Newsletter 02.05.2016

Letter from the Chairman - Viking Heat Engines

 

Dear friends,

During the next three to four months, we’ll have 10 CraftEngines up and running in the field. The CraftEngine gives people around the world the opportunity to power their communities and businesses with 100 percent renewable energy by turning waste heat into electricity. The 10 units will be deployed in faraway places such as Barbados, Columbia, South Africa and Japan as well as in the UK, Germany, Italy and Norway, which illustrates the widespread interest in our technology. 

Tore Hansen-Tangen

Meanwhile, we’re starting the production of 1,000 expanders – the heart of the engine – with a view to producing 250 more units, each capable of delivering 40kW of electricity. Such an uninterrupted power supply can make a huge difference to poor communities around the world, and give businesses – which are currently dependent on an unreliable national power grid – the opportunity to expand their operations. At the same time, we know there is a huge market for larger engines that can produce even more power from the heat that currently goes to waste, and that’s why we intend to start developing our 300kW CraftEngine during this quarter. This high-power CraftEngine will produce electricity for as little as € 0.02-0.03 per kWh, which will no doubt be popular with many industries throughout the world.

Based on the demand that we have recognised – especially in countries where the electricity is expensive or altogether absent – we are confident that we’ll achieve our turnover target of € 35 million in 2017.

Two products in one

During our journey, we have discovered that our CraftEngine hardware works equally well as a heat pump. With very limited development efforts, we’ve been able to transform our CraftEngine into a high-temperature heat pump, which we have called the HeatBooster. The HeatBooster is the first heat pump in the world that is capable of raising temperatures to 150C – which a variety of industries have a demand for. Once commercialized, the HeatBooster will be able to replace the expensive and energy-intensive gas and oil boilers in use today in a wide range of industrial processes in dairies, breweries, and pulp and paper mills, just to name a few.

The CraftEngine and HeatBooster are just two of the successful products developed by our research and development team in Norway – products that bear testament to their expertise and spirit of innovation. After five years of spending close to € 30 million on research and development, we are finally ready to embark on the commercial sales process. Not only do we have some of the best products to offer the market – in terms of both quality and price – our products also contribute to a more sustainable world.

Our success wouldn’t have been possible without the help of our partners. Innovation Norway has supported us with funding along the way, and AVL, the world’s largest privately owned engine design company, has been crucial in securing the quality of our products. We are also collaborating with Chemours (a former DuPont company) in order to make our products ready for the future by using their environmentally friendly fluids in our engines.

Are you on board?

With the help of our partners, we have created a company that has the potential of becoming the leader within its field, commercially as well as technologically. This became apparent from the HeatBooster tests carried out just before Easter this year.

However, to get there we need help from people who have the will and vision to create a better and more sustainable tomorrow.

What has always inspired me during my 50 years in the oil and gas industry, and now in the renewable energy sector, is the opportunity to make a change. Thanks to the CraftEngine and HeatBooster, I’ve been given a once-in-a-lifetime opportunity to do something that will benefit generations to come.

But I cannot walk the road less travelled on my own… and if there was ever a time in the history of humankind when working together as a collective was of outmost importance, that time is now. We have the products, the expertise and the will, but we want to grow stronger and we are keen to make that happen soon.  Whether you represent financial muscle, distribution power or a specific kind of competence, we warmly welcome you to join our team – and our quest to make the world a better place.

 

Yours sincerely,

 

Tore Hansen-Tangen

[Tilbake]
Viking Development Group | Řstre Strandgate 40, Pb. 22, NO-4661 Kristiansand, Norway | Tel: +47 38 10 41 00 Fax: +47 38 02 08 40 | firmapost@vdg.no