Photo - Next-generation hydrogen fuel cell generators
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Next-generation hydrogen fuel cell generators

Estonia
Market: Transport, Electronics, Drones
Stage of the project: Prototype or product is ready

Date of last change: 05.05.2019
Min investment
$  25.000
Total required
$ 300.000
Rating
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Idea

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.

Current Status

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.

Market

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.

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 2,5 years, PowerUp has been developing next-generation hydrogen fuel cell based electrical generators. These generators are zero-emission, silent, lightweight and reliable.

Competitors

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.

Finance

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.

Business model

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
Employee motivation

Offer for investor

10% at 3M valuation

Team or Management

Risks

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

Invention/Patent

PCT patent filed. New patents about to be filed

Photos

Photo 1 - Next-generation hydrogen fuel cell generators

Website address

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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
Website address