PNE faced the challenge of deciding which new verticals and markets to extend to and how to prioritize them. This task was made more daunting by the founders' significant operational roles, highlighting the need for detailed market analysis.
PNE's initial reluctance to outsource market analysis stemmed from concerns about value of the investment, particularly whether EntryMapper would be able to provide meaningful insights in a complex and technical industry.
Given the niche market, it was key to understand the market competitors with similar offerings and what use cases they were pursuing
Given characteristics of the thermal sand battery, EntryMapper assessed verticals based not only on market potential but also on applicability of PNE’s solution. Deep-dives were created for priority verticals to explore specific target companies
With different regulatory structures and attitudes towards renewable energy, it was critical to build a prioritization of expansion countries as well, including deep-dives on these countries, with specific trends and identified sales leads
Once all the data had been collected and analyzed, all insights were synthesized into a stakeholder ready report.
EntryMapper's work with PNE marks a significant milestone, offering PNE a fresh perspective on the European thermal storage market. This partnership refined PNE's strategy, enhancing their market navigation capabilities and laying a strong foundation for future expansion and investment.
EntryMapper’s product also enabled PNE to successfully close its next round of funding in 2024, crucially enabling it to act on EntryMapper’s market expansion insights.