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Session Overview
-------------------------------------------
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Masterfilter
1. MASTERFILTER solves the biggest
maintenance issue with
offshore wind turbines
Paul Clark
Managing Director
Email: paul@masterfilter.co.uk
Website: www.masterfilter.co.uk
Twitter: @_masterfilter.co.uk
Tel. 01945 781300 / 07429 696742
2. • Eneco replacing 24 to 40 gearboxes shortly
• All 364 E-On wind farm turbines are out of warranty
Gearboxes on offshore wind farms fail at an alarming rate
“The contaminants are
usually materials such as
sand, rust, chips from
machining, grinding dust
and splatter and debris
caused by wear.
Unfortunately, most of
these particles cannot be
filtered out of the
lubricant.”
https://interstingengineering.com/factors-wind-turbine-gearbox-failure
3. • MASTERFILTER keeps a good gearbox in a serviceable condition
for a vastly extended period.
• Replacement 5MW offshore wind turbine gearbox = $632,000!
320,000 turbines
3500 turbines
Enhanced patent application for Europe and the U.S. pending
Prevention is better than cure
6. - MASTERFILTER: Alan Roper; Chairman & R & D
Paul Clark; MD & GM
Alex Lawrence-Berkeley; NED & Investor
(Fill following key positions post funding: CFO & Sales)
- Collaboration: Dr Maria Kogel – Brunel University
& Validation Dr Paul Helier & Prof. Niccodoupolis – UCL
Dr Alasdair McDonald – Strathclyde University
- Future Consortium:- The Welding Institute, Brunel University, Kingston Computer
Consultancy Ltd, Innvotek Ltd & Dashboard Ltd.
(Applied for £2M to develop MASTERFILTER from a component to an
autonomous system. Determination 15/12. We effectively fund 5% of total).
- Rejected but will apply again Q2 2018.
Team
7. Assumptions:
- We focus on offshore wind turbines initially
- We move into onshore sector end 2018
- We move into automotive sector late 2019. This is very conservative
- Nothing assumed for autonomous MASTERFILTER system – All
upside!
- Participating in Global Business Accelerator Programme US Offshore Wind - April
- Begin laboratory testing at Strathclyde University Q2 2018
- Begin field tests Q2 2018
- First sales Q3 2018
0
50000000
100000000
150000000
1 2 3 4 5
Income 2018 – 2022 (£)
Income
Milestones & Income
8. We are looking for £185,000 in two tranches at a £1.4 million pre-money
valuation in order to fund the third party testing and deployment of
MASTERFILTER
- £80,000 to match against the
£50K grant obtained from SCORE
programme P1 2018.
(achieved £17K to date).
- Possible £105,000 to match against
the 70% grant from Innovate UK
Infrastructure Round 4 P2 2018.
- Awaiting SEIS / EIS approval
2 Step Funding
9. - Ask is £80K @ Pre Money Valuation of £1.4M
- Used 6 methods to calculate PMV. Lowest one was £1.4M
- Investor exit 3 to 5 years through stock buy-back at agreed
level of X …… Or stay?
- If an oil, vehicle or wind turbine manufacturer or a global filter
company came calling we would listen..... but we see mileage
with MASTERFILTER! (We have been talking to Magna International Inc.)
Request
10. Thank you!
Paul Clark
Managing Director
Email: paul@masterfilter.co.uk
Website: www.masterfilter.co.uk
Twitter: @_masterfilter
01945 781300 / 07429 696742
11. - MASTERFILTER will be manufactured in our own dedicated
facility.
- Facility designed for ergonomic assembly
- Assembly process defined for job enrichment / accountability
- Designed for mistake-proofing (poke yoke)
- Lean principles of single piece flow
- Workforce paid on performance / meeting set objectives
- Builds on our expertise
Strategy Moving Forward
Editor's Notes
Masterfilter solves the biggest cost issue currently associated with the offshore wind turbine industry.
Although modern wind turbine gearboxes are fitted with an oil filtration system the current state of the art is still ineffective and the gearboxes fail at an alarming rate.
MASTERFILTER is the solution. We expect to receive SEIS approval very shortly.
1) Eneco & E-On are the tip of the iceberg. This is an issue experienced by all wind farm operators.
2) The industry have given up that oil can be kept clean. This is a direct quote and the source is cited below..
3) We all know prevention is better than cure.
4) Notice they don’t even mention water as a contaminant This is the biggest culprit of all!!
Masterfilter is a filter that actually works by removing all contamination including water. No other filter does this. This is why we’ve had two patents granted in the past.
We plan to sell our units for circa £15K which equates to 3% of the cost of a replacement gearbox
We shall start by focusing on offshore installations i.e 1% of the wind turbines population out there.
Masterfilter is equally beneficial to direct drive turbines where bearings are much larger.
1) The total global capacity has more than trebled in the past 5 years
2) Globally, major expansion expected in offshore wind investment in India, USA, China & Vietnam.
3) The global market is projected to display a robust growth represented by a CAGR of 25.47% during 2016-2021, chiefly driven by increasing demand of clean energy, governments regulatory frameworks and advancements in new technologies.
1) Eaton and Parker are huge global companies. They are the main players in providing oil filtration to the wind turbine industry.
2) However, they’re not fit for purpose
3) Only MASTERFILTER can be easily retrofitted to existing equipment, remove water and condensate, effectively remove micro and larger hard particulates.
Alan is Chairman and MASTERFILTER inventor and will be developing future sister products
I have extensive experience as a senior executive both here and also in the USA. Typically having around 200 people reporting into me and responsible for operations, engineering, supply chain, 6 Sigma & programme management.
Alex has recently joined as a non-executive director. He is a prime mover in the autonomous vehicle development arena.
We work with 3 universities to validate Masterfilter within different sectors.
Our future steps will focus on moving MASTERFILTER from a component to a fully autonomous system. We lead a 6 Company consortium requesting £2M to create a fully autonomous gearbox condition system.
We’re thrilled to have been selected to represent the UK in a trade delegation to New York in April showcasing our technology to US wind farm operators and OEM’s.
The key milestone is demonstrating the effectiveness of MASTERFILTER in the laboratory and then the field.
Income growth is explosive yet we’ve deliberately tempered down forecasts. I have a history of delivering plans on time and under budget. This is already a convincing opportunity. It would be my aim to over deliver on this.
For example, the potential for a greatly enhanced income and profit level from an autonomous system is not included anywhere within the forecasts shared with you today
We have a 2 stage investment strategy. The first is required to initiate the business.
This £80K goes alongside the £50K grant we will receive from the SCORE programme.
The second is to take advantage of a 70% grant and develop a new sister product.
We expect to receive SEIS approval shortly.
The ORE Catapult are firmly behind us here. They see the potential for our product and have committed to using their 7MW wind turbine for field trials. They will be an active partner in helping us commercialise MASTERFILTER
We’ve used 6 methods to calculate Pre Money Value: We chose the lowest one. The highest one was £50M !!! Cayenne method = £3.33M; Risk Factor method = £2.5M; Berkus formula = £1.45M; VC Method = £1.425M & Scorecard = £1.39M
Ideally we would like our investors to stay with us and reap the rewards of a company that generates excellent profits but if an exit is desired we would facilitate a stock buy back at an attractive level of X.
We envision MASTERFILTER being a legacy business because of the uniqueness of the product and the versatility of it reading across multiple market sectors however if we were given an exceptional offer then we’d definitely consider it. We are waiting to hear back from Magna if they want to create a jv or license our product to automotive globally.
1) I’m Paul Clark, Managing Director of Masterfilter Ltd.
2) I hope you’ve found what I’ve had to say about my business to be of interest. I’ll be over by the coffee area later but in the meantime I’d be happy to answer any questions you may have.
1)Our strategy moving forward is to leverage the expertise of the team. We have extensive leadership experience in designing and developing factories and companies using lean and 6 Sigma principles.
2) Philosophies like single piece flow, poke yoke, and a focus on our workforce who will have enriched jobs that lead to higher quality and accountability are already entrenched in our thinking and planning.
3) On the left is a MASTERFILTER appropriate for an automotive application like a car or van. On the right is the unit currently in Strathclyde University waiting for validation testing to begin.