GloWARM is developing a circular zero-emission microscale (< 50 kW) combined heat and power system based on storing renewable energy in iron particles. We store renewable energy (available in TW scales worldwide) in micro-size iron particles by reducing iron oxide into iron using green hydrogen (from water electrolysis or decomposing ammonia). Then, we burn the recycled iron powder in our Iron-Power Micro Combined Heat and Power System to simultaneously produce heat and power for small industries and residential purposes. At GloWARM, we believe that the TTT’s business development ticket has helped boost our activities in exploring the commercial potential of our invention.
Using the ticket, we have developed our business plan and performed a techno-economic assessment of the technology.
We purchased market analysis reports, conducted various interviews, and interacted with our potential customers and competitors. We participated in green energy conferences to present our technology.
We are considering possibilities to attract interested investors towards our proposed concept. Indeed, we believe that meticulously developing a business plan based on the funds received would make our following applications for further fundraising much more attractive to potential investors.