We develop hydrogen fuel cell based electrical generators for yachts, sailing boats, drones, military and various other markets. Our go-to market is yachting and we are almost ready to enter the market. These generators will replace batteries and diesel generators and will provide clean energy at demand without any emissions, noise or smell.
5th gen prototype is ready and being tested (alpha testing). We have first paying pilot customers and the first products will be delivered in June.
Our go-to market is sailing and yachting market, because this market segment has shown a lot of interest in a product such as ours and these customers are less price sensitive. Afterwards we can easily expand to recreational vehicle, military, drone, electric vehicle and other markets, where back-up power is required. Our biggest market will be refrigerated transportation market.
Problem or Opportunity
Diesel generators and batteries have been the main source of back-up power for far too long. They contribute to a great deal of pollution and must be replaced with a clean power source. Furthermore, diesel generators are noisy, heavy and require regular maintenance, which provide a negative user experience.
Solution (product or service)
For the past 3,5 years, PowerUp has been developing next-generation hydrogen fuel cell based electrical generators. These generators are zero-emission, silent, lightweight and reliable.
1) Efoy Comfort 210;
2) Hydromax 150.
Efoy has sold over 50,000 units. No data is available about Hydromax.
Advantages or differentiators
Our product is the first to use pure hydrogen gas, hence it is completely emissions free.
Our product is the most compact and specialised on one market segment at a time.
Our CEO has over 14 years of experience in fuel cell research.
Our product can replace batteries and diesel generators fully, but competitors products only replace diesel generators - their products are designed to recharge batteries.
Manufacturing cost per unit is approximately $3800 and price per unit is $10,000. In the next 5 years we plan to lower the cost by economies of scale to $5000, which would speed up market penetration for other market segments, meanwhile maintaining at least 30% margin.
Our business model is B2B and B2C and our sales model is direct sales.
Money will be spent on
IP management and product certification
Setting up production line
Company's future is dependent on investment. Other risks include entrance of new competitors and lack of hydrogen infrastructure.
Incubation/Acceleration programs accomplishment
SkyDeck in California (finished).
EstLat Accelerate in Estonia and Latvia (finished)
ESA-BIC in Estonia (member since 2017)
Climate-KIC in Estonia (member since 2017)
Won the competition and other awards
New Promising Innovation 2017 and 2018;
Finalist at Tech Plan Demo Day in Silicon Valley;
One of the winners at "I am a UC Entrepreneur" contest;
TOP30 team in Brainhunt (Ajujaht) contest;
Runner-up at PowerUp! by InnoEnergy country finals;
Special award from Tartu city government at Kaleidoskoop;
Winner of A Pitch in Finland
TOP 6 in Hello Tomorrow Global Summit