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Cleanoventions, a start-up by students of IIT Kharagpur, offers a unique product "SolarEX", which harnesses the entire spectrum of the light giving an efficiency 44% compared to 10-12% in Solar PV and 25% in CSP technology. It also provides safe drinking water along with power generation, making it of utmost utility in rural India where millions of dollars are spent by Government every year for kerosene subsidy and safe drinking water.
We have won 4 national and international level B-Plan competitions till now. We won empresario( http://www.ecell-iitkgp.org/winners_emp.php) and received 2 lakh rupees cash prize money by Mahindra Rise. We were awarded the most promising technology award in Concipio and IFC((http://indialogues.in/WinnersBusiness_Overseas.htm ) among 14 teams all over the world. Our customers are rural individuals who don't have access to either electricity or safe drinking water. We plan to sell the power generated to Government of India in on-grid areas first and then move to selling individual products in off-grid areas. We plan to license the technology to other geographies so that they would benefit from the innovation.
Our core strengths lie in a cheap technology with experienced mentor backing. The product is thrice efficient and we have filed for intellectual property. We are being mentored by Dr. Harish Hande, the CEO of Selco, leader in solar market in India.
Cleanoventions plan to establish 500 setups in an area. With a really low payback period of 13 months as compared to the 6-7 years of solar industry, each area is estimated to have Net present value of INR 29 million with a conservative life cycle estimate of 10 years.
Cleanoventions plans to target 10 areas per year (10 MW/year). Based on the size of our market and our defined market area, the break-even will take place in 13th month and the profits in the 2nd year of operation would be INR 58 million. Profits will further grow to INR 118 million and INR 175 million in 3rd and 4th year of operation subsequently.
With states being mandated to purchase certain energy from renewable methods and the percentage being increased, there is immense potential for the idea to grow. This also makes it a low-risk investment area. The total investment required for the implementation is INR 50 million with which Cleanoventions believes to bring light in millions of lives across the world.