using a single square foot of land. Through their innovative approach, they were able to decrease the levelized cost of electricity by up to 52% whilst increasing power output by 137% when compared to traditional floating solar products such as the Swimsol’s SolarSea ®.
After speaking with many communities from the Maldives to French Polynesia, they’re confident that this is the solution that they’ve been yearning for.
The current team comprises 3 Imperial College Graduates on a Full-time basis, as well as 4 PhD/Research Postgraduates working on a Part-time basis in areas related to their main specialization. The team is supported by the Imperial Entrepreneurship lab and 3 specialist advisors.
The technology has been reviewed by patent lawyers for freedom to operate, and it is felt highly likely that patents in two or three areas can be registered.
The company is headquartered in the UK, and it is currently working out of the Imperial College South Kensington and White City Campuses.
It is looking to strengthen its Board with the appointment of up to four Non-Executive Directors / Advisors to contribute their knowledge, experience, and networks to the growth of the company.
The Non-Executive Directors will be encouraged to become shareholders in the Company to align their interests with those of the existing Directors and shareholders.
Business Concept:
- Using our modular approach, it is possible to easily and efficiently create a bespoke array to fit each Island’s energy needs. These arrays could then be sold directly to wealthier islands with savings creating a RoI in approximately 5 years. After the sale, a monitoring fee would also be charged proportionally to the capacity installed.
- Leased in 20+ years agreements as a zero-investment option, which would suit the needs of less wealthy islands looking to move away from diesel whilst saving money at the same time.
- The business model will therefore be centered around the sale and lease of the technology, as well as installation monitoring.
Market & Opportunity:
Ultimately, our product could have a tremendous impact on any community with access to shore and pre-existing grid. However, we’ve identified the following markets as those with the most potential:
- Early Adopters: The Maldives ($589m)
- Maldivians have had universal access to electricity since 2008 but imports more than 700,000 metric tons of fuel (corresponding to $589m at $0.3 kWh). Currently the market generates + 1b kWh of energy provision for 540,542 households across 188 inhabited islands, 132+ resorts, and 1.3m+ tourists. Our service obtainable market is the renewable energy segment, which currently only accounts for 4% of generated energy, therefore, significant growth potential to replace the 320+ diesel-based powerhouses.
- Primary Market: SIDS ($409B)
- Over 65 million people live on 58 Small Island Developing States (SIDS) around the world. Collectively they use up approximately 1.3 Trillion kWh - +90% of which comes from diesel.
Investment Proposition:
Our client is seeking £150,000 funding to match the Energy Catalyst Round 9 Mid-Stage grant for which an application has been made (total consortium budget of £812,083).
- SEIS scheme advanced assurance submitted
- Main priorities for 2022/23
- Refine current prototype design
- Experimental and wave basin testing of the system with University of Plymouth COAST Laboratory.
- Paid pilot deployment in R. Ungoofaaru – Republic of the Maldives (already lined up with MoU in place)
Four Non-Executive Directors / Advisors Criteria:
We are seeking four Non-Execs with the following expertise:
1. Commercially oriented Director; with broad experience of Sales and Marketing. Either experience and senior contacts within large hotel and resort chains, or knowledge of energy generation offshore.
2. Head of Legal; we expect significant legal input in the areas of trading contracts and PPA agreements, so would seek an experienced legal professional to provide input in this area.
3. PR and Social Media; develop our brand and exposure both to potential clients and to Governmental institutions to support this significant change in energy production
4. Supply chain: we require the support of a supply chain, logistics and manufacturing expert to oversee the creation of those functions in the business and ensure solution deployment is of the highest standard.
- Any NEDs / advisors appointed will be prepared to contribute their time and experience, until in-house full-time staff are gradually appointed. The NEDs can expect to take a significant advisory role in the appointment of senior AEON staff.
- The incoming Non-Executive Directors/ advisors will be encouraged to become shareholders with a minimum investment of £25k in the Company to align their interests with those of the existing Directors and shareholders.
* If grant funding is not awarded in this round of the Energy Catalyst, we will resubmit our full application, completed with the help of a leading UK R&D funding Consultancy, to both subsequent energy catalyst rounds and any other calls for which we are eligible (e.g., EU Horizons Grants). We will continue developing and testing our technology in partnership with COAST Lab to fulfil our pilot agreement for R. Ungoofaaru
Closing Date for Applications: 14th October 2022
