Symposium showcases entrepreneurs building new companies focused on alternative, renewable energy
Tuesday July 15, 2008
SOMERSET, Ky. – Five new energy companies connected with investors, innovators and entrepreneurs at the first Energy Boot Camp Symposium today at the Center for Rural Development in Somerset.
The Kentucky Highlands Energy Business Boot Camp is a new intensive performance-based entrepreneurial training and mentoring program that Kentucky Highlands Investment Corporation is conducting in partnership with Technology 2020's Center for Entrepreneurial Growth, which has offices in Oak Ridge, Tenn., and London, Ky.
Unlike most other programs, the boot camp focuses on creating sustainable, fundable companies, not on producing studies or theories about entrepreneurship.
"Today, the five companies that were part of the boot camp had the opportunity to present themselves to state agencies, other entrepreneurs and potential funders who can help them sustain and grow their business," said Bob Wilson, director of the CEG and the KHIC consultant who leads the program. "These businesses will impact the entire region by employing people, creating profits and helping solve the nation's growing energy problems."
KHIC, the Appalachian Regional Commission and the Governor's Office on Energy Policy have funded the program to harness natural resources and identify untapped potential to help entrepreneurs create new sustainable businesses focused on renewable energy and energy-efficient opportunities in Kentucky.
The five entrepreneurial companies that received intense training sessions, individualized coaching and assistance in developing a business and funding plan are:
- Nuform Materials, located in Sadieville, recycles high-quality, value-added ceramic filler from fly ash for use in applications where high performance and low cost are imperative. More than 72 million tons of fly ash, a byproduct of using coal to generate electricity, are produced annually in the United States. Most fly ash currently ends up in landfills;
- RE Strategies of Midway, Ky., serves as a consultant and project manager to small communities focused on providing alternative energy solutions. RE Strategies helps communities develop a plan; locate grants, bonds or other funds; and secure partnerships to implement technology solutions to energy problems;
- Lubrication Specialities Corp. of Stearns, Ky., is a specialty blender of Heritage Lubricants for steam engines, gas engines and all open-bearing machines. It manufactures biodegradable 100 percent loss lubricants and greases in McCreary County. Its target customers are amusement parks that use steam engine trains as well as model train and classic car enthusiasts. Current customers include Six Flags, Dollywood and Grand Canyon Railway;
- Explo-Dynamics, LLC of Madisonville, Ky., is developing a Thermobaric Energy System to use thermobaric force-based energy production system to harness both the heat and pressure of contained and controlled thermobaric reaction and convert this unique force into an efficient, stable and safe means and method of generating energy. Explo-Dynamics also created a similar technology called Implo-Dynamics leveraging heated exhaust and de-energized steam pressure for recovering and producing energy and reducing airborne pollutant emissions; and
- Genesis Development of Kentucky, LLC. of Elkhorn City, Ky., is a developer and manager of wind farms on reclaimed Eastern Kentucky ridge-top coal mines. The company will utilize existing mountain-top/surface mining operations for the implementation and development of utility scale wind energy project by developing partnerships with companies and individual who own title to reclaimed/abandoned mine land, and target regional electric utilities for the bulk sale of electricity generated from its green energy projects. These mountaintop mine sites were recognized as some of the few locations in Kentucky capable of generating enough wind to use in producing electricity.
"This project will capitalize on Kentucky's strengths, but utilize them in a way that supports businesses in the 21st century economy," said KHIC's President & CEO Jerry Rickett.
He added that many of these companies have ties to national research and university labs. In addition, the impact of their new the technologies and services will make positive contributions to Appalachian communities through achievement of greater energy independence, sustainability, and creation or retention of local employment opportunities.
The $225,000 program, which will include two nine-month sessions, is being funded through the Appalachian Regional Commission, the Governor's Office of Energy Policy and KHIC. Representatives from those offices, Kentucky Energy Secretary Len Peters, Kentucky House Majority Leader Rep. Rocky Adkins and several venture capital funds participated in the symposium.
"We had a good grasp of the technical side but had limited knowledge of the business side," Nuform Vice President Brock Marrs said. "This is our first venture, and we learned how to define our market; the ins and outs of how to communicate with the general public and potential investors; and insight into developing financial models and business plans."
The second nine-month session will start in early fall with applications being accepted beginning in early August and continue throughout the month.
Please contact Wilson at bwilson@khic.org or visit www.khic.org for more information on applying for the next boot camp, which will begin this fall.
Kentucky Highlands Investment Corporation, founded in 1968 to stimulate economic growth in nine counties in Southern and Eastern Kentucky, now serves 22 counties in the region and has created more than 9,600 jobs.
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