Case Study: Building Oxium Energy - Revolutionising the EV Charging Landscape
Introduction
While working with GOEC to establish a strong foothold in the EV charging market in India, it became apparent that significant challenges lay ahead, particularly concerning the dependency on external suppliers for hardware and software. This case study explores the creation and growth of Oxium Energy, a company founded to address these challenges by developing proprietary solutions for the EV charging industry. The initiative was driven by insights derived from Porter's Five Forces model, which highlighted the strategic landscape of the industry.
Understanding the Market
Porter's Five Forces Analysis
Porter's Five Forces model provides a framework for analyzing the competitive forces that shape an industry. The analysis for the EV charging sector revealed the following:
The Intensity of Industry Competition: At the time, the competition was low due to the high barrier to entry for DC fast chargers.
The Bargaining Power of Buyers: With limited options, buyers had little influence over pricing or features.
The Bargaining Power of Suppliers: This was a significant concern, as GOEC relied on multiple hardware suppliers and a white-labeled SaaS provider for software.
The Threat of New Entrants: While barriers were high, the potential for new entrants increased as the market matured.
The Threat of Substitute Products: With growing interest in EVs, substitutes were not a major threat.
Identifying the Problem
As GOEC expanded, the reliance on various suppliers led to several issues:
Inconsistency: Different chargers behaved inconsistently, complicating remote monitoring.
Cost and Delays: Procuring chargers from multiple manufacturers resulted in higher costs and delays.
Software Limitations: The dependency on a SaaS provider limited customization and integration.
These challenges underscored the need for a fully integrated solution that could synchronize hardware and software, reducing downtime and improving user experience.
Building Oxium Energy
In 2021, Syam and I formed a strategic alliance with GOEC to create Oxium Energy, aiming to develop proprietary hardware and software to address these issues.
Software Development
Charging Management System (CMS) and App
The first step was building a robust software platform. We focused on creating a charging management system (CMS) and an app using the Open Charge Point Protocol (OCPP) 1.6 J. This industry-standard protocol facilitated communication between chargers and the CMS.
Development Process: We adopted an agile approach, working in sprints and consulting industry experts. The project was managed on Jira, ensuring timely delivery and feature integration.
Innovations: We introduced features like "plug and charge" and "remote restart" to enhance user experience and reduce downtime.
Testing and Integration
We conducted rigorous testing with all OEM chargers and EV models available in India. This phase involved:
Collaboration with OEMs: Visiting facilities and testing compatibility with various chargers.
User Feedback: Incorporating inputs from EV users, car manufacturers, and charger manufacturers to refine the CMS and app.
Hardware Development
With software development underway, we turned our attention to hardware. We partnered with PowerOne Micro Systems Pvt. Ltd., a leading UPS and solar manufacturer entering the charger manufacturing segment.
Reverse Engineering: We dismantled and repaired broken DC chargers to understand their workings.
Proprietary Charger Development: Leveraging PowerOne's infrastructure, we co-developed a proprietary DC charger, incorporating our insights to optimize performance.
EV Fleet Charging Management System- Oxium fleet
To boost utilization rates, we developed an EV fleet management software integrated with our CMS, providing fleet operators access to public charging stations and maximizing charger usage.
Interoperability with OCPI
We recognized the importance of interoperability in the EV sector. By integrating the Open Charge Point Interface (OCPI) with our CMS, we enabled seamless interaction between different charging networks, enhancing accessibility and user experience.
Strategic Innovations
Project Satoshi
Leveraging our understanding of the OCPP protocol, we launched Project Satoshi, a platform designed to decentralize charging infrastructure. This initiative allows users and operators to independently set up chargers, facilitating rapid expansion across India.
Pentahub - AI & Machine Learning for Lead Qualification and ROI Prediction
We are developing Pentahub, a web-based analytics platform that leverages AI and machine learning to enhance lead qualification and predict the ROI of EV charging station investments. Key features include:
Interactive ROI Calculation: Clients can embed a form on their website that allows potential leads to calculate the ROI of investing in a charging station at a specific location.
AI-Driven Predictions: The platform uses AI and machine learning algorithms to provide accurate ROI predictions, increasing lead confidence and reducing investment uncertainty.
Automated Lead Assessment: ROI data is updated in real-time on the Pentahub platform, enabling charging point operators (CPOs) and business entities to make informed decisions.
Efficient Sales Process: By filtering out leads that do not meet the ROI benchmarks, sales teams can focus on high-quality prospects, reducing the number of cold calls and increasing conversion rates.
Conclusion
Oxium Energy emerged from the challenges faced in the EV charging sector, driven by a vision to create a fully integrated solution. By addressing the strategic issues identified through Porter's Five Forces analysis, we developed proprietary hardware and software that set new standards in the industry. Our innovations in interoperability and predictive analytics position us at the forefront of the EV charging landscape, ready to lead the charge in India's sustainable transportation future.