Development of Tools for Heat Exchanger Network Designs In

8/18/2019 Development of Tools for Heat Exchanger Network Designs In

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Business Development in project Pinexo at

Chalmers School of Entrepreneurship Development of tools for heat exchanger network designs in

order to reduce energy consumption in the process industry

Master of Science Thesis in Industrial Engineering and Management

Rawand Faraj

Department of Industrial Engineering and Management

Division of Management of Organizational Renewal and Entrepreneurship – MORE

CHALMERS UNIVERSITY OF TECHNOLOGY

Gothenburg, Sweden, 2013


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Executive Summary

Pinexo™ reduces energy consumption in the process industry

through optimizing heat exchanger networks.

Swedish industry alone consumes electricity worth more than SEK 6 billion annually. Industrial facilities

are continuously looking for cost saving measures, while consultants are actively looking for tools to offer

the best possible service for these customers. Pinexo™ solves both of these needs through offering a tool

that can quickly generate energy optimization suggestions complete with investment analysis.

A skilled team with diverse backgrounds and a senior Board lays good foundations for a successful start-up process, and the team has made sure to attract solid collaboration partners such as CIT Industriell

Energi AB and well-known customers for pilot studies. Financing has been received from Vinnova, Almi,

Göteborgs Energi and Encubator, which is a solid foundation for growth.

The main methodology behind the product, Pinch analysis, is well established from more than 25 years of

research, while the uniqueness in the Pinexo™ software are novel cost calculation algorithms and a user

friendly and intuitive interface. Competitors do not offer the same depth of investment calculations for the

energy optimization suggestions generated, nor do they have a product that is easy to use.

In Sweden, we are looking at a market that spent SEK 2.8 billion on IT services in 2011. Aiming at both

facilities in the process industry, for example paper/pulp mills and refineries, as well as the consultantsserving these, we have about 600 potential customer companies in Sweden. Our next market will be

Germany, whose process industry is the world’s largest and amounts to 13% of the global export.

A well-defined sales process with a competitive price of SEK 85.000/license/year will give us a positive

accumulated cash flow in 2017, assuming we reach our conservative estimate of 35 license customers by

that point. Working actively towards a profitable exit within five years, Pinexo offers a promising

opportunity for its shareholders.


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1 Introduction

Every year, Swedish industry spends more than SEK 6 billion on electricity alone1. As an example, the St1

oil refinery in Gothenburg consumed 2300 GWh of energy in 2011, of which 139 GWh was electricityamounting to 70 MSEK, and the rest stemmed from burning off about 5% of their input raw material2.

One way that the process industry (paper/pulp, petroleum, petrochemical, chemical, food and dairy) deals

with the enormous amounts of spill heat is to heat exchange. It is a simple process – one hot stream and

one cold stream placed closely together where they cool and heat each other respectively. This can

generate large energy savings since energy needed for heating or cooling can be partially or, in the optimal

cases, altogether eliminated. As long as you are looking at one hot and one cold stream it is fairly obvious

where to place the heat exchanger – however, as soon as the number of streams passes five of each kind,

the picture gets complicated. Up until now, industrial companies have been using benchmarking and past

experience to decide how to heat exchange. However, there is a better way to do this – in fact, an optimal

way.

There is a method developed to find the optimal energy scenario. This method is called Pinch and has

been developed at Manchester University and Chalmers University of Technology for the past 25 years –

but it has yet to see widespread diffusion in the process industry. This is mainly because it deals with

theoretically ideal situations that are not applicable for retrofit and rebuild situations – which is a far more

frequent event in industry – and also because several previous efforts to commercialize the method have

all become very academic and thus not easy enough to apply in a commercial setting.

By combining the Pinch method with the Matrix method, a method for taking into account multiple cost

parameters, and automating this analysis process, Pinexo™ has developed a powerful new tool for energy

optimization in process industry, presented on the following pages.

1.1 BackgroundPinexo™ is a commercialization project at Chalmers School of Entrepreneurship, class of 2013. The three

business developers received the idea and an initial version of the software from the process consultancy

firm TecNet Nordic AB, which in turn based their development work on research coming out of Chalmers

in the period 1995-2001. The project is supported by Encubator AB, Chalmers venture creation partner.

1.2 Vision and Mission

We enable a more sustainable process industry.

In order to reduce energy consumption in the process industry, Pinexo™ develops and

offers user-friendly tools and services to industrial plants and consultants.

1 Industrins Energianvändning 2011, Statistiska Centralbyrån2 Miljörapport 2011, St1 Refinery AB


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2 Idea

2.1 Need

The production industry is the most energy intensive sector in Sweden, accounting for roughly 25 % of thetotal energy consumption3. Within this sector, the heavy process industries such as pulp/paper, refineries

and metal production stand out as extremely energy intense with energy accounting for 12,5% of direct

production costs4. Rapidly increasing demands on profitability, stricter legislation and a growing focus on

environmental performance in the market put a large pressure on process industry companies to lower

energy consumption.

Well-established methodologies such as Pinch have proven to drastically lower energy consumption in

numerous installations for the past 40 years. However, these methodologies are often disregarded because

of their great complexity and resource requirements that lie outside of core operations. This means that

optimization projects with large potential savings in energy consumption and costs are left completely

unexplored.

2.2 OfferPinexo offers the first truly user-friendly tool for energy optimization in the process industry. The

software takes data from the facility and lets the user quickly generate suggestions on how to optimize or

rebuild the process in order to generate maximum potential savings in energy and costs. Through utilizing

an intuitive interface and novel algorithms for cost calculations the software can instantly generatedetailed suggestions complete with investment analysis that previously required weeks of work and expert

knowledge to perform.

3 Industrins Energianvändning 2011, Statistiska Centralbyrån4 Energimyndigheten, 2012

Energy intensive industry that

seeks to lower consumption

Methods for lowering

energy consumption

L a c k o f r e s o u r c e s a n d

k n o w l e d g e

Figure 1 - Identified barrier for fulfilling need of energy optimization


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2.3 Business ModelThe software will be sold as a user/year license to process industry plants and consultancy firms working

with energy optimization. By utilizing our network of experts within the field we can provide our

customers with all technical knowledge and services required to create a full energy optimization solutionfor the customer.

2.3.1 Alternative business models

During the initial work with securing partners for the proof of concept, a few items has become clear:

• Many plants will not be interested in leasing a software tool, as analyses are usually one-off

events (as proposed in our Risk Analysis in Chapter 7).

• Most customers, consultants and plants alike, will not have enough knowledge in-house to

perform the required data extraction nor evaluate the proposed solutions.

As such, we are in the process of evaluating alternative business models. A board decision has been made

to re-evaluate and make a decision upon these after we have secured proof of concept and as such have

even more knowledge about our customers.

Alternative 1: Pinexo™ as a niched consultancy

Pinexo™ will sell energy analysis of heat

exchanger network to plants and consultants, asa niched consultancy firm. Consultants will use

our expertize as part of a larger project with their

customers, while the plants might take us in to

look at a specific project in their own pre-study

phase. We will use the Pinexo tool as an internal

consultancy tool, enabling us to make good

Figure 2 - Business Model

Figure 3 - Alternative Business model 1


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margins on our services. We will either build up our own in-house expertize or secure an even closer

collaboration with our existing technical collaboration partner CIT Industriell Energi AB.

Alternative 2: Targeting Consultants with tool and educational packages

Another options is to offer the tool as proposed

in our current business model – however, we

will mainly target consultants operating (or

wanting to operate) within energy analysis and

optimization. Together with the tool we will

offer packaged educational services, enabling

the consultants to perform heat exchanger

network analyses themselves. This is an

especially interesting business model,

considering the intention of expanding globally. A global sales group is expensive to build, and throughtargeting consultancies that often already exists on the international arena we can utilize this network for

an expansion.

2.4 Competitive Advantage• Detailed and automated investment analysis – By utilizing a novel algorithm developed by

leading researchers, the software can take into account all costs related to performing the

suggested optimization. It automatically analyzes all possibilities to find a small number of

suggestions that are the most profitable and realistic to perform. The result can then be taken

directly to the detailed planning stage. Existing solutions can only take basic costs into account

and also requires the user to generate suggestions, which increases both time required and the risk

that optimal solutions might not even be uncovered.

• User-friendly – Where existing solutions are highly complex and require knowledge in both base

technology and the specific software, Pinexo is so simple and intuitive that no education or prior

experience is required besides knowledge of the production process. This drastically lowers costs

for education and reduces implementation time.

• Accessible and secure – Being a web-based cloud software, Pinexo ensures that the user always

has the latest version and completely eliminates resource requirements for installation, updates

and decommissioning. High level of data security through automated back-ups and bank-level

encryption ensures our customers data is kept secret and securely backed up.

3 Organization

3.1 CompanyPinexo was created in collaboration between Chalmers and TecNet Nordic AB in mid 2012 and is

currently being developed within Chalmers’ venture creation partner company, Encubator AB. The

Figure 4 - Alternative Business model 2


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venture creation project is located at Encubator’s office space in Gothenburg and is being managed by 3

business developers as a master thesis project for their education in Business design and Entrepreneurship.

3.2 Business Team

The three business developers in the Pinexo business team each add a diversity of skills to the project andhandle all day-to-day activities. The team members contribute with consultancy and start-up experience

from, among others, IT-projects in Silicon Valley, technical consultancy, product development and

innovation processes.

3.3 Technical TeamIn addition to the business team we have a team of software developers based in Moldavia, FusionWorks,

working on the software development on a consultancy basis. In addition to FusionWorks, we also have

two consultants that are working on usability and user interface programming. Furthermore, we recently

broadened the team with a technical developer, Amin Mehdipoor. Amin works full-time with the R&D

development and technical aspects in customer projects. All members of the technical team have solid

working experience in their field and work closely together with the business team to develop the product.

3.4 BoardThe board consists of interim chairman Jan E Liljeqvist, representing Encubator AB, and Göte Nordmark

from TecNet Nordic AB. Jan has over 30 years of experience from working with strategy and business

development in companies such as Ford and Boeing. Göte has a deep insight of the process industry from

large corporations and also as CEO and co-founder of the technical consultancy firm TecNet Nordic AB.

Pinexo is currently searching for a chairman of the board with strong experience from the process industry

and suitable leadership profile to develop the venture further.

3.5 Ownership StructurePinexo is a venture creation project within Encubator’s incubation model. Encubator AB and the idea

provider TecNet Nordic AB own a large part of the shares respectively. The business developers own asmaller portion of the shares but will retain a larger portion if they stay on the project after the summer

2013. Ownership in the limited liability company to be created is thoroughly regulated in a contract

between the parties mentioned above.

3.6 Collaboration PartnersPinexo’s main collaboration partners are pilot customers in the process industry, governmental financing

agencies in Sweden and leading researchers at Chalmers.


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In December 2012 Pinexo established a collaboration with CIT Industriell Energi AB, managed by one of

the world’s leading experts within Pinch analysis. CEO Per-Åke Franck acts as technical advisor for

Pinexo, which adds additional technical insight to the project and also substantially increases credibility.

Arla Foods, BIM Kemi and ABB are the leading development partners to Pinexo and one pilot project hasbeen initiated in Q2 2013. These development partners and test projects will provide Pinexo proof of

concept, deep market/customer insights and create an initial foothold on the market.

Pinexo has received grant financing from Vinnova, Almi and DinEl, which has secured the projects

expenses up until Q3 2012. Pinexo has also established collaborations with Innovationskontor Väst and

Innovationsbron for soft funding at a later stage.

For a detailed list of Pinexo’s collaboration partners, see Appendix 2.

4 Technology

Process industry plants need to run their processes atdifferent temperatures at different stages. Where the

processes need to be cooled, water or air is put into the

system and when heating is needed steam or hot water is

applied. Both these utilities are costly and thus the aim is to

minimize their use by running more efficient processes. Heat

exchangers are placed where two streams can transfer heat

so that target temperatures can be reached and external

heat/cooling sources can be eliminated. The benefits of heat

exchange are reduced energy consumption, less waste of

heat, minimized costs, lower dependence on fossil fuels, less

components and less emissions.

However, when the process requires 5 or more heat exchangers, the efficiency and cost becomes greatly

dependent on the configuration of the system and optimized layouts are difficult to calculate. Since most

industrial plants contain more than 5 heat exchangers the optimization process is a frequent challenge.

4.1 Pinch AnalysisPinexo™ is developed in close collaboration with professors and engineers and is based on the well-

proven methodology Pinch analysis. Pinch was developed during the 1970s at ETH Zürich and University

of Manchester and is a systematic methodology based on thermodynamic principles used for energy

savings in industrial sites. By analyzing all hot and cold streams in an industrial site Pinch analyzes the

current energy usage and identifies appropriate changes in the placement of heat exchangers so that energycan be saved. The method has its largest use in suggesting new designs to be able to reach optimal energy

levels. Pinch technology has been developed and refined in the academia for 25 years and has shown to

reduce total energy costs with 10-35 %5, depending on industry.

5 Chalmers Industriell Energi AB, 2012

Figure 5 - Waste energy in proces industry


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The aim of a Pinch analysis is to find out which streams can be matched in other to reduce energy

demands by heat exchange. Below you can find the basic steps of the Pinch methodology, which the

Pinexo™ software builds on.

1. Collect stream data, such as heat capacity flow rate as well as start and end temperatures.

This enables a representation of the plant’s current design.

2. Plot the streams to calculate the so-called “Pinch temperature”, and split the system into two

subsystems at that specific temperature. This illustrates the current thermodynamic characteristics

of the whole system.

3. Line up the streams in each of the two subsystems and calculate their heat demand.

4. Combine hot and cold streams were heat exchange is possible.The input for a Pinch analysis is the thermal data for the streams of an industrial site, such as heat capacity

flow rate as well as start and end temperatures. Streams are then divided into hot or cold streams,

depending on the increase or decrease of temperature, and their energy demands are identified. By

splitting the system at a specific optimal temperature, the pinch temperature, the streams’ suitability for

exchanging heat is identified and calculated. The two new systems, above and below the pinch, makes it

possible to identify the optimal internal heat exchange and calculate the minimum amount of external

1 2

3 4

Figure 6 - The basic functionality of a Pinch analysis


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heating or cooling that needs to be provided to the system. The comparison between the new optimized

design scenario and the current energy usage provides the quantity of energy saved, which compared to

the costs of the reconstructing conveys the net profit of the investment.

There is a lot of research going on in the field of cost connected to pinch analysis on industrial sites. Themain problems are connected to the investments already made in the current facility and how to use the

current heat exchangers in the best way possible so costs can be minimized.

Pinexo™ is unique when it comes to cost calculations for reconstruction

designs, also called retrofit projects. The software handles reconstruction

situations of heat exchanger network designs based on the novel Matrix

method. The method, which is developed at Chalmers University of

Technology, identifies heat exchangers that are wasting energy and

systematically goes trough all the possible alternatives of costs to create a

better design and identifies the optimal solution for the current site.

The Matrix method goes trough every possible match between streams andcalculates the total costs needed for all alternatives, displayed in a matrix, seen to

the left. It then chooses the best match and calculates a new cost matrix for the

remaining alternatives, as the choice of one match affects the cost of the others.

The process is repeated until all the best possible matches are identified. By

doing it in this systematic process the optimization is able to prioritize solutions

with the highest potential savings and lowest total cost. Therefore the Matrix

method is unique in the degree it takes the current plants’ resources and related

costs into consideration and delivers the most cost-effective and accurate

optimization method for heat exchanger networks. This method is not available

in any software available today and is unique for Pinexo™.

4.2 Software SolutionUtilizing the methods described above, the Pinexo™ software can process data from a plant to generate

rebuild suggestions complete with cost calculations and economic data such as payback rates. It is focused

on user friendliness and simplicity while giving complete and accurate suggestions, taking into account all

major cost parameters. Data is extracted from the plant’s control system or simulators, adding missing

data when necessary, and uploaded to the Pinexo™ tool in an excel file.

The development of the current product can be said to have started with Pro_pi, a VBA excel add-on

written in 1995 by Per-Åke Franck, which was taken into the VBA excel program Matrix.xla a year later

by the same author together with Annika Carlsson. In 2001 the thesis worker Claes Andersson wrote an

automation routine for this program. Later he used this concept as the basis for a C# program called

HexaTec, developed as part of his work at TecNet. The code was ready in 2004, but no further efforts

were put into commercializing the product.

In 2012 the Pinexo™ team took over, and it was decided to do another rewrite of the software. A Java

Backend with a database structure, with an API towards a HTML5 UI was deemed more applicable for the

envisioned web application, concerning both the definite need for a new UI, the enhanced security aspects

of splitting up the backend/frontend, the current state of the code and the need for scalability of the

Figure 7 - The Matrix Method

Figure 8 - Effect of !Tmin


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product. The reprogramming of the backend and the development of a new UI took place winter

2012/early 2013 and while development work is ongoing, a solution ready for use and testing was released

on a commercial server February 2013.

In terms of functionality, the Pinexo software displays the energy savings in both energy amounts andmoney saved but also provides the user with suggested actions to make the implementations for reaching

the optimal energy level for the facility. The software includes costs on reconstructions and components

needed, which provides the user with a full analysis of the costs.

Pinexo™ can include the costs of: Heat exchanger area, Piping, Pressure drop, Type of heat exchangers,

Material requirements of heat exchangers, Space requirements and Maintenance. This detail level of

investment analysis in unsurpassed in any existing solution on the market.

4.3 Proof of ConceptAs this product has seen previous shapes through the years, several proofs of concept have already been

obtained – however, none that is directly applicable to the current software version.

Pro-pi and Matrix.xla have been tested and verified by both Master and PhD students in Sweden and

globally, both at a theoretic level and in practice in industry.

In 2004, as the original HexaTec software was finalized, a pilot test was performed at Södra Cell, a pulp

mill in Värö, Sweden. The pilot study showed promising results but due to lack of resources at the time

the project was put on ice.

Pilot Studies will be performed the summer of 2013 to obtain proof of concept and valuable customer

feedback for future development. The initial Pilot Studies will be performed with:

• Arla Jönköping – dairy plant, shipping 700.000 liters milk daily. The test project was initiated

early May 2013.• BIM Kemi, Stenkullen – specialty chemicals manufacturer. We have been granted access to their

plant when needed, and maintain a close relationship with them. When Arla is closing in on

completion we will focus on BIM.

An example of a pilot study plan can be found in Appendix 3.

4.4 Competing TechnologiesThe most widely used method for analyzing the heat exchanger network and identify better solutions

today is benchmarking towards existing plants. Access to other plants’ heat exchanger layout, system data

and energy situation gives a point of comparison and better layouts can be imitated. This method only

brings value to designing new plants, where a plant’s efficiency could be mimicked. As every plant isunique and the method doesn’t take current plants’ investments or facility- and process limitations into

consideration, it is not suitable for reconstructions of existing plants. Even in the new design situation the

method is inadequate as it only provides a relative analysis and don’t provide a full analysis that includes

the best theoretical solution possible.

A smaller portion of industrial firms has come further than the others in their energy efficiency efforts and

is working with Pinch. Process engineers that have studied or previously worked with Pinch technology

are able to analyze and optimize heat exchanger networks without any tools but are then limited to the


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number of heat exchangers, as the work quickly gets very complex. After 10 streams, corresponding to 5

heat exchangers, it is considered best to use software tools and after 20 streams (10 heat exchangers) it is

considered too complex for manual work. Another limitation is the time used for performing manual

Pinch analysis as it takes a fraction of the time if the process is automated.

A number of software providing optimized Pinch solutions are on the market today. They vary in the

degree of integration with other process software and the possibility to estimate reconstruction costs of

new and current plans. For more details, please see Chapter 5.3, Competitors.

4.5 Intellectual Property4.5.1 Current assets

Our most important intellectual property is our software. The older “HexaTec” software is not patentable,

as it has been shown publically destroying novelty and is also closely related to well-published academic

material. The current redevelopment of the software could be made patent claims to, and we will keep a

tight lid on the development and use NDA’s extensively – however, because it is still closely related to the

previous versions, obtaining a patent either in the US or Europe is still very unlikely. For the currentversion we are thus dependent on a black box solution, keeping our code and algorithms a trade secret.

This is enabled through offering the software as a web application as described in the business model. The

software will be built with back and front end (“where the magic happens” and the user interface) entirely

separated, communicating through an Application Programming Interface (API).

Our most prominent selling point is user-friendliness and intuitive software, and thus our brand will be an

important and necessary intellectual asset. We are already using a TM by our name to indicate our

intention to protect it. A solid graphic profile and communication strategy ensures that all exposure of the

brand is done in alignment with our core values.

The old software code will be transferred with incorporation per the collaboration agreement with TecNet.Whenever we engage external developers for product development we make sure that we transfer the

copyright of the code they are writing, this will be a necessity for all consultancy contracts. The TM and

domain belongs to Encubator and will be transferred to Pinexo™ upon incorporation, so there are no 3rd

parties that can make claims.

4.5.2 Intellectual Property Strategy

As new features and ideas are being developed continuously in the project, there is a potential for securing

more intellectual property rights besides of the copyright for the future. We have decided to continue

keeping a tight lid on our software so that we ensure novelty is not destroyed. We have initiated contact

with a well-reputed Gothenburg based IP lawyer and with the future development we will stay in close

touch with him to evaluate whether any of our inventions (one in particular) may be patentable in the US,Europe or both.

We are aware of that software patents do not give absolute protection. It is however important for us to

secure intellectual property rights besides the obvious copyright, as this may be of great importance for

potential investors in the future.


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5 Market

5.1 Market Segment

5.1.1 Initial MarketOur market is the production industry, and our main segment is the process industry. We will initially be

targeting process industry plants and the consultants offering energy optimization services to these, in

Sweden. Any plant that has more than 5 hot and 5 cold streams are applicable for an analysis using

Pinexo™. Sweden is chosen as launch market because of the geographical and cultural closeness to pilot

customers, high level of energy awareness within the process industry and closeness to leading base

research at Chalmers.

Based on the in-depth market study performed during spring 2013, indications have been identified

pointing to an initial target segment of niched small consultancy firms offering energy analysis to plants or

other consultancies. These small firms will have sufficient in-house capabilities to efficiently learn and use

the tool, they do not have as complicated purchasing processes as the large companies, and they are moreadaptive to new technology.

Targeting this segment awaits initial results from the proof-of-concept along with a board approval. The

next steps will be to perform targeted sales to confirm the results of the market study.

5.1.2 Next steps

When an initial customer base has been established in Sweden we will be looking towards Germany,

which is close geographically and culturally. By building up a customer base in Germany, global

applicability can be proven and a strong foundation for further global expansion is built.

5.2 Market ResearchThere are 350 process industry plants in Sweden with 20 or more

employees, and around 280 consultancy firms with 20 or more

employees serving these6. The number of employees is the best

quantitative variable that has been found in order to quantify the

potential market. It has been found so far to correlate roughly with

the company size required to be of interest for our software.

The Swedish Production Industry had a turnover of 470 billion

SEK in 2010, which amounted to 30% of all Swedish exports6. In

2006, the Swedish process industry spent on average 12,5% of

their direct production costs on energy7

. Another interesting fact isthat this industry spent 2.8 B SEK on IT services in 20116.

Continuous discussions and meetings are held with potential customers, researchers and industry experts

to ensure that project decisions are based on the most relevant market information. The feedback we

receive has been very positive. We have also experienced repeatedly that people in industry who knows

6 Statistiska Centralbyrån, 20127 Ökad konkurrenskraft for svensk processindustri, Kungl. Ingenjörsvetenskapsakademien (IVA), 2006

Figure 9 - IVA's rough estimation on direct costsfor plants in the process industry


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Pinch, usually former students from Heating Systems Engineering or Chemical Engineering at Chalmers,

say “I had that idea once. Had I not been in my current job I’d have worked on my own making a software

like this.”

Looking towards an international market, we initially intend to target Germany. The German Processindustry had revenues of ! 307 billion in 2011, amounting to 13% of the global market 8. It is also worth

noting that 61% of German energy consumption comes from gas, oil and coal8.

5.3 Competitors

Pinexo™ Super-Target AspenTech Hextran PinCHProSim

User-friendly IT " " No Pinch expert

required"

Cloud based " Integration with

simulation

software

" " "

Substantial cost

analysis"

Freestanding

software" "

Closeness to

academia" " "

Market focus Sweden Europe Global Asia Switzerland France

Price in SEK 85.000 229.500 224.000 Unknown 19.000 Unknown

As can be seen above, our closest competitors in the high-priced segment are SuperTarget and AspenTech,

which both forms part of a larger control system and requires installation of these to run. SuperTarget also

requires deep knowledge of Pinch.

Looking towards the less-functionalities and lower-priced end of the market, our main competitor is

PinCH, offering a low price license for a basic feature set. As this software too does not require

installation of a control system, these can be said to be our closest competitor. However, they are steadily

anchored in Switzerland, offering cost analysis only in Swiss Franc and with a no global marketing

efforts. The product also requires Pinch knowledge and lacks extensive cost analysis. By offering

significantly better functionality, building a strong brand and a utilizing strong marketing strategy we willbe able to compete well against this low-priced player.

8 Germany’s Chemical and Related Process Industry 2011, Germany Trade & Invest


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5.4 SubstitutesConsultants in the industry as well as larger plant corporations may have developed their own software for

energy optimization. A common way to do this is to benchmark the efficiency of one plant compared to

others. As every plant is different, and you do not know how energy efficient they are in the first place,this obviously does not give great results, and substantial rebuilds based on this are not common.

Another substitute is experience. However, in an industry where margins diminish and efficiency is key,

being able to quantify your decisions are more and more important, and this you cannot do with

experience.

A third important substitute is the obvious “not acting”. Plants can very well choose to improve their

production process without focusing on energy. With the steep increase in focus on global warming and

our common responsibility the past years, however, we see this trend declining – but some parts of the

industry are definitely more conservative and slow moving than others.

5.5 Value PotentialPinexo™ provides the customer with a smart tool for finding and initiating optimization projects that save

energy and costs. Pinexo provides analysis of the current energy situation as well as suggestions for future

heat exchanger network design with an optimal trade-off between energy savings and investment

equipment costs. By using Pinexo’s software the customer finds new cost effective designs that reduces

their energy costs whilst the prior investments in expensive equipment is taken into consideration. The

design proposals are delivered with an implementation guide for the reconstruction as displayed

investment costs, potential savings and payback-time of the project.

5.5.1 Process Industry Company

By using Pinexo’s intuitive and user-friendly tool process engineers can now identify new lucrative

redesigns in a time efficient manner, without investing time in learning the software. The redesigns aredelivered together with an economical analysis (where the energy savings, investments costs and the pay

back time is calculated) with an implementation guide for the reconstruction.

Main values provided by Pinexo™

• Enables in-house engineers to review energy optimization opportunities quickly and continuously

for all parts of the production process.

• Generates payback scenarios for all possible projects and pick the most profitable ones at every

investment opportunity.

• Generate optimization suggestions and investment analysis that lead to projects actually being

implemented instead of put on hold because of complexity.Successful reference projects

Pinexo is a new tool based on a well-established and tested methodology, Pinch. The method has been

used to generate substantial energy and capital savings in the process industry for hundred of new and

retrofit designs during the last 30 years. Following examples are successful projects:


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BillerudKorsnäs, Karlsberg Sweden

Type: Partly integrated pulp and paper mill

Summary: Elimination of steam users below pinch temperature by reconfiguration of

the heat exchanger network.Annual savings: 740 000 EUR/year

Payback time: 12 months

Preem Refinery, Gothenburg Sweden

Type: Crude oil refinery, retrofit project

Summary: Identification of internal heat recovery potential and energy savings trough

pre-heating of a number of streams.

Annual savings: 6 250 000 EUR/year

Payback time: 6 months

5.5.2 Technical Consultant

The technical consultancy firm serves several customers in Sweden and Europe with energy optimization

services. Currently, the energy group uses AspenTech licenses at 229.500 SEK/year and manual

calculations to perform energy optimization pre-studies and suggestions. These typically take 3 man-

weeks per project to perform.

Main values provided by Pinexo™

• Substantially reduces time required to perform analysis through automated calculations. This can

greatly increase profitability and free up time to work with other projects.

•

Enables continuous sharing of optimization suggestions to the customer and subsequentmodifications can be made to generate fully implementable suggestions.

• Can be used as a “sales tool”: when performing one type of service for a process industry

customer, already available data can be quickly uploaded to Pinexo™ in order reveal energy

optimization possibilities for the customer that can generate more service sales for the consultancy

firm.

Customer case example

The consultancy firm wins a project to perform energy optimization studies of the heat exchange system at

a pulp mill. With data available from the customer, consultants can quickly start generating optimization

suggestions that are continuously shown and discussed with the customer to capture all aspects of a

possible rebuild. A list of 5 different rebuild suggestions complete with investment analysis is deliveredon time to the customer, which chooses to continue detailed evaluation of two of them. Since the project is

charged at a fixed price and Pinexo™ eliminates a substantial amount of calculation time that was

previously required, the profitability of the project is greatly increased. At half of the price of an

AspenTech license, significantly higher value has been created for both the consultancy company and

their process industry customer.


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5.5.3 Societal Value

Apart from the values created for Pinexo’s customers, reducing energy consumption also creates

substantial societal value. This is accomplished by providing the customers with a tool that can reduce

energy consumption and thereby decrease pollution and emissions of greenhouse gases. By better usage of

the heat supplied to the processes the industry can reduce their demand of oil and gas and limit the

dependence of fossil fuels. Diffusion of Pinexo™ and similar tools can help companies, regions and

nations to meet stricter environmental legislation and help make energy and environmental issues a natural

part of corporate strategy and operations. Companies that find energy savings can distribute energy to the

district heating system. By providing the society with additional heat sources end consumers energy prices

can be lowered and stable during seasonal variations.

5.6 Sales StrategyBeing an early stage venture, sales is an integrated part of the development process. Current efforts are

focused at initiating collaborations with potential customers where customer learning can be directlytranslated into the software development process. Letters of intent are used a tool to set general frames for

the collaboration, and when detailed testing commences project documents are used to thoroughly specify

tasks, responsibilities and payments. The goal of each collaboration is to turn the development partner into

a paying customer upon completion of the first commercial version of the software.

The commercial sales strategy envisioned for Pinexo™ consists mainly of direct sales towards potential

customers, targeting plant managers, maintenance managers or process engineers. With a sales pitch

focused on reducing environmental impact, the aim is to visit the customer at their plant to find out further

about their needs and specific operations. If a good relationship can be established, the potential savings

by using Pinexo™ will be highlighted by using reference projects for similar customers. Through sales

work conducted so far, the following key findings have been made:

• It is important at all stages to learn about the customer and continuously adapt the communication

around Pinexo™ so that it matches the long-term strategy of the customer.

• Using joint R&D projects is a good way to earn acceptance at the early stages of development

where little or no proof-of-concept data can be shown.

Sales efforts can and will be accelerated through expansion of the sales force. Web marketing and fairs are

seen as strong complementary channels to generate sales and will be expanded continuously.


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5.7 Marketing Plan

Time Period Actions Q2 2 13

Develop segment specific marketing material and communication strategyStudy the market to identify the initial market segment for the commercialversion.Perform marketing strategy “litmus tests” to verify the accuracy of ourcommunication.Actively participate at the Pinch conference “International Process IntegrationJubilee Conference 2013.”

Q3 2 13

Package results from pilot project 1 and focus on marketing towards EarlyMajority.Targeted marketing with focus on sales.Actively participate as exhibitors at VA-mässan and ProcessTeknik 2013

Q4 2 13 Package results from pilot project 2 and focus on marketing towards EarlyMajority.Develop marketing strategy and material for the German market.

Q1 2 14

Package results from pilot project 3 and focus on marketing towards EarlyMajority.

Q2 2 14

Conduct market research on the German market.Initiate collaborations with Swedish universities for introduction of educationalversion.

Q3 2 14

Hire sales manager and increase direct sales efforts.Introduce product on the Swedish educational system, two universities.

6 Action Plan

On the following page you can see Pinexo’s action plan from Q2 2013 to Q3 2014. During this period

Pinexo plans to verify the market need, establish contact with relevant companies, develop the software

solution and perform three pilot studies to test the prototype and get a proof of concept.


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7 Risk Analysis

8 Finance

- 15

- 10

- 5

0

5

10

15

20

25

30

35

2013 2014 2015 2016 2017 2018 2019

M i l j o n t a l

Income

Costs

Cash Balance

Cashflow

Risk Impact

1-5

Probability

1-5

Mitigation Actions

Our tool is a one-off analysis and weachieve no repeat purchases

3 5 Targeting consultantsDevelop alternative features and services forlock-in

Not enough end customers in the chosensegment and market price

4 4 Target markets as consultancy firms or heatexchanger manufacturers. Consider change ofbusiness model, possibly to “shared savings” or“freemium” model.

Customers do not have faith in thetechnical quality of the product

5 3 Solid proof of concept and dedicatedcommunication around it

Data extraction process difficult and/ortime consuming

3 4 Educate customers on the data extractionprocess or sell the service. Recruit thosecompetencies to the project.

Customers deem web solution not secureenough for sensitive data upload 4 3 Pick Cloud Service Provider with focus onsafety to leverage their policiesPush security issues in marketing and salesDevelop product as desktop software as Plan B

Bugs, unstable product - main risk in dataauthorization and user access

4 2 Test Plans made in parallel with development

Customers are not willing to pay for thesupplied functionality

4 2 Communicate benefits of product clearlyContinuously develop features requested by thecustomers


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The above diagram shows estimated income, costs, cash balance at end of year and cash flow for the

coming 7 years, excluding financing events. For detailed data and assumptions, please refer to Appendix 1

– Finance.

Revenues stem from sales of licenses for the Pinexo™ software. Staff costs amount to 85% of the totalcosts and the main costs linked to the growth is additional salary costs for sales staff and developers. The

cash balance at the beginning of 2013 was 490 000 SEK. Encubator provides office space and related

resources during the first half of 2013. Soft funding has been received from VINNOVA, ALMI,

Göteborgs Energi and Encubator. Opportunities for soft funding are reviewed continuously and

discussions with Innovationsbron have been initiated for verification grants and possibly also equity

investment.

8.1 Pricing StrategyPinexo utilizes a value-based pricing strategy based on performance factors. Interviews with potential

customers, industry experts and analysis of current ways of working have generated a list of 120

performance factors. These have been compared to competing solutions in order to identify factors wherePinexo performs above, equal or poorer than competing solutions. By quantifying each factor a reasonable

price relative to competitors can be set. Additionally, by performing this analysis the sales efforts have

been strengthened greatly by being able to show key factors where Pinexo outperforms competitors and

also how these factors can be translated into quantitative value for the customer.

The market introduction price for the Pinexo™ tool is 85.000 SEK per user and year. Please refer to

Appendix 1.2 – Pricing for more details on the pricing strategy.

8.1.1 Alternative business model pricing

As described in Chapter 2.3.1, we may need to pivot our business model based on our findings during the

proof of concept.If we go for Pinexo™ as a niched consultancy, we will offer a pre-defined pricing depending on the size

of the plant, the amount of available data and the level of participation by the plant themselves. The

pricing strategy might be value-based, for example related to potential savings, or based on estimated

number of hours per project.

If Pinexo™ is a tool and educational packages sold to consultants, we will charge for the tool as described

above, plus fixed prices for the educational events and material.


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8.2 Exit StrategyWe aim at providing our shareholders with a profitable exit. Depending on the time of transaction, we are

working with the three scenarios below.

Time span 2-5 years 5-7 years 7-10 years

Type of transaction Acquisition Second stage equityinvestment

Initial Public Offering(IPO)

Parties involved Competitor with similaroffering or consultancyfirm within energyoptimization

Late stage venture capitalentity

Public stock exchange forsmall companies,primarily in Sweden

Critical success factors

to enable exit

Strategic fit with buyer

High perceived threattowards incumbents

Proof-of-concept

Awareness of Pinexoamong competitors andglobal market

Strong and stable growth

Profitable business model

Demonstrated scalabilityand global potential

Demonstrated ability tostay innovative and

competitivePositive cash flow

Large potential for strongfurther growth globally


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Appendix

Appendix 1 – Finance

Cash flow excludingfinancing activities(SEK) 2013 2014 2015 2016 2017 2018 2019

Income

Software sales 255 000 680 000 1 700 000 3 740 000 7 480 000 14 960 000 29 920 000

Total number of licenses 3 8 20 44 88 176 352

Revenue growth 167% 150% 120% 100% 100% 100%

Total income 255 000 680 000 1 700 000 3 740 000 7 480 000 14 960 000 29 920 000

Costs

Salary developers - 409 200 - 409 200 - 818 400 - 818 400 -2 046 000 -3 069 000 -4 092 000

Development staff 1 1 2 2 4 6 8

Salary management - 204 600 - 818 400 - 818 400 -1 636 800 -3 069 000 -4 603 500 -6 138 000

Management staff 1 2 2 4 6 9 12

Sales and marketing - 14 400 - 28 800 - 57 600 - 115 200 - 230 400 - 460 800 - 921 600

General & Administrative - 57 300 - 118 038 - 121 579 - 125 227 - 128 983 - 132 853 - 136 838

Corporate tax 25 515 - 235 376 - 389 453 -1 386 967

Total costs - 685 500 -1 374 438 -1 815 979 -2 670 111 -5 709 759 -8 655 606 -12 675 405

Net cash provided by operatingactivities - 430 500 - 694 438 - 115 979 1 069 889 1 770 241 6 304 394 17 244 595

Cash and cash equivalents atbeginning of year 490 000 59 500 - 634 938 - 750 917 318 972 2 089 213 8 393 607

Cash and cash equivalents at endof year 59 500 - 634 938 - 750 917 318 972 2 089 213 8 393 607 25 638 202

Key figures 2013 2014 2015 2016 2017 2018 2019

Average monthly costs - 57 125 - 114 537 - 151 332 - 222 509 - 475 813 - 721 300 -1 056 284

Market introductions Sweden Germany Global

Financing need 200 000 800 000


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Input data

Revenues

Price per license 85 000 per year

Salary costs incl taxesCategory Per month Per year

Developer employee 34 100 409 200

Management employee 34 100 409 200

Sales and marketing (initial)Category Per month Per year

Printed material 200 2 400Events 500 6 000

Web marketing 500 6 000

TOTAL: 14 400

G&A costsCategory Per month Per year

Office rent 5 000 60 000

Telephone 100 1 200

Internet 250 3 000Office material 100 1 200

Representation 600 7 200

Transports 1 000 12 000Insurance 500 6 000

Consultants/legal advice 1 000 12 000

Cloud hosting 1 000 12 000

TOTAL: 114 600

Key assumptions

• Key staff will accept a gross salary of 20 000 SEK/month in exchange for ownership stake in the

company. This will only include key personnel employed the first three years. After this, salary

levels will be adjusted up by 25%.

• Encubator will sponsor office space and related administrative costs until the end of June 2013.

• No fixed assets will be acquired.


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Appendix 1.2 – PricingIn the table below is a summary of the four main competitors for Pinexo’s software and a short version of

the price analysis performed to set the initial price for Pinexo’s initial software product.

Pinexo 2.0 AspenTechEnergy Analyzer

KBCSuperTarget

HEXTRAN PinCH

General description Stand-alone cloudapplication

Full control andengineeringsystem suite withPinch analysismodule

Specialized Pinchanalysis softwarethat works inintegration withsimulationsoftware

Full control andengineeringsystem suite withPinch analysismodule

Stand-alonedesktopapplication

Main advantages User-friendly (noeducationrequired)

Automated

optimizationcalculations

Detailed costcalculations

Fully compatibleon all platforms

No installation orcosts forownership/decommissioning

Market leadingposition

Part of a largersoftware suite

Strong add-onconsultancyservices

Strong presence inUS

Market leadingposition

Many referenceprojects

Strong supportand add-onservices

Expert levelcalculationfeatures

Strong presence inUK

Part of a largersoftware suite

Strong add-onconsultancy

servicesExpert levelcalculationfeatures

Includes advancedheat exchangerdesign features

Strong presence inAsia

Standard featureset for simpleranalysis

Main drawbacks No/few referenceprojects

Currently no/fewadd-onconsultancyservices in-house

Lack ofintegration withexisting controlsystems

Lack of expertlevel manualcalculationfeatures

Lack of

documentationand literature

Highly complexto use

Complexinstallationprocess

Requires fullinstallation ofsystem suite torun

Manualoptimizationcalculations

Only basic costcalculations

Requires special

training


Requires separatesimulationsoftware to run



Requires specialtraining


Complexinstallationprocess

Requires fullinstallation ofsystem suite torun



Requires special

training

Complex to use

Only basic cost

calculationsEconomic dataonly in SwissFrancs

Market presenceonly focused onSwitzerland

Driven only aspart-time projectby researchers

Price per user andyear (SEK) 85 000 229 500 224 400 Unknown 19.000


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Appendix 2 – Collaboration Partners, full list

Partner Role Collaboration details Value generated from collaboration

Arla Foods Developmentpartner

Pinexo has initiated a pilot project at Arla’sdairy plant in Jönköping, where the Pinexosoftware will be tested. Pinexo will own theright to communicate the results in marketingpurposes and if the project shows good resultSt1s intention is to buy licenses of the product.

• Proof of concept• Test results for marketing• Feedback for development process• More insight in customer needs

BIM Kemi Developmentpartner

Pinexo is planning to preform a pilot projecttogether with BIM on their production plant inGothenburg. Pinexo will own the right tocommunicate the results in marketing purposesand if the project shows good result St1sintention is to buy licenses of the product.


St1 Development

partner

Pinexo is planning to preform a pilot project

together with St1 on their refinery inGothenburg. Pinexo will own the right tocommunicate the results in marketing purposesand if the project shows good result St1sintention is to buy licenses of the product.

• Proof of concept• Test results for marketing

• Feedback for development process• More insight in customer needs

ABB Developmentpartner

Pinexo is planning to preform a pilot projecttogether with ABB on one of their customers’plants. Pinexo will own the right tocommunicate the results in marketing purposesand if the project shows good result ABB’sintention is to buy licenses of the product.


ÅF Developmentpartner

Pinexo is together with ÅF planning onpreforming a pilot project where ÅF uses theproduct on one of their customers’ plants.


Energi-myndigheten

Key opinionleader &financier

Energimyndigheten is a key opinion leader onregulations and standards in the energy sector.They also provide financing for projects relatedto reducing energy consumption.

• Insight in trends and new regulations• Network• Possible project financing

Vinnova Financer Vinnova is the Swedish governmental agencythat administers state funding for research anddevelopment. Pinexo has been granted softfunding for the VINN-verifiering program andhas the opportunity to search for other financing.

• Financing• Credibility

Almi Financer Pinexo has been granted soft funding fromAlmi, which is a governmental agency that helps

growth companies.


Innovations-bron

Financer Innovationsbron is a state owned investmententity that performs both grant financing andequity investments. Pinexo is in discussion withthem about both financing forms.


Chalmers Research andrecruiting

Chalmers is the leading technical university inScandinavia. The Matrix method were developby Chalmers’ researchers and is today the maindriving force in the development of Pinch.

• Thesis works• Researchers• Credibility• Recruitment


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Appendix 3 – Plan for Proof of Concept

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i s f a m i l i a r w i t h t h e p l a n t ’ s s t r e a m s

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2 - 4 h o u r s

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Documents

Development of Tools for Heat Exchanger Network Designs In