Report
Teaser, summary, work performed and final results
Periodic Reporting for period 1 - Safe2LPG (Device for safety and security in liquid petroleum gas systems)
Teaser
Integrated Gas Technology ApS ambition is to becoming a major player in the LPG safety regulators market by introducing a new technology that detects and automatically shut-off gas leakages in LPG systems. The company forecasts to achieve total revenues of €116 Million with...
Summary
Integrated Gas Technology ApS ambition is to becoming a major player in the LPG safety regulators market by introducing a new technology that detects and automatically shut-off gas leakages in LPG systems. The company forecasts to achieve total revenues of €116 Million with net profits of €60 Million in five years post project. The present feasibility study represents a key step towards the implementation of our overall innovation project, the primary goal of which is – technical adaptation of the core solution to the different target markets requirements, full-scale demonstrations and product certification in each of the target markets. Through the large number of interviews and meetings with - LPG cartridges/cylinders distributers, OEM LPG appliance manufacturers, licensed appliance manufacturers, whole sellers and gas equipment/accessories stores - the demand for a solution that has the potential to substitute current LPG gas regulators and become a step forward for safety and security standards, was clearly verified. Our analysis shows that our ambitions may be fulfilled if a focused route-to-market strategy is followed.
Work performed
During the reporting period the following was accomplished:
• Completed a market investigation including potential customer interview to detail the various aspects of the customer needs and pricing.
• Completed a competitor analysis - none of competing solutions offer the same high level of safety as the Safe2LPG device.
• Signed up 6 agreements for testing and demonstrations.
• The high pressure safety shield technology was tested and demonstrated.
• A patent search has not uncovered any existing patents that limits IGT’s freedom-to-operate.
• Further development and enhancement of the business plan based on our findings during the feasibility study.
The concept and approach, as well as the impact was validated favourably through the feasibility study. We have concluded that the overall strategic vision should be maintained.
Final results
Safe2LPG’s solution will significantly improve the security against LPG gas leaks. By commercializing its innovative solution, IGT expects the following socio economic impact (Year- Net profits € /New Employees):
2020-3.3M/10; 2021-6.4M/15; 2022-12.5M/20; 2023-16.8M/10; 2024–21.5M/10
Website & more info
More info: http://www.igt-lpg.com/.