The globe is transitioning to renewable energy sources, such as photovoltaics (PV), in an effort to mitigate climate change and compensate for declining and increasingly costly and difficult-to-extract conventional (coal, oil, gas) energy sources. Increasing reliance on PV increases the demand for enhanced performance and dependability. Here, iQ3Solar comes into play.
iQ3Solar was granted seed money from the Research and Innovation Foundation in Cyprus to build a platform for monitoring the performance of solar parks and optimising field operations. iQ3Solar is a newly founded Cypriot company that will design an intelligent platform to provide photovoltaic (PV) system operators with information about the health-state status of PV assets as well as ideas on how to optimise PV park performance and field operations.
Existing equipment (such as inverters, weather stations, etc.), satellites, and their own and patented sensors will provide data for the proposed platform. On the basis of data-driven analytics, the user-friendly platform will enable the early identification and prediction of PV systems' most prevalent and significant defects. It will also give operators with insights and action lists, such as mitigating action recommendations, for improved PV performance.
Optimal PV functioning results in higher electricity production, less maintenance and operation costs, and increased revenue for PV park owners. It is important to note that the PV market segment for which iQ3Solar will provide a solution is known as operation and maintenance.
iQ3Solar is a spinoff firm from the SOLEX project, which was funded and supported by the Cyprus Seeds programme during its 1st and 2nd Cycles.
Cyprus Seeds provided money for the SOLEX team's commercialization initiatives, including the development of a degradation sensor, patent application, and travel to meet with investors and potential clients. Critical to the team's commercialisation journey, they have provided invaluable support, such as training on IP protection-related topics, pitching to investors and market exploration and exploitation, mentoring by US professionals with experience in research commercialisation and establishment of research-based startups, and networking with potential clients and investors.
According to the news announcement, "Cyprus Seeds has contributed to the recent success of iQ3Solar through the granting of a patent, the acquisition of an exclusive licence from the University of Cyprus, participation in the EGG accelerator programme, and success in the pre-seed RIF call for ideas."
Cyprus Seeds continues to give the newly founded company with mentoring and networking help. The majority of Cyprus Seeds' funding comes from the generosity of its original donors: The Hellenic Initiative, The Deputy Ministry of Research, Innovation, and Digital Policy, The Research and Innovation Foundation, and The A. G. Leventis Foundation.
The Research and Innovation Foundation (RIF) gave funding to the spinoff firm to develop their revolutionary iQ3Solar technology, which would assist PV operators and owners in increasing electricity generation.
The "Intelligent platform for photovoltaic park operation maintenance" (IQ-THREE) project will begin on 1/11/2022 and last for 18 months. iQ3Solar is located in the ARIS (A Really Inspiring Space) accelerator in Limassol, Cyprus, which was founded by Deloitte and the Bank of Cyprus.
The Recovery and Resilience Facility of the NextGenerationEU instrument finances Project PRE-SEED/1221/0095 via the Research and Innovation Foundation of Cyprus.
In conclusion, the company brings intelligence to PV operations so that the PV park can create more electricity. iQ3Solar aims to deploy its first product by the beginning of 2024, making the technology more competitive for increased worldwide electricity penetration.
Through higher PV penetration, the iQ3Solar platform will ultimately contribute to the mitigation of climate change, the reduction of CO2 emissions, and the improvement of quality of life.
By fLEXI tEAM