Press Release (ePRNews.com) - TOLLAND, Conn. - Jun 05, 2017 - Nerac is pleased to announce the next XcellR8 meeting which will be held Thursday, June 8, 2017 at the Nerac headquarters in Tolland, CT. The XcellR8 meetings are high energy, interactive gatherings for entrepreneurs to pitch ideas and concepts and to brainstorm creative solutions to challenges. XcellR8 welcomes Michael Cocuzza, Founder and CTO and Dan Nadav, CEO of Enviro-Power.
Enviro-Power first presented an innovative energy concept, and steered that from ideation to the brink of commercialization. Enviro-Power currently has a patent for a 10-kilowatt microcogeneration unit (mCHP), which uses a micro steam turbine, powered by propane or natural gas, to produce both heat and electricity. The company claims this cuts electricity consumption by up to 30 percent, reducing greenhouse gases and saving money. In addition, larger cogeneration units use an internal combustion engine that needs maintenance, while Cocuzza expects that a micro steam turbine engine will be maintenance free for 10 years.
Key milestones accomplished in the years since Enviro Power was created:
– Proof of concept of core technology
– Initial patent filing, Sept. 2014
– Angel funding for commercial prototype, Sept. 2015
– Commercial Prototype, Fall 2016
– CI Pre-Seed funding, Jan. 2017
– Cost Saving Design of core components
– Attract industry CEO for commercial launch
Key upcoming milestones in the near term:
– 2 additional patents filed, June 2017
– Alpha production prototype, Fall 2017
– Seed funding round of $750K, Fall 2017
– 15-20 unit Beta program Fall, 2018
– Begin measurement and verification program for bank-ability
Clearly, Enviro-Power has advanced considerably since that first presentation, and are now in the process of raising a seed funding round targeted for the fall of 2017 to manufacture and execute a beta pilot program in 2018. Enviro Power has begun to network in the investment community for their upcoming fund raising effort and critical feedback on the presentation and pitch is desired.
XcellR8, established as a networking cell in northeastern Connecticut, was one of four cells originally created by members of the Connecticut Technology Council executive board, including Nerac CEO, Kevin Bouley. Nerac generously makes space available to support this growing community of entrepreneurs.
“The Tolland/Nerac XcellR8 group continues to accomplish an amazing amount for our participants with just the volunteer talent and the energetic people who attend the sessions,” said Bouley. “Enviro-Power is a great example of an XcellR8 participant who has achieved great success from an initial idea, and how the entire group can contribute to that success.” Contact XcellR8 (mailto:firstname.lastname@example.org) to learn more today.
Nerac Inc. is a global research and advisory firm for companies developing innovative products and technologies. Nerac provides expert insights that equip clients with the knowledge to develop or refine a technology, explore market growth opportunities, evaluate intellectual property strategies and respond to regulatory changes. Nerac serves approximately 20,000 users worldwide and delivers over 75,000 research projects and custom alerts each year. Nerac has a long, successful consulting history in a wide-range of industries with a strong focus in the areas of pharmaceutical, food and nutraceuticals, medical device, engineering, energy and advanced materials.