WEnTech: SaaS for Green Energy
WEnTech Solutions’ increasing traction with customers is a sign of how far the waste-to-energy market has progressed in the past few years.
The Fredericton company has produced software that can assess a proposal to convert waste into energy and make suggestions on the best technology to achieve the task. Many of us still think of products that transform garbage into energy as a new frontier. But WEnTECH’s success with consulting engineers shows there now so many technologies that can convert trash into biofuel or electricity that experts need advanced software to sort through them.
WEnTech’s W-SAS product is a Software-as-a-Service solution that helps consulting engineers assess the needs of a waste-to-energy project and pick the right system to carry out the task. It takes into account such variables as the regulations in the jurisdiction, the environmental concerns, the materials being converted and the desired product.
Municipalities of all sizes want to reduce their mountains of garbage, and produce more green energy, and the market is growing steadily. In fact, Akbari said the total market for W-SAS is now about $2.6 billion, and there are now more than 900 consulting engineering firms specializing in waste-to-energy products in Canada alone.
WEnTech has completed one project for a paying customer in Nova Scotia, and is on track to complete another, far larger project this month.
“We are negotiating closely with five other customers, four in Canada and one internationally, to start projects with each of them,” said WEnTech CEO Amir Akbari. “We are hoping to finalize the projects and close the deals with them as they have all provided LOIs [letters of intent] and have shown their interest to our tool.”
Akbari added that the company is in early discussion with nine other outfits, both in Canada and elsewhere, about possible contracts.
The positive response from customers is impressive for a company that is still developing its product. It has a “beta version” of the technology and is continuing to develop it.
One of the challenges faced by Akbari and his partners Farough Motasemi, Kevin Shiell and Kenneth Kent is that new products are coming into the market all the time.
“Some of these conversion technologies are at a lab scale and they have not been proven yet,” said Akbari. “W-SAS only includes the commercially available conversion systems in the technology database. However, W-SAS is built such that new technologies can be easily added once they reach a commercial level.”
The company, which has gone through the Propel ICT accelerator in Fredericton, is now raising capital with the hopes of raising about $250,000. It is one of five finalists in New Brunswick Innovation Foundation’s Breakthru competition, the winners of which will be announced next week. Placing in the top three could bring $125,000 to $250,000 in investment as well as a range of in-kind services.
“Our plan is to improve it based on the feedback that we are getting from our early adopters,” said Akbari. “We are adding a few more modules and functionalities to launch the first commercial version of W-SAS by the end of 2017. Our plan is to initially expand our market in North America and then globally.”