This research examines how incumbent technologies can maintain their dominant position, focusing on the case of the space solar cell industry. The technological competition is centered around Gallium Arsenide (GaAs) solar cells, currently the benchmark in space applications due to their superior efficiency and radiation resistance, and Silicon (Si) solar cells, which are gaining market traction due to lower production costs and scalability, particularly in Low Earth Orbit (LEO) satellite constellations. The main research question addressed in this thesis is: “What factors contribute to an incumbent technology maintaining its dominance in the space solar cell market?”

Dominant design theory is applied to understand which characteristics and factors enable a technology to retain its position once it has become the industry standard. Meanwhile, disruptive innovation theory is used to examine how incumbent firms can respond to the entry of alternatives that compete on different performance dimensions, such as cost and scalability. After literature research and expert validation, these theories are combined into a unified list of factors, which is applied using the Best- Worst Method (BWM) to perform a quantitative prioritization. The study identifies six critical factors that are most important for maintaining technological dominance. The research also provided a detailed exploration of how each of these factors can be influenced through actionable strategies.

Note: Due to information sensitivity, the interviews have been removed from the appendix.

With the pressing need to address climate change and reduce greenhouse gas emissions, governments around the world have set ambitious climate goals, necessitating a transi- tion to renewable energy sources. In the Netherlands specifically, the government has recognized the potential of district heating networks as a vital strategy for decarboniza- tion, given that 81.5% of domestic energy consumption is dedicated to thermal loads. The development of new energy assets, the integration of storage solutions, the use of in- termittent renewable energy sources, and the inclusion of multiple energy carriers such as fuels, power, and heat, collectively referred to as hybrid renewable energy systems, have made the energy infrastructure more complex than ever before. The challenge lies in understanding the implications of integrating diverse renewable assets and optimiz- ing the system for both reliability and economic feasibility, as optimal sizing in hybrid renewable energy systems remains insufficiently understood. This study aims to answer the following research question: What is an effective approach to capacity optimisation in renewable energy systems that integrate thermal and power sources with hybrid energy storage? This study adopts both qualitative and quantitative research approaches, employing multi-actor analysis, system design, optimization techniques, and data analysis to de- termine the optimal sizing of the identified system components. The study integrates real-world data from Eneco’s district heating network in Utrecht, employing optimisa- tion models to minimise costs while ensuring a reliable supply of heat for the connected households. The research addresses sub-questions related to optimisation techniques, hybrid system design, and operational performance. The study results show that a systems engineering approach to capacity optimization in hybrid renewable energy systems can provide robust solutions to the challenges of balancing reliability, economic feasibility, and sustainability in energy infrastructure. By taking an integrated approach that spans multi-actor analysis, system design, opti- mization design, model development, and result analysis, relevant system components can not only be identified but also capacity-optimized. Throughout the study we have shown that single-layer optimisation using mixed integer linear programming provides the most accurate results in diverse hybrid systems with complex asset dispatch. Fur- thermore, we identified masked time resolution adjustment as the highest-performing simplification technique, achieving a 91.58% reduction in solution time while showing minimal differences in results compared to full optimization. For Utrecht’s district heat- ing network specifically, we showed that a renewable hybrid system, relying on thermal energy storage, power-to-heat, and CO2 compensated fuel-to-heat, is economically and technically feasible up until an operational power-to-heat fraction of 85%.

In this thesis, a research project is conducted to help technical service providers (TSP) that are active in the energy transition of the industrial sector implement Product Service System (PSS) business models. An analytical framework is created to identify success factors for the implementation of PSS business models.

The thesis identifies critical implementation barriers to collective battery storage on business parks in the Netherlands. Subsequently, using a mixed methods research approach, different assessment frameworks are applied to propose three policy interventions that can overcome the identified critical implementation barriers and stimulate the adoption of collective battery storage in the Netherlands.

Currently, the entire aviation sector accounts for 2.5% of global emissions. To commit to the Paris Agreement by 2050, new emerging technology is necessary. Electric aircraft emerged as one of the promising solutions to decarbonize the aviation sector. However, the introduction of electric aviation (EA) causes a shift from kerosene to electricity. With the minimized turnaround times of aircraft, high charging powers are encountered with the adoption of electric aircraft. This can in turn lead to grid instability and costly grid infrastructure upgrades for the grid operator. A battery energy storage system (BESS) can potentially be a promising solution capable of addressing the high power rates associated with electric aircraft charging. Moreover, it provides opportunities for the battery owner to reduce costs and increase the utilization of renewable energy. This thesis aims to gain insight into the contribution of the deployment of a BESS compared to the business-as-usual situation to enable electric aviation while facilitating the interests of both the grid operator and the airport. In particular, this is done for the case study of Bonaire International Airport (BIA) and the grid operator Water- en Energiebedrijf Bonaire (WEB). For the grid operator, the impact on the grid is analyzed focusing on the voltage fluctuations, the load on the distribution cables, and the airport’s transformer (over)loading. From the airport’s perspective, the airport system’s LCOE, and the CO2 emissions from grid electricity are investigated.
Lastly, as electric aviation is currently not commercially used, and faces a lot of uncertainty, the sensitivity of the control strategies to various future scenarios for 2030 is analyzed. This is investigated by a mathematical optimization model for the three battery control strategies, Self-Consumption, Peak-Shaving, and Cost-Optimal. The results showed that in the absence of a BESS, the business-as-usual situation, independent of the adoption level of electric aviation at BIA, the transformer required a capacity upgrade. With the deployment of a BESS, it was found that a Self-consumption-controlled BESS could not effectively reduce the peak loads and defer a transformer capacity upgrade. While voltage fluctuations remained within the acceptable operational range for each control strategy and adoption level of EA. On the other hand, future scenarios with high demand growth could lead voltage fluctuations to reach the allowable threshold. The Self-Consumption strategy is susceptible to an increased electricity demand and adoption level of EA, which substantially influences the load on the distribution cables. Conversely, the Peak-Shaving and Cost-Optimal battery significantly reduces the peak loads in both electricity demand and injection even in scenarios with increased electricity demand and higher adoption levels of EA. Economically, it was shown that a BESS substantially reduced the LCOE depending on the control strategy. Furthermore, it is feasible to reduce CO2 emissions originating from grid electricity production, albeit the reduction is strongly affected by increased electricity demand over time. The research concluded that a BESS is able to defer grid infrastructure upgrades and reduce costs for the airport, although, the extent of these results is highly dependent on the control strategy. Regardless of the control strategies, a battery is able to achieve a reduction in CO2 emissions from the grid given the on-site PV system.

As the variable renewable energy share keep on increasing throughout the energy transition, power systems require more and different flexibility measures. Battery energy storage can provide these essential services that enable the energy system to carbonise and transform on short time scales. Energy arbitrage, the trading of electricity on the electricity markets, can create economic value for batteries. This research assesses the energy arbitrage opportunities for utility-scale battery energy storage in the Netherlands. It compares five different battery technologies and defines the optimal size and power capacity with a linear mixed-integer Matlab optimization model. Furthermore, the operation of for the most optimal technology is simulated for one year with a Model Predictive Control algorithm to be able to compare the effects of forecasting accuracy of the electricity prices on the estimated profits. The results show that according to optimized planning and dispatch in the operation of a battery system can lead to financial opportunities in the Netherlands regarding energy arbitrage for flow batteries. If not today, then in the future. It has been shown that towards 2030 the business case for battery energy storage will significantly increase due to decreasing capital costs and increasing price volatility with the rise of the VRES and phase-out of fossil energy sources. With this research, a contribution is delivered towards the realisation of commercially operating an independent utility-scale battery energy storage facility. Insights are provided on what battery configuration is best suited for energy arbitrage purposes and the effectiveness of simulating the optimized operation of a battery facility with a model predictive control method has been shown. This has lead to clearer insights into the profitability of operating a BESF in the Netherlands.

The rise of the so called Insurtechs, leveraging digital technologies to offer superior and personalized offerings, has shaken the insurance industry leading to a new age of innovation and business models. In addition, the importance of a digital customer experience is increasing as the number of sales completed online are rising. Customers expect wide availability of personalized options and offerings tailored to their specific risk scenarios. Traditional insurers should react fast to face the threat of new players and remain competitive in this fast-paced market environment. A customer-centric approach to digitalization is required to meet demanding requests from customers while targeting benefits including financial flexibility, lower Total Cost of Ownership (TCO), speed to market, and availability of information anywhere and at any time. Concurrently, the rise of cloud computing technologies spark interests in traditional players that have an opportunity to tackle these challenges by transforming their IT infrastructure to generate value for clients while substantially improving the enterprise’s operations. The aim of this document is to inspire the management to perceive the need for innovation and structural change and provide them with the tools and key recommendations to tackle the challenge. Besides, the literature is lacking contents weighting the cloud computing advantages in the insurance industry and exploring the business model’s innovations necessary to welcome the use of the cloud. Hence, the additional goal of this research, is to address this gap and explore the barriers hindering cloud adoption in the financial services industry together with the mitigation strategies expected to reduce such risk factors.

In the Netherlands more wind farms are constructed and energy is contracted in long-term Power Purchase Agreemenats (PPA) to guarantee a steady revenue stream for the wind farm owners. However, until now only large corporates closed PPA contracts to obtain the Renewable Energy Credits (RECs) from a wind farm and claim to be renewable. A new type of PPA is designed that has a direct link between the corporate and wind farm and transfers both power and the RECs. This direct trade PPA is analysed by applying an economic theory, the property rights theory, on the energy sector and by modelling the financial consequences. The result is a framework with the transactions, the risk allocation and the economic incentives of the actors involved. It shows more incentives to invest in renewable energy, moreover the corporate takes more volume risk on the energy production in order to obtain benefit which can be reduced by contracting a service provider. Furthermore, the financial model shows a significant financial benefit for a direct trade PPA compared to a traditional contract and shows a positive eect on the match between supply and demand. Moreover, the match and benefit can be increased by 25% by adding solar capacity in combination with wind energy. The next step is to further investigate this direct trade PPA and to promote this PPA type to corporates that want to invest in renewables and use this as a preferred contract type.

In the last decade, Mergers and Acquisitions (M&A) activity steadily enlarged, where global deal making continues to rise. While the M&A activity is increasing, it is the technology sector with the fastest growing number of transitions. Even though M&A are widely used for financial research purposes, there is plenty yet to be uncovered, particularly on an aggregate level and privately held high-tech firms. Europe offer a natural lab- oratory to study the determinant and consequences of mergers and acquisitions given essential variations in laws and regulations, institutions, traditions, and economic environments across countries, continents and over time. Interestingly, novel data has become recently available meaning that we can see how privately held target firms in Europe behave before and after the takeover. This thesis report focuses on understanding whether M&A affect target firm’s performance. The analysis is conducted on 689 European high-tech target firms, in which 95.26% are privately held, that were acquired in the period from 2011 to 2017. Target firm performance changes are tested with the inclusion of four key accounting performance indicators (e.g., Return on Assets, Operating Margin, Sales Growth and Net Profit), the difference in Intellectual Property measured by the number of patent applications, and three prominent quantitative research methods (Ordinary Least Square model, the Intercept model, and the Difference-in- Difference model). Including several approaches enhances the findings, overcomes weaknesses of the individual methods and addresses endogeneity concerns. Overall, the results clearly shows that target firms do not benefit from the M&A in terms of performance. In other words, the synergies did not benefit the target firm, whereas multiple potential M&A motives, including diversification, strategic gains, and market power did not lead to a better performance of the target firm. Interestingly, the results indicate that target firms in general tend to under perform to the adjusted con- trol group or their peer firms. The latter implies that acquired firms failed to keep up with the competition and confirm the fact that targets were in need of a way to strategically improve. Further, distinguishing evidence is found between domestic versus cross-border takeovers, whereas domestic deals outperform cross- border deals. Which proves it is easier to transfer assets between parent and subsidiary operating in the same country. Large enterprises perform better after the M&A compared to small and medium enterprises. M&A between SME are more likely to be financed with equity over debt which better process the transaction of tangible and intangible asset what could be in favour of the synergy exploitation’s. Also, findings suggest that large firm are more capable to exploit economies of scope and economies of scale. Firms that enclose a medium or high cultural distance outperform low cultural distance deals an not vice versa. This suggests that, taking into account the fact that bordering countries have similar cultural characteristics, greater cultural dimension between firms expose significant growth opportunities. Precisely be- cause long-distance target firms tend to have benefited substantially from the diffusion of the acquiring firms’ know-how, while taking into account that management and organisational styles are obviously significantly different between the two firms. In addition, target firms from the Anglo-Saxon region outperform target firms from the Rhineland region. Firms with an Anglo-Saxon corporate governance orientated firms conversely, are more likely to adopt strategic innovate projects on exploitation and external development. Whereas Rhineland corporate governance are more likely to adopt internal growth and exploratory as strategic renewal trajectories. Further, no compelling differences in performance are found for M&A in the same industry than across industries. In general, the findings presented in this paper provide new insights, while it also complements existing evidence, and on the other hand it contradicts former claims.

Role of digital infrastructures to improve data exchange on trade lanes becomes more critical as complex border procedures contribute to inefficiency of the international supply chain. However, digital infrastructures innovation in international trade (DTI) has not reached the implementation phase. We are interested to analyse digital trade infrastructures innovation process based on its innovation system. The dynamic of innovation system influences the speed of innovation process. We argue that the blockages and unblocking strategy of DTI innovation process can be clearly identified if the innovation system is examined by looking at two levels of analysis, which are structural, related to changes in system’s structure (e.g., actors, networks, governance) and functional, related to the ability of such system to perform certain functions towards achieving its objectives. To the knowledge of the author, there is no theoretical lens which discusses activities and events happened in DTI innovation system to a detailed breakdown of its structural or functional changes. Mainly the existing studies only focus on using the innovation system analysis as the analytical tool for directing innovation policy and neglect the collective action process that is very relevant with characteristics of DI development. Therefore, the research objective is to create and apply a conceptual framework, to identify the unblocking strategy for digital trade infrastructures innovation process by looking at structural and functional analysis of the innovation system. We develop conceptual framework namely Structural-Functional Analysis Framework, based on the desk research. We evaluate the framework through a longitudinal IT innovation case study on EU funded project. Documents analysis and interviews are employed as data collection methods. From the framework evaluation, this study reports that the combination of analyses concerning structural changes and functional performance of an innovation system is capable to provide richer explanation on issues that limit an innovation system to further develop the DI innovation, a strategy that can be done to mobilise the innovation process, and the DI innovation process itself.