NW Energy Angels Winter Showcase Highlights 7 Up-and-Coming Local Cleantech Companies
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, according to co-founder Kevin Maas. The financing allowed Farm Power to open its second operation, and move forward on its third and fourth projects in South Seattle and Oregon. “Producing power on three and four operations is a lot more fun than producing power on one,” Maas says. “As long as the cows continue to eat, we continue to produce power.”
—Mercurius Biofuels (Bellingham, WA)
This advanced biofuels company, founded in 2009 with support from the Whole Energy Fuels Corporation, converts biomass into compounds that can create green chemicals including cellulosic diesel, gasoline, and jet fuel. It was one of 15 regional semifinalists in the 2010 Cleantech Open. According to president and CEO Karl Seck, the startup is currently negotiating a term sheet with two interested angel investors. “We’re really excited to get this kicked off, developed, and commercialized,” Seck says.
—FluxDrive Inc. (Sumner, WA)
This company, though founded in 2003, has slipped under our radar until now. FluxDrive develops mechanical Adjustable Speed Drives (ASDs) that are cost-effective, and more energy efficient than variable frequency drives (VFDs). “We’re literally an energy-saving device,” says founder and CEO Chip Corbin. Corbin was enthusiastic as he announced that the company had just installed a 1.2 MW device at the Vancouver aquarium on Friday. FluxDrive is currently raising its second round, which Corbin says will be in the range of $1.2 to $1.5 million, should be completed by the end of the year, and which he says will hopefully bring the company to profitability.
—EnergySavvy (Seattle, WA)
This young startup, founded in 2009, has had a whirlwind year. The company, which rolled out its online energy audit tool in February, has since seen its business completely restructure in both an unexpected, and successful way, according to CEO Aaron Goldfeder. “We thought we were going to sell our referrals to contractors, and that’s not our business at all,” he says. “Things have just gone pretty much bananas.” EnergySavvy is well on its way to profitability, according to Goldfeder. “We’re on track for $850,000 in 2011, and the year hasn’t even started yet,” he says. “We have more deals than we know what to do with—it’s pandemonium actually.” And as if that weren’t enough, the company is also in the midst of another financing round, which Goldfeder says is currently $75,000 away from its target.
—Hydrovolts (Seattle, WA)
Although founder and CEO Burt Hamner was unable to present at the showcase at the last minute, this cleantech startup has also had quite a successful year. The company, which develops drop-in hydropower turbines for canals and small waterways, was the winner of Pacific Northwest Cleantech Open National Sustainability Award in 2009 and 2010, and took third place in the Bend Venture Conference. Earlier this year the company also snagged a $250,000 deal with civil engineering firm DLZ Corp. to develop a prototype turbine, which if successful, could result in a $20 million contract.