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Enerdrape sàrl

The thermal panel for underground

Switzerland
Market: Real estate, Building
Stage of the project: Prototype or product is ready

Date of last change: 14.03.2023
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Idea

Enerdrape has developed the world's first geothermal panel technology that allows to turn any kind of underground spaces into renewable energy sources for the heating and cooling needs of buildings.
Enerdrape patented solution helps energy professionals and building owners with the energy transition and decarbonisation of their assets.

Current Status

Presently, the underground car park product line has been conceptualised proof-of-concept validated with first pilot installation executed (TRL-7). Enerdrape has successfully pre-industrialised its Minimum Sellable Product (MSP) for its market penetration. Go-to-market strategy consists in finalising supply-chain set up and product full-industrialisation while developing the market with flagship projects with key partners/clients in order to acquire necessary references, lower the risk for future clients and convert actual leads into sales.

Enerdrape is logging first paying customers, one paid-commercial installation is currently under installation with one of the main food retailer actor of Switzerland and more than 10 projects are currently in definition.

Market

Focusing first on underground garages applications as entry market, a Total Addressable Market (TAM) of 10 BCHF in Europe was evaluated based on current parking assets in Europe. For unit sales only (not considering associated services) a Serviceable Obtainable Market (SOM) of 100 MCHF in Europe only, corresponding to a 5% market share was evaluated. Considering engineering services, SOM top up to 200 MCHF. 50 MCHF represents the potential of the entry segment i.e. commercial and mixed assets.

Emerging growing market segments cumulating a TAM of 100 BCHF have been identified for the future for other applications in underground stations and tunnels, driven by the growth of thermal network development within cities. Market segments that would be targeted in a second phase of commercialization.
Customer segments are (i) building owners and real estate developers (ii) construction companies and architects (iii) heat pump manufacturers and distributors (iv) heat pump installers, energy contractors or Energy Contractor Procurement (EPC) companies. Energy contractors or EPCs have been identified as key partner and client for sales scaling considering that they can be both payer and user, are active in both new construction and renovation segment and are privileged sub-contractors of building owners, developer and construction companies. Heat pump manufacturers/ distributors as well as construction companies/architects are identified as ambassadors of the technology, directed marketing and solution education would be required to accelerate solution adoption. Buiding owners/real estate developpers are identified as direct end clients.

Problem or Opportunity

Today’s environmental crisis urge the building sector decarbonisation, especially in urban areas and cities where urbanisation growth, renewable energy supply and environmental objectives are on the big agenda. In particular, responsible for 80% of buildings’ energy demand and for 40% of its greenhouse gas, supplying sustainable heating and cooling is a growing concern [EU commission,2016].
Lack of scalability of the existing systems as well as technical complexity limits access to renewable heat sources especially in dense and built areas. This limits renewable systems (e.g. heat pumps) market penetration and constraints energy professionals and building owners seeking for solutions to comply with political and corporate goals.

Solution (product or service)

Enerdrape turns any kind of underground infrastructures into renewable heat sources for the heating and cooling needs of buildings. Based on the first available modular, scalable and easy to install geothermal panel allowing to capture renewable thermal energy from indoor underground environments. Enerdrape offers a unique cost competitive and easy-to-install low carbon solution to energy professionals and real estate owners to fulfil their goals.

Competitors

Competing solutions includes other heat pumps systems (geothermal, aerothermal, water-based) and other renewable heating/cooling technologies. Enerdrape panel solution offers a clear advantage, such as scalability to many building contexts, ease of mounting, cost-effectiveness and customisation/architectural integration.
Competing companies (Rehau, Uponor, Kigo) providing prefabricated heat exchangers products focus and have developed their expertise uniquely on conditioning applications and other uses cases.

Advantages or differentiators

Enerdrape’s novel heat exchanger panel
- facilitates installation and maintenance
- is applicable to both new and existing constructions
- saves up to 80% direct CO2 emissions
- has a ROI of 6 to 8 years (100 CHF/m2 selling price) with a lifespan of 25 years
- provides added-value to assets and environmental innovation as a marketing argument

Finance

A price of 100 CHF/m2 per unit or 1’000 CHF/kWextracted is expected (including supply and installation), corresponding to a projected gross profit margin of 60%. Revenue from the various product lines and associated accessories are expected to be the main revenue streams. Additional recurrent revenues such as maintenance contracts, CO2 credits emissions and commissions from advertisement on the panels are also envisioned to diversify the company revenue model.

Business model

Acting as the ‘solar panel of underground’, Enerdrape follows a B2B model, selling its panels and associated engineering services to energy professionals and/or building owners.

Considering the industry and the B2B business model, the planned sales strategy resorts on the implementation of a certified partner network for the distribution and installation of the solution.
During the pilot phase, direct sales and marketing will characterise project acquisition. Starting from 2024, indirect sales through partnership agreements for implementation will allow scaling and revenue growth.
Starting from 2025, revenue from indirect sales through a network of certified partner is expected to account for 50% of sales in 2025 to 70% in 2028. Large and multi-national implementation partners rather than isolated and small businesses are primarily targeted, which is justified by their surge for innovative solutions and ongoing innovation surveillance as well as customer segment developments.

For overseas expansion, partner and distribution agreements will be first privileged, eventually sub-licensing to a local manufacturer might me envisioned in specific regions.

Money will be spent on

Money will be spent on:
- hiring key missing talents and grow the team especially in the domain of sales and engineering
- r&d investments, in particular third-party services, material purchases and certification services
- first sales and project developments
- fund the operation line of the company

Offer for investor

We are looking for a pre-money valuation of 5.5 M EUR

Team or Management

Risks

The greatest risk associated with our business today are third party dependence and market penetration in a quite conservative industry with established players. Demonstration projects with key market players will be developed to overcome the latter and gain trust among the sector.

By diversifying the heat source of already existing heat pumps technologies, enerdrape panel technology diversify the revenue streams of both heat pump installers and manufacturers without entering in direct competition with their solutions. Specific product features and expertise associated to underground environments conditions will lower the risk of competition among traditional heat exchanger manufacturer.

Our biggest recognized opportunities include the growth of favorable legal framework and incentives introduced in response to climate urgency.

Incubation/Acceleration programs accomplishment

2023-2023 Urban-x , US
Venture KICK, 2020-2021

Won the competition and other awards

TOP 3 Climate Launchpad 2019
Venture KICK Stage 3 winner, 2021
PERL 2022, Winner
Most promising startup of 2022, KPMG
Devigier Award TOP 16, 2022
Grand Prize Winner venture competition 2022
Prix SUD, startup durable 2022
Innovation Award, RENT Switzerland 2022
Satrtup Days Pitching battle, 2022

Invention/Patent

The Intellectual Property (IP) held by enerdrape consists of a patent for a heat exchanger module and methods of using thereof (PCT/IB2020/052865, by Lyesse Laloui and Alessandro Rotta Loria). The patent protects the invention in the European Union, the United States of America, and Canada. The patent has been filed through the Technology Transfer Office of EPFL, is in national phase and enerdrape holds an exlcusive license.

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Presentation