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Key Topics
Requirement
Select an EC innovation. Illustrate the business and social benefits and limitations of the innovation. This assignment tests your analytical and critical thinking skills and your ability to synthesize concepts around topics.
Solution
ECO Innovation: Econ
The Eco Innovation refers to the innovations that are oriented towards the welfare of the people living on this planet. One can observe different types of innovation that are going on around the world. Some of these innovations are harmful for the sustainability of humans on this planet and there are some innovations that are specifically done after considering the current environmental situation.
The innovation that has been selected for the discussion is “Econ” developed by Smart Green Systems Ltd, Malta. The company has developed this innovative product for the production of Hydrogen energy.
Econ disintegrates water into Hydrogen and Oxygen through brief and fast electrolysis. The hydrogen produced from the machine can then be used to fulfill various energy requirements such as cooking, riding vehicles, and others. It has been found that replacement of diesel and petrol with Econ will reduce the CO2 emissions by almost 70 percent.
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The machine utilizes small amount of electricity to produce hydrogen that can easily replace the traditional fossil fuels. The developers have tested the system and are assured about the quality and safety of this machine.
The machine does not have the facility of storing the produced hydrogen gas it directly passes the produced gas to the point where the hydrogen needs to be utilized. Therefore, there is no risk related to machine and can be stated as the safest energy producing products that can be kept freely in homes and in the vehicles.
The machine produces instant hydrogen only when the machine is switched on, which makes it the safest and sighting this level of safety and quality, the Lloyds Insurance came ahead to cover this innovative product.
This innovative product has been developed in Malta. The HHO Institute (situated in Ohio, USA) has given approval for the use of this product and has provided proper certification for the same.
The product is aimed at providing clean energy alternatives to the people living in Malta. The company, Smart Green Systems Ltd, has oriented itself towards providing this machine to the local people. This machine would be the first of its kind which can be used by the people cost effectively and in safest manner.
The machine can be easily used in the vehicles which will help the vehicles to use the traditional fuel system as well as the newly developed Econ system. The focus of the machine to reduce the emission seems to be fruitful in the days to come.
Econ has the potential to capture new markets if it is converted into cost-effective marketable products. The use of water (which is abundant on this planet) to produce energy will be preferred by most of the governments around the world. The pressure on governments of various countries is increasing regarding the reduction of carbon footprint. Therefore, this machine can be used as a boon in reduction in the carbon footprint.
Moreover, if the product comes at cheaper price (as promised by the company) then one incurs expense on the traditional fuels, then there would be no doubt that this product will be accepted with ease. The machine is likely to increase the profitability of the company that has produced it if it is converted into marketable product and supplied to various countries.
Moreover, this product is likely to attract investment from various organizations if the future is bright which will eventually convert into further innovation and strengthening of this product. The product has the potential to impact the way society uses energy for various consumption such as cooking and commuting.
It can be stated that the product shows some appreciable factors that can take it ahead, namely, ability to access new markets, increase in the profitability, increment in technical capacity, attracting investment, and abiding by the standards and regulation. All these values can be derived from this innovative product.
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Eco-innovation in practice - Eco-innovation Action Plan - European Commission. (2016). Eco-innovation Action Plan. Retrieved 24 July 2016, from https://ec.europa.eu/environment/ecoap/about-eco-innovation_en
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Electricity and Gas. (2016). Eco-innovation.eu. Retrieved 24 July 2016, from http://www.eco-innovation.eu/index.php?option=com_labels&view=label&label=electricity-and-gas&Itemid=145
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resource-efficiency > Business > Eco-Innovation > The Eco-Innovation Project > The Business Case for Eco-innovation. (2016). Unep.org. Retrieved 24 July 2016, from http://www.unep.org/resourceefficiency/Business/Eco-Innovation/TheEco-InnovationProject/TheBusinessCaseforEco-innovation/tabid/1036905/Default.aspx
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Withenshaw, N. (2016). Smart Green Systems Ltd. Eco-innovation.eu. Retrieved 24 July 2016, from http://www.eco-innovation.eu/index.php?option=com_content&view=article&id=564:smart-green-systems-ltd-&catid=67:malta
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