Smart, energy efficient air-condition

ended

Air-conditioning is a vital technology in many regions to ensure comfort, health and productivity but it consumes a lot of electricity and is thus expensive and environmentally harmful if fossil fuel-based electricity is used. Commercial chillers used in large buildings, such as hotels and office blocks, account for more than 30% of installed a/c capacity worldwide. However, the technology used is static and dated: it chills the water to a very low temperature so that it can cope with extremely hot weather, irrespective of the actual prevailing conditions. Keeping the chiller water colder than it needs to be leads to excess electricity consumption. Elencon has invented and developed a unique plug-and-play technology: using IoT sensors and machine learning, the system analyses a building's thermodynamic map and usage patterns and combines this with hourly weather forecasts and dynamic electricity pricing to set the chiller water to an optimal temperature, which is almost always higher than current set minimums. Prototype trials have shown that this reduces electricity consumption by 25 - 35%. In the case of one of our trial customers, a hotel in Tel Aviv, this translates into savings of € 70,000 p.a. The energy savings increase with the installed cooling power and frequency of use, which means that users of facilities with high cooling requirements save the most. We believe that our serviceable addressable market in Southern Europe and Israel is worth hundreds of millions, and that the global market is worth billions. Our technology is at TRL 7 and we've validated a shared savings model e.g. with large hotel chain, as well as with distributors in Israel, Italy and Cyprus. With our Phase 1 project, we aim to develop the most suitable go-to-market strategy, ensure can serve key-segments and prepare for productizing our technology.