Nordic 24/7 at a Glance
Nordic 24/7 Service Oy is a Nordic innovation company creating cooling units with cutting edge intelligence under the brand name Home of Cool™. Our mission is to develop game-changing ideas for big volume brands looking for a distinct competitive edge. All our innovations are ecological, energy-effective, economical and help retailers to increase sales. The cooler only requires 20 watts of power compared to the standard 240 watts a traditional unit requires, uses no refrigerant gasses and all parts are recyclable.
Born and raised in the freezing cold of Finland, and influenced by the country’s green practices, we believed that we could build a different cooler that is not just cool but green as well. Founder Veli Eloranta set up Nordic 24/7 Services with the vision of becoming the preferred supplier of eco-friendly coolers for major brands developing POS/POP solutions. Our mission is to engineer eco-friendly coolers that give major POS and POP brands the ability to improve their green social responsibility and reduce waste while boosting their retail presence. Our competitive edge is that we can put our cooler in limited spaces where compressor coolers cannot fit.
The innovation lies in how to treat the limited/weak power of the cooling capacity. The treatment of airflow of hot and cold air is the key factor. This is protected with a patent. We have achieved the development of a cooler with peltier elements that has a cooling capacity close enough to basic compressor coolers. State-of-the-art peltier coolers could only achieve a temperature difference of 10⁰C from ambient (ambient is +21⁰C). We have broken through this boundary and managed almost to double the temperature difference, achieving an inner cooler temperature of +2.9⁰C! With our technology, we can build coolers with 80% fewer parts – a meaningful environmental impact.
The product was officially launched commercially in Q1/2020 and we have pre-orders for 1,300 units. Work will continue on increasing industry partnerships and development of the roadmap items to nurture growth in new/existing markets, acquiring new customers and developing new channels. Our intention is to exploit this novel technology on a worldwide level. Through this project Nordic 24/7 will benefit from first-mover advantage to disrupt the vending cooler market, with the company determined to grow fast to become a market leader. Our impact on the environment, climate and raw materials will be huge, pointing towards a more sustainable green economy.
For its innovation, Nordic 24/7 has been given a number of awards and received grants totalling over €1million.
The Refrigeration Market
Refrigeration is the process of removing excess heat from space and transferring it to the environment. It is well known that spoilage of food, beverages and many other substances is reduced at a lower temperature. Thus, in order to preserve many types of perishable products from spoilage and keep them fresh for a longer duration, commercial refrigeration systems are used where the temperature is maintained at a level much below than that of its surroundings.
However, the use of refrigerants is leading to the emission of greenhouse gasses and is giving way to the use of green refrigerants in the commercial refrigeration system market. Utilisation of advanced refrigerants and energy efficient systems are some of the upcoming trends in the global commercial refrigeration system market. The global commercial refrigeration equipment market was valued at $30 billion in 2014 and it is expected to reach over $40 billion by 2020. P&S Market Research expects the market to have grown at a CAGR of 5.7%, in terms of value, over the period 2015 – 2020. Growth is being driven by the growth of supermarkets, hypermarkets, and organised food retail chains.
We very much believe that our unique, patented, technology will revolutionise the sale of drinks in retail POS/POP areas opening a great business potential to our company. The unique features and benefits of our technology will allow creative architects and interior designers to realise modern concepts at POS where before it was impossible to achieve with compressor refrigerators. Our unique cooling technology saves space, does not generate vibrations, is eco-friendly and is flexible to creativity, allowing us to create a blue ocean and take advantage of an untapped business opportunity. According to our field study, the long-term sales increase was up to 80% for those items available near the POS/POP.
The addressable market size (in the USA alone) for Nordic247 products as an alternative technology for traditional coolers over the coming 5 years has been estimated to be $300 million for beverages. In addition, the planned roadmap items targeted for the Consumer market increases the market size substantially. The European and Asian markets are estimated to be at least as big as the US market. The worldwide cooling equipment market is growing at a CAGR of 5-6% annually and to is expected to reach $40 billion in 2020.
Nordic 247 is currently seeking a minimum of £250,000 in return for 12.2% equity on the Crowd for Angels crowdfunding platform, with a minimum investment of £180 – Capital at risk.
Want to invest in Nordic 247? Please check the full pitch here: crowdforangels.com/nordic247 If you have any questions about the pitch or want to arrange a call with the company, please email us on [email protected] or call us on 0207 437 2413.