Report
Teaser, summary, work performed and final results
Periodic Reporting for period 1 - Hybrid S-TORQ (NORDIC DRIVING - SOLUTION FOR TRANSPORT)
Teaser
Numerous conditions can affect a person’s ability to walk unassisted and severely limit their independence and quality of life. Patients in rehabilitation and the elderly are two groups with specific need for innovative solutions to join mobility and exercise in a way which...
Summary
Numerous conditions can affect a person’s ability to walk unassisted and severely limit their independence and quality of life. Patients in rehabilitation and the elderly are two groups with specific need for innovative solutions to join mobility and exercise in a way which is practical, safe and fun. At Torqway Company Ltd. (www.torqway.com) we have created a new category of personal transport: Nordic Driving, using levers to power the vehicle from a standing position. Hybrid S-TORQ consists of a platform with two front wheels and a pair of smaller rear wheels. The back and forth movement of the extensible levers attached to the front wheels propels the vehicle forward. Thanks to the innovative gears mounted inside each driving wheel every lever movement is productive in powering the vehicle forward, reaching a speed of 12 km/h compared to human preferred walking speed of around 5 km/h. The overall goal of Hybrid S-TORQ Phase 1 was to demonstrate technological and business feasibility of the project.
Work performed
Our detailed feasibility study covered following tasks:
Task 1: In depth market analysis of the e-vehicles market in Europe and Partner search
We have performed detailed market study, including market segmentation and market size quantification and interviews with potential end users and product distributors. Market adoption of the hybrid S-TORQ was confirmed. What is more, we have selected potential partners for the future commercialization and started business relations.
Task 2: Perform operational and technical feasibility study
We have measured all costs, mapped benefits and analysed significant internal and external factors from business perspective. IPR strategy was updated, including safety certifications required for all electric vehicles. Also, different electric propulsion scenarios were checked and the optimal one was selected.
Task 3: Create an updated business plan
Based on the results of the aforementioned tasks, a business plan was developed. Key partners, customers segments, sales channels, pricing strategy and sales objectives were presented. As the project is feasible, it includes a detailed marketing and commercialization plan.
Final results
Phase 1 execution proved that hybrid S-TORQ project is feasible and has a great business value. Therefore, we plan to continue development of our product to offer it on the market just after Phase 2 completion. Hybrid S-TORQ will satisfy needs of the most demanding customers by improving their health. What is more, as ecological vehicle, it will enable them to care for the environment. It will bring huge added value especially to the people in +55 age group. Aging population is perceived as a problem in many countries, especially in Europe. Because of that we aim our product at mature people to turn their attention to taking care of themselves through outdoor activities. Our innovative vehicle dedicated to seniors provides them with a new, interesting, fashionable and activity encouraging product.
Website & more info
More info: http://www.torqway.com/.