Steorn: Orbo Webinar#1: 28.10.2015

Transcript by Esa Ruoho / /
Pat: Welcome to the Orbo Webinar. We're here today to introduce you to the first Orbo product, the O-Cube. Orbo is a highly controversial technology ... (Shaun places the O-Cube on the table) ..and we're going to demonstrate the functionality of the O-Cube. Before we do that, however, we want to just give you a brief flavour of who we are and the journey that we've taken over the last fifteen years.
Shaun: So, twelve and a half years ago, yeah? Tell me, how on earth, you got into this crazy company.
Pat: The beginning's actually going back fourteen years ago, because, what happened was, in 2001, I was looking to evaluate a particular piece of technology, nothing to do with Steorn.. And, I didn't know how to evaluate it, and I made a number of calls, and I was put in contact with yourselves. So, I met Mike and yourself in 2001 and you looked at the proposition, the technology we're looking at, and you evaluated it and you said look, listen, this is not, you know, something to look at.. so, that was the way it was left. And, I went to meet you then in April 2004 and the purpose of that conversation was.. ahm..
Shaun: "Where's me fucking money" (laughs)
Pat: Well, it wasn't, it wasn't even at that, because I knew, like, the proposition for what is.. But the point you were putting to me, was you said, "Look, we're looking for a venture capital..".. you said to me, first of all, you said to me, "I'm looking for a VC company", and what I did was.. I.. The first thing I did probably before I even looked beyond them was, I got a friend of mine who's a, you know, he's an engineer and I got him to go in and spend some time with yourself and Mike and to evaluate what it was. And.. I can remember walking out of Fumberly Court as it was on a Friday afternoon and.. the two of yous were walking along side by side.. I said "What you think?" and he just said "Can I invest?". And it was, it was kind of like that, and I said "Are you serious?" and he said, "Pat, If this is right" he said, "This is gonna to be very very serious."
Mike: So Shaun, looking a bit tired.. Understandable. Ten years defending your claims and yourself. Ahm, give us a little bit of background about Steorn, for a bit, new people tuning in today.
Shaun: Steorn was a company that you and me founded, Mike. Back in 2000, and we started doing project management.. We were in the world of fruit, a lot of bananas. And then we started developing technology for others, as you know, that's when we developed forensic systems for companies like Microsoft and credit card companies, and we did expert witnessing, in, fraud..
Mike: (interrupts) So you get on..
Shaun: And then one day..
Mike: (interrupts) And then one day you're sitting there at your desk, magnets spinning around, and you decide: "I need an ad in the Economist".
Shaun: One day we made a discovery, whatever you gonna call it, a mistake, depending on where you sit, where we went, yeah, look..We can get more energy out of these bizarre magnetic fields than we're putting in, isn't that really cool? And wouldn't it be great to build something that uses this, put it in the market, and hopefully make a lot of money.
Alex?: When I saw yous guys coming in, and meeting up after work, I realized that yous were doing a lot of brainstorming, and once I, you know, I didn't really know much about it, because I kept hearing the name Steorn, and I didn't really know how to pronounce it or anything like that, but I realized that yous were doing some interesting stuff, but it's been enjoyable seeing the progression over the years, and, you know, we're really, really really interested in what's going on, ahm, you know..
Shaun: And you.. You see all the lads from Steorn, outside and about, in and out of there, these lads that just (heard) about every provocation and word and insult in the world, they're called conman, scam-artist, and so on, you've seen them at their most vulnerable. Honestly what do you think of them?
Alex?: I've never seen them worry, I've never seen them. I like them, genuinely like, I know yous all, right down to Max, I've played poker with so many of yous, we've shared so many late nights, and I remember telling my friends, you know, we're also in business, and I said, this guy doing mad stuff with magnets, like, you know, and yeah.. Yous are operating in, you know, this crazy environment, and, when we, you know, when we eventually -- when you actually turned around and said that we could have one of these boxes in the pub for a while, I mean, I was just cackahoop when I saw.. When I heard that, and I mean, you know, not.. Partly I was wondering what the hell it is, but the other part of it is just really really interested at being involved with something so revolutionary..
Shaun: Ok, Pat, so, you have hustled twenty odd million, and went to private investors around Ireland, and that started twelve years ago, yeah? In that twelve years the company has failed, and failed again, and failed again and failed again. And Pat Corbett has raised money again, raised money again and raised money again. What the fuck?
Pat: (pause) Ahm, see that's that word, failure, you see. Look.. You know.. We haven't..
Shaun: Failed. Failed with the jury, failed with the London demo, failed to ever show anything convincing to anybody, failed to put a product in the market. Twelve years of failure, Pat's driving around the country, taking money from people.
Pat: Yeah, as it was, if you look at it like that, if you're looking at it from the outside in, Shaun, that's that's, that's what it is, it's failure, you know. People, you know, and.. And right now, you know (what) I mean, and over the years, there is that, there's a huge level of fear and nervousness among the shareholders.
Shaun: How does Pat know, Corbett know that it'll work?
Pat: (pause) Pat Corbett has always known that it works.
Shaun: (interrupts) No no, how does Pat Corbett know that the Powercube will work?
Pat: (pause) The only reason Pat can say based on..
Shaun: (interrupts) a great pause, that's - fucking aye, that was the money shot.. go-on (laughs)
Pat: The only way Pat.. Pat has had one of the, one of the original Powercubes that he had basically going around in his car for a month..
Shaun: Okay.
Pat: Now, that worked for a month, that shouldn't happen. That did work.
Shaun: Okay.
Pat: So, like, in other words, all I can do, Shaun, is, as, all I can do, is say, alright, give the benefit of my knowledge and experience. I'm not a scientist, I'm never, like, I'm not an engineer.
Shaun: For twenty odd million, yeah, where's it gone?
Pat: The money has gone, in.. it's twelve years, so, like if you said, to run a business over twelve years, you know, that cost money, like we've spent a lot of money on equipment, we've spent a lot of money on papers, we've spent a lot of money on staff.
Shaun: Let's say it all falls flat on it's face. If technology works, doesn't work, the whole thing goes wallop. Yeah?
Pat: Yeah.
Shaun: K? Where's Pat Corbett - where's Pat Corbett when he looks at his fucking two kids and his wife, and he goes, "I just wasted twelve years of my life, destroyed my reputation".. Where's Pat then?
Pat: Ahm. It's not something I've actually thought about..
Shaun: (interrupts) I'm asking you though.
Pat: Yeah. The most important thing in my life is how my wife looks at me and how my two kids look at me.
Shaun: Yep.
Pat: That's it.
Shaun: And if this goes tits up?
Pat: Ahm.. (prolonged pause) The reason I feel like this..
Shaun: (interrupts) Leave it.. No, don't..
Pat: (interrupts) No, no, this is relevant.. We're not leaving it. (pause) That emotion (pause) is to do with my wife and my kids.
Shaun: Yep.
Pat: It's nothing to do with this gone tits up. Ok? So. (inhales) Let me clarify that. Ok? Now. I can't tell you in a way that you will understand that I know this thing is not going to go belly up. I can't tell anybody, like, look, if somebody's looking at this, and they're saying, right. I'm just a person on the other end of the screen. And.. To sound like anything, you know, if you say somebody'll see this thing about you know, saying something, When you look, you know, and like.. All they're saying about everybody is that, the Henry Ford, Henry Ford said, you know I want the v8, they said, can't be done. Steorn, you know, creating a battery to recharge itself, can't be done. Okay? So, that's what people's.. But actually, I know, and that's what it is, Shaun, I know. And the very thing about all of the years, and let's forget about Shaun McCarthy for a second, and forget Mike Daily for a second. In all the years that basically I've been with Steorn, every single scientist or technologist that came in, into us, the first thing, what do I do? I build a relationship with them. That's it. You remember, d'you know, what you call it, two boys came in, represented the company from the Middle East, let's say, they came in, and they said, "But this works!" Well, of course it does, what did you think we'd do? Bring yous across for the day off, d'you know what I mean? So the thing about it, Shaun, is.. There's a question here, does it work? Yes it does work, you know. I think the real question is: can we turn this into something?
Shaun: Yeah.
Pat: That's the real question. But.. From the point of view of..
Shaun: (interrupts) D'you ever quit? D'you ever give up on this.
Pat: No, I won't. Because..
Shaun: (interrupts) Is there more fight left in you.. Twelve fucking years is a long time, any more fight left in Pat Corbett?
Pat: Listen, my fight hasn't begun yet. I haven't started yet. Because this is not.. We've, we haven't had to fight (yet), we've only had to get over the first hurdle. This'll be the first hurdle. Look man, the fight hasn't started yet, when the fight does.. that's why.. As I'm saying to you, it hasn't begun yet.
?: I believe you had a t-shirt before, posted before, went something like CEO vs COE.
Shaun: Mm-hmm.
?: Ahm, I think the score at the moment is 5-0 in favour of COE. D'you believe the CEO's going to win out this time?
Shaun: I'm a Birminham fan. A 5-1 result is..
?: So you're used to losing.
Shaun: 5-1 result is considered a win. No. I, the truth of it is, yeah, in the promoting something that blatantly looks like horse-shit, is that you're going to get kicked around a lot. But, here's the other side of that coin: You only have to win once. And, yeah, well we've had obvious public failures and we've had obvious public disinterest in some of the stuff that we've done. I only have to win once. I can lose a hundred times, and win once. When I win once, we win.
Shaun: Ok, so what we're going to do now is discuss the actual product itself, this is what we call the O-Cube The O-Cube is a very simple device, it's a power-brick or a power-cube that has one single USB output. USB output is 2.1Amps, so it can charge tablets as well as smart-phones and other devices. In terms of the components inside, there's really only three things. There's a standard USB PCB interface electronics, there's a Lithium-Ion battery and then there's the Orbo powerpack.
Shaun: And how it actually works is very very simple. When you plug a device into this, what you're doing is draining the energy in the Lithium-Ion battery. But the Orbo device, the Orbo device is constantly powering the battery, so there can be situations where you draw and completely drain the Lithium-Ion battery, but what will happen is that over time, that the Orbo device itself will recharge the battery.
In terms of power output, you're looking at approximately two full smart-phone charges in the 24 hour period. (The O-Girl appears) Pat now will discuss the sales buys and terms of conditions, thank you O-Girl.
Pat: The O-Cube goes on sale in December and is available only from Steorn. The cost price of this unit is 1200 euros, we're also offering a 12 month warranty return to base.
Shaun: Ok, so, the way that we're demonstrating function here is that we're giving out the O-Cube to a variety of different people, and they will be reporting back on their day-to-day use of it, at each of the subsequent webinars. Pat, maybe you can tell us a couple of the people who are getting it, and obviously there'll be more, and, as the process goes on.
Pat: Ok, the first of these companies is a company we've been working with for the last couple of months, a company called Rabbithole Promotions. This company works in the area of guerrilla marketing, and, (they're) very edgy in their approach and it's, we think it's a perfect fit for us.
Shaun: Yeah, we think (that) they're going to do some really interesting, and unusual things with the Powercube in terms of their own day-to-day market and stuff. But we'll let them report back in the next webinar.
Pat: Second company is a clothing company, also a Dublin-based company called Brickbear. Ahm, same as, these guys are into some very different type of clothing, and, we think there's.. there's a very nice fix as regards what the Powercube can produce for them on a day-to-day basis.
Shaun: And while we do have a business relationship obviously with Rabbithole and Brickbear, gone to (there) myself and Pat sizes, but.. there's no actual formal relationship. One last thing that we should say is that while the O-Cube is the first commercially available product with Orbo, there's a lot of stuff that's happening behind the scenes with respect to commercial licensing and what we're going to do is play you a quick video of the first.. an interview with the founder of the first commercial licensee of Orbo, and we'll let him speak for himself about his business, and what they're doing with Orbo.
Liquid Solutions
Killian McGrath (Founder): Liquid Solutions manufactures and distributes E-Juice products for the E-Cigarette industry. We manufacture them here in Waterford in our own facility, we do all the testing independently from outside the facility, and we produce a very high-grade product within this facility. We've the class to produce about a hundred thousand bottles a day, or five hundred thousand bottles a week, that's basically our production capacity. Yeah, the functions have gone really crazy, like when we started out first, we would've started out with a 650 milliamp battery. You know, a user would use that, in a day, you know and they would charge it again and they'd use it all over again the next day. They'd be using a head that would burn about one point six mills of juice a day. Now, four years forward, they're using heads that have 3 and 4 coils inside (of) them, they would burn four or five times juice with less nicotine, so, that's.. the trend is going there with the big vaporus, is they want less nicotine, and more puff, ok, so we're now starting to manufacture three milligram juice, whereas before, the weakest we done was six. Ok, now, three is the highest in the dripping, because they're taking in so much liquid to produce so much vapour, ok, they're still getting the amount of nicotine that they need, but they're burning about four times more juice.
Well, you have, I suppose everybody and their mother after you really, if you think about it, because you know, the three big gorillas inside, you've got the tobacco companies we're doing a lot of damage to them. The E-Cig is doing so much damage to them now they wanna come in and take it over. Then you have the pharmaceutical guys, OK, the guys that are sitting in the background, they're like the little snipers, you know, they're pushing off press-releases, they're pushing out this just to discredit the product, why? Because nobody is buying patches, nobody's buying chewing gum, nobody is buying champax(?), OK, they've lost a whole industry, this product is taking over their industry, OK?
Then you have the government side of it, the government is losing a lot of money from it, on the short side, because on the short side, they're losing revenue from taxes immediately, but on the long side, they would see the benefits of that in five or ten years, because they'll have less serious, I suppose carcinogenic-associated health problems, moving forward with the population. They will have less respiratory problems, because cigarettes are a huge cause of respiratory problems, in especially overweight people, and, people that are getting older in age. So the whole idea is that the British medical organization came out only a month ago and they said that if everybody in the UK gave up cigarettes and went on to electronic cigarettes, they would save 80,000 lives a year.
Liquid Solutions & Orbo
Killian: In 2005 I would've went to a meeting in Steorn's offices in the Innovation Park in the Watlands(?) I would've sat down and listened to what the guys had found or were working on, and I would be that type of person, I would be very interested in stuff like that. New, something that's new, something that's cheeky and something that nobody else is doing.
So yeah, I fell in love with the product, with the technology, and, yeah, that was 2005. 2006 you were making waves and you were moving along, then we all know what happened in 2007 and 2008, we had the big crash.
Shaun: Fucking great, wasn't it!
Killian: Yeah that was brilliant. We all had fun there! And I suppose when I started this project, Shaun, when I started three and a half years ago with Wicked E-Juice and making the juices, and then I kind of got a brain-wave one day and I said "Hmm, maybe we can get a battery from Steorn that we don't need to charge". And that's what started this whole project.
But they're looking at today, they've gone up to 3,5 thousand milliamp unit, with a .2 warm head(?), up to 50 watt, now 100 watt, I was in England yesterday and I saw my first 300 watt battery (laughs), so, it's gone totally to the other side, it's gone to the total other extreme, whether that's going to stay going that way, or it's a fad and it'll eventually come back down to fairly standard products where you're using a 20 watt product or a 10 watt product which is roughly around 9 volts, 8 volts..
Killian: Ahh.. No frustration. Little bit behind the times, but you know, it's not a lollypop we're making here. You know what I mean? We're breaking new ground here. This has never ever been done before. You know, this is bigger than big, you know, this is bigger than the biggest thing that's going on in the world today, only for people don't know about us, and that's our job, our job is to get the products out there so people do know about us.
We're Henry Ford with the Model T. That's where we are today. In ten years time, we may be Ferrari, you know, doing three hundred miles an hour, instead of ten miles an hour. That's all engineering challenges. To come over the next ten years, but that's where this product is going to go. This is only the beginning, we're only at the beginning, we're only scratching the surface where we are with this technology today. Where will we be in ten or thirty years of time..
God only knows.
Shaun: So, I wanna pretty much thank everybody for taking the time to watch this video, ahm, I know there's probably a lot in it, an awful lot of questions that people about the technology, does it work, how it works, and so on, let me be clear. We're not getting into any technical details at this stage. But what we'll be doing is hearing from the guys who are using it. The next webinar we'll announce the date of it, early next week, we'll also in the next webinar be showing you some of the other products that are in the pipeline, we're showing some of the R&D stuff with respect to where does the Orbo battery go after the Powercube, and it will be obviously in mobile consumer electronics, so, all I'm saying, again, thanks very much from meself and Pat, we look forward to seeing you next time.

Transcript by Esa Ruoho / /