Ben Franklin Technology Partners of Southeastern Pennsylvania Awards Alternative and Clean Energy Funding

Posted on July 20, 2010 in News & Announcements

Ben Franklin Technology Partners of Southeastern Pennsylvania Awards Alternative and Clean Energy Funding

Will fund four local companies developing promising energy technologies

PHILADELPHIA, PA (www.sep.benfranklin.org) – Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has awarded a total of $361K to four companies that will develop and bring to market new alternative and clean energy technologies.

OxiCool, Inc. received $250K through Ben Franklin’s Competitive Energy Consortia (CEC) program. S-Bond Technologies, LLC and QuantaCool Corporation were awarded $50K and $36K respectively through the Alternative and Clean Energy Technology Development and CommercializationInitiative (ACED). CityRyde Inspire received $25K from Ben Franklin’s Technology Commercialization Fund.

The CEC was created to encourage small/medium company (SME)/large company collaboration in alternative and clean energy technology development. Through the program, BFTP/SEP leverages a large company’s market position and business expertise with a smaller company’s new technology. The goal is to create and commercialize the resulting energy products more quickly, create sustainable jobs, and accelerate the region’s economic growth. To be eligible for CEC funding an SME must have facilities within the five-county BFTP/SEP region and have less than $5 million in revenue. The CEC is funded through Ben Franklin’s Alternative Energy Development Program, funded by PA’s Ben Franklin Technology Development Authority.

Funded by the U.S. Department of Energy, the ACED helps to accelerate the market entry of products that improve energy efficiency and reduce costs. Companies must be technology-based with fewer than 500 employees in BFTP/SEP’s five-county region.

Driving commercialization of corporate technology, the Technology Commercialization Fund, provides funding for applied research projects leading a marketable technology or product within a 3-year time frame. “We’re confident that these companies’ projects will not only provide our region with more advanced clean energy products, but also enhance our region with jobs and economic development,” said RoseAnn B. Rosenthal, President & CEO of Ben Franklin.

Company Descriptions:

OxiCool, Inc. – Philadelphia
Approved investment: $250K

OxiCool is developing an energy-efficient air cooling technology that can be applied to an array of applications in both the commercial and military space. The company is in a joint R&D agreement with the U.S. Navy, and under a joint development agreement with a large US corporation.

The CEC award supports the collaboration between OxiCool and its corporate partner to commercialize the technology.

Ravikant Barot is the founder and CEO of OxiCool. Mr. Barot is a former merchant marine, oil-tanker captain and chief financial officer of Ford Motor Credit Co.’s JV’s in India. Ravi holds an MBA from the Wharton School, University of Pennsylvania, a Pre-MBA from the University of Dallas, and a Master Mariner’s license (B.Sc) from LBS College of Advanced Maritime Research and Studies, Mumbai, India.

In 2009 Ben Franklin invested $150K in OxiCool.

S-Bond Technologies, LLC – Lansdale – Montgomery County
Approved investment: $50K

S-Bond Technologies, LLC developed Active Solder Technology as a technique to join metals without using flux. The technology is focused on assembly solutions for the defense, aerospace and electronics, including solar panels.

S-Bond’s products are used today in thermal management systems, sensor assemblies, electronics, and a host of other applications where good bond strength, high thermal and electrical conductivity, and a reduced environmental impact are important.

S-Bond has over 6,500 ft 2 of engineering, development and manufacturing space dedicated to providing soldering solutions. This space includes ovens, hot plates, ultrasonic agitation tools and presses as well as a fully equipped assembly facility. SBT also offers Helium leak check and ultrasonic C-Scan testing for assuring the integrity of S-Bond joints.

S-Bond’s parent company is Materials Resources International (MRi). Dr. Ronald Smith, the founder and President of both MRi and SBT, has held prior positions at GE Gas Turbine, GE Aircraft Engine and at Drexel University.

Ben Franklin invested $215K in MRI in 2008 to expand the company.

QuantaCool Corporation – Glenn Mills – Delaware County
Approved investment: $36K

QuantaCool develops efficient and reliable solutions to allow electronics and solar power systems to remove waste heat, while minimizing system operating costs and maximizing performance.

The company’s MHP™ technology uses high-flux heat absorbers relying on phase-change principles to remove and dissipate large quantities of heat, which are passively rejected to ambient cooling media.

David Santoleri is co-founder and President of QuantaCool Corporation. Mr. Santoleri has broad experience in business management, production management, business acquisitions, product and process development and global sales. Prior experience included working 18 years with DuPont in various roles involving Product Development, Manufacturing Management, Business startups, Business Team leadership and Sales development roles.

CityRyde Inspire – Philadelphia – Philadelphia County
Approved investment: $25K

CityRyde is developing a software product and methodology to tap the Voluntary Emission Reductions (VERs) market. The new product, Inspire, will enable the measurement, and thus the monetization of VER Carbon Credits, generated by bicycle sharing enterprises.

Since 2006, cofounders Tim Ericson and Jason Meizner’s have consulted to bike sharing programs worldwide and developed proprietary bike sharing software.

About Ben Franklin Technology Partners of Southeastern Pennsylvania

Ben Franklin Technology Partners of Southeastern Pennsylvania is the region’s catalyst for Stimulating Entrepreneurial Potential. Since 1982, we have invested in innovative enterprises and created commercialization pathways and partnerships that generate wealth through science and technology.

Ben Franklin is part of the Commonwealth of Pennsylvania’s Ben Franklin Technology Partnership. We provide entrepreneurs and established businesses with the Capital, Knowledge and Networks to compete in the global marketplace. We have provided more than $140 million to grow more than 1,700 regional enterprises across all areas of technology.

Our partnerships with universities and others strengthen the innovative fabric of our region. We are founding partners of The Nanotechnology Institute™ (NTI),Mid-Atlantic Nanotechnology Alliance (MANA®) , Pennsylvania Green Growth Partnership (PAGGP),Pennsylvania Advanced Textiles Research and Innovation Center (PATRIC) , Pennsylvania Environmental Technologies for the Pharmaceutical Industry (PETPI) (part of the Water & Environmental Technology (WET) Center ) and the PA Biotechnology Center of Bucks County . We are founding partners of the Energy Commercialization Institute (ECI) and other partnerships emerging through our Regional Energy Strategy , funded through the Commonwealth’s Alternative Energy Development Program. Ben Franklin is also a founding partner of the Emerald Stage2 Venture Fund , the Minority Angel Investor Network, and is a partner of the Mid-Atlantic Angel Group (MAG) Fund I & II and DreamIt Ventures .