Fenik

Fenik
Startup/business
Somerville, Massachusetts, United States United States
http://www.fenik.io
  • Overview
  • Team
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Company description

Fenik creates low-cost, eco-friendly refrigerators that run on water.


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Awards and Mentions
Business model

We’ve mainly been supported through grants from USAID and from business plan competitions so far. In the long term, we would achieve financial sustainability through mass production and lowering production costs. Our goal is to produce our units for around $30 at scale, giving us roughly a 1.5-2x margin between our production costs and eventual sale price to account for overhead. While this is not a huge margin, it would allow us to operate sustainably. For now, we would open up a secondary product line for campers and outdoor enthusiasts in high-end markets like the USA, which would return a healthier 5x margin. This higher return would allow us to reinvest into expanding our developing world operations, thereby replicating the model we have in Morocco in other countries. This would in turn lower our COGs further, thus facilitating bringing our solution to more places.

Competitive advantage

While evaporative coolers like Zeer Pots and pot-in-pot refrigerators have been used effectively for centuries, they have been unable to reach a mass scale. We’ve redesigned these devices with modern materials to make them scalable. First, we manufacture a fabric called “PhaseTek” which has the same evaporative cooling power as previous inventions, while being light-weight and easy to mass manufacture. Furthermore, our refrigerators are fully collapsible, making last mile distribution much easier.

Our unique value proposition is definitely our price point. While other alternative-refrigeration technologies - Promethean Power, SunDanzer, SunChill, Coolify - can cost thousands of dollars to build and install, our units are small, portable and will retail between US$25 and US$35, making them affordable even at the smallholder farmer level. Furthermore, the Fenik Yuma 60L is designed to be flat-packed and light-weight, allowing for easy transport worldwide.