Green Innovations

Developing renewable and clean technology companies in New York

Monday, April 29, 2013

New York Green Tech 50 Financing Success Stories:

In mid-October 2012, we’d unveiled the NY Green Tech 50 at the Green Tech Monster conference.  The NYGT50 recognized the 50 most promising privately-held clean tech companies based in New York.  Since being named to the list, eight of those companies have already gone on to raise financing from notable venture capital firms, angel investors and government grant providers in less than 6 months.
Congratulations to American Aerogel, EnergyHub, Gotham Greens, Sweetwater Energy, NOHMS Technologies, Urban Electric Power, Vnomics and WATT Fuel Cell all who raised financing in the ensuing months since being named to the NY Green Tech 50. Below is a summary of each company and the financing details.
One of things you’ll notice about the companies is the diversity of the areas they are tackling.  It includes everything from insulation and energy efficiency software to urban greenhouses to rechargeable zinc anode batteries to bio-energy.  Based on investor interest in these companies, we expect that many more will will raise financing in the coming months. If you are interested in seeing the entire list of NY’s most promising clean tech companies, go here.
  • American Aerogel raised $4.7 million in February 2013 (SEC filing here).  Its investors include VIMAC Ventures, Mount Royal Ventures and Wave Equity Partners. American Aerogeldevelops and manufactures aerogel-based insulation products currently used in thermal packaging systems for the transportation of valuable biomedical, pharmaceutical, medical device and clinical trial and diagnostic industries. The company’s products enable customers to ship temperature-sensitive items at lower cost, using smaller packaging and with greater assurance.
  • EnergyHub raised $0.5 million in December 2012 (SEC filing here).  Investors in the company include .406 Ventures, Physic Ventures, Acadia Woods Partners and The Partnership for New York City Fund.  EnergyHub develops software and hardware solutions that help consumers and utilities reduce energy consumption and save money. EnergyHub solutions allow homeowners to understand and control energy use in real time and encourage people to take actionable steps to reduce consumption. Utilities also benefit from EnergyHub technology as it enables them to identify and manage peak loads, implement effective demand response programs, and improve operating efficiency. An EnergyHub system creates a Home Area Network (HAN) by connecting a touchscreen Home Base, a Wireless Thermostat, and Sockets and Strips to monitor and control individual appliances. From the Home Base display users can track energy use by dollars and kilowatt-hours down to the individual lamp or game console.
  • Gotham Greens closed a $5.87 million round of financing in Feb 2013 (SEC filinghere).  Gotham Greens is a NYC based agribusiness that builds and operates commercial scale greenhouse facilities for fresh vegetable production. Since commencing production in May 2011, Gotham Greens has quickly become one of NYS’ leading producers of premium-quality greenhouse-grown vegetables and herbs which are grown using hydroponic methods in technologically-sophisticated, climate-controlled rooftop greenhouses in Brooklyn, NY.
  • Sweetwater Energy raked in $3.1 million in March 2013 (SEC filing here).  Investors in the firm include the Rochester Angels, Tom Merkel, and other angels.  The company received support initially as well from NYSERDA and The RIT Business Incubator.  Sweetwater Energy uses a unique technology for producing low-cost, concentrated sugars from multiple non-food plant materials to help meet the modern world’s increasing bioenergy and biochemical demand. With several patents pending for the company’s process that utilizes a broad range of agricultural and woody raw materials, Sweetwater has the flexibility to economically harvest sugars in regions that are non-starters for other technologies.
  • NOHMS Technologies closed a $60k round of financing in April 2013 (SEC filinghere).  Prior support for NOHMS has come via grants from the National Science Foundation and the Defense Advanced Research Projects Agency (DARPA).  NOHMs Technologies aims to commercialize lithium-sulfur battery technology for the vehicle markets – from spacecraft to electric automobiles. NOHMs lithium-sulfur batteries have overcome the twin technology hurdles that have prevented mass commercialization of electric vehicles and can deliver 3x higher energy density at a 3x lower cost.
  • Urban Electric Power raised $2.17M in March 2013 (SEC filing here).  Urban Electric Power (UEP) is commercializing advanced rechargeable zinc anode battery technology, which provides higher performance at a lower cost, using inherently safe and environmentally sustainable materials. Within 5 years, UEP will capture significant fractions of the electrical energy storage market: UPS and storage segments now serviced by NiCd and NiMH technologies (~$1B) and developing segments for grid storage and renewables (est. ~$10B+).
  • Vnomics raised $2.5M in financing in April 2013 (SEC filing here).  Investors in the firm include the Rochester Angels and High Peaks Venture Partners.  The firm also has received support from NYSERDA and The RIT Business Incubator.  Vnomics aims to help trucking fleet owners, executives, and managers operate fleets more economically and environmentally conscious. The company’s technology platform is known as FleetKnowSys and is an Intelligent Telematics Software specifically designed for the needs of the commercial trucking industry.
  • WATT Fuel Cell raised $1.8M in March 2013 (SEC filing here).  WATT Fuel Cell Corporation is a developer of Solid Oxide Fuel Cell (SOFC) systems that will operate on many readily available hydrocarbon fuels such as natural gas, propane, JP-8, diesel, and various renewable fuels. WATT’s product platforms will provide quiet, light, efficient, affordable, and environmentally responsible energy solutions for a range of applications in the portable power and distributed-generation energy markets.