P2Power : Providing Energy Efficiency and Power Quality Solutions
Today, in this highly competitive world, operating costs have become a major concern for all industries. Power is one of them. Poor quality and inefficient usage of power can increase operating costs by almost 100 per cent for many businesses. Realising the grave repercussions of this problem, Noida-based P2Power steps in to provide products and services that reduce operating costs, cut down on unknown failures or trips and make the system more efficient.
In conversation with Abhilasha Dafria for YourStory.in, Shwetank Jain, founder and IIT Kharagpur alumnus, tell us how his venture helps industries strengthen their bottom-line by providing them technical expertise and avant-garde technology.
Shwetank, tell us a little about P2Power and how was the idea born?
We offer superior technology at a cost which is at par with traditional passive devices currently installed at most places. Our strength is in our innovation and readiness to adapt to changing market needs. We design our products lowering the overall environmental impact. Through our solutions we make our customers more competitive by helping them cut down on their energy, their production costs and 100 per cent uptime. While studying electrical engineering at IIT, Kharagpur, I noticed the limited development taking place in this sector and decided to explore it as a business opportunity. We were then supported by XLRI Jamshedpur and the institution offered us their management expertise.
Tell us more about your products.
P2 Power’s primary product offering is iCon – the IGBT based intelligent power conditioner. It uses an innovative and unique inverter technology based on FACTS (Flexible AC Transmission Systems). It is capable of handling all power quality-related issues under a single unit. It is a digital signal processor IGBT based technology with a response time of 100 micro seconds. It maintains the instantaneous power factor of 0.99, low harmonic levels and balanced load condition under all load scenarios. In addition to the power factor, there are other evils like harmonics, load unbalance and high neutral current, which also affect the performance of systems. The power conditioner series does not allow harmonics to spread through your system and brings it down within international IEEE standards along with load balancing and neutral compensation. We offer an all-in-one solution at a very competitive price to traditional solutions. Our current product portfolio has expanded to a wide range of products and services including active and passive power solutions. Some of our offerings include hybrid filters, solar inverters and hybrid renewable energy inverters. We also offer a wide range of services like power quality analysis, harmonic analysis, energy consumption analysis, root cause analysis and reliability study to industries as well as commercial setups. Our P2Power Active Filters help our clients improvise on their electrical infrastructure and optimise it for maximum efficiency. We have sold more than 50 units in different industrial sectors and different regions across India to premier companies like Hindustan Times, Amar Ujala, Indo Auto Tech, Raddisson etc. In India, we not only have a shortage of power but a shortage of good power quality. Every watt saved is always greater than a watt generated!
Did you fund-raise to start up?
Yes, we started off with initial seed funding from IIT-Kharagpur. Later, we also received two levels of funding under TePP from DSIR. DST supports us through their TEPP program. We have successfully completed two phases of funding from TePP and are looking to raise additional funds for future expansion.
What were the challenges you faced while starting up?
Like any startup, challenges are a part and parcel of growth. There were a lot of minor technical issues during our first installation, which was later resolved by further testing and improvisation of the units. The technology was highly cost intensive and needed great amounts of funding to be launched into the market successfully. Our initial encounters with customers proved to be quite challenging and intimidating. We realised that the market is not yet ready for a technological change and is not even aware about the concepts we are promoting. Our biggest concern was creating awareness and educating our clients. In a country like India where people don’t even have power, we were trying to sell quality power. But gradually, we met people from the industry who were aware and understood the impact of poor power quality. Also, over the last four years, the government as well as industries have become much more receptive and are taking requisite actions to cater to power quality issues and overall efficiency of the electrical system. Thus, we have managed to create a large customer base. Our clients are located at various regions across India and include Hindustan Times Burda, Greater Noida; Indian Express, Mumbai; Amtek Railcar, Punjab; Harakchand Flour Mills, Sitapur; Tata Steel, bearings division, Kharagpur, and many more.
What is your pricing model?
We predominantly follow a cost and a value based price model for our products. We base our price on the following estimations: the overall cost of production, the cost of future product developments and the value delivered to the customer or the ROI of the customer for the product.
Is hiring a challenge?
We have a team of 25 people, which includes engineers and management graduates. While hiring, we look for people from electronic and electrical engineering backgrounds. Though it isn’t hard to find professionals with such qualifications, the only challenge lies in finding people who are serious about building a career in this field. Also, retaining talented individuals in a start up is always a critical aspect.
What are you plans for the future?
We want to have a strong foothold in the Indian market. We also have plans of entering the international market in the coming financial year through our overseas corporate tie ups. We have a tie up with theUniversityofTexas,Austinfor international business development. Our marketing association with EVIO Pvt Ltd has helped us expand our brand presence in the western regions of India. The current size of the power conditioning market in India alone is Rs 2600 crore. Within the next four years, we are targetting to capture at least five per cent of the market share.