SEATTLE, WA - InnovaTek was one of ten entrepreneurial teams featured at the Pacific Northwest Cleantech Open Investor Forum, held Thursday, October 29th at Seattle’s ACT Theatre.
InnovaTek was selected as a Cleantech Open Semi-finalist for its InnovaGen® Fuel Cell Energy System which generates and recycles energy and turns waste into an asset. The technology provides an efficient, low cost, clean (non-combustion) approach to generating not only power, but also thermal energy, from a single fuel source such as renewable biogas. Customers requiring large amounts of thermal and electrical energy, such as food processors or pharmaceutical plants, will be able to produce a “greener” product by reducing emissions more than 50% and lowering their energy consumption and costs by 30â€40%.
“InnovaTek has developed microchannel heat exchangers and advanced catalysts for fuel cell applications” says Patricia Irving, InnovaTek CEO. “When the federal and state governments began offering tax and rebate incentives for the installation of energy efficient, clean technologies, I realized that we had the technological potential for a tremendously successful new energy product because it would allow customers to significantly reduce their monthly energy bills and get payback on their capital investment in 2 years or less.” A study conducted with a potential customer indicated that installation of InnovaTek’s technology in a single food processing facility would save the company $3.4 million per year in energy costs.
As a Cleantech Open semi-finalist InnovaTek has received significant mentoring, networking, and business training. The Company won a Clean Tech Grant from IMAGINiT Technologies of sophisticated engineering and design software from AutoDesk® worth $32,000. Regional Cleantech Open winners will receive up to $50,000 and national winners over $250,000 in cash and prizes.
Following the Investor Forum an Awards Gala was held to announce the 3 Pacific Northwest Regional Winners, who will compete in the National Cleantech Open contest. Since its inception in California in 2006, over 100 teams have successfully completed the program, raising over $120 million in external funding. This is the first year that the competition has included a Pacific Northwest Division.
WA Governor Chris Gregoire congratulates InnovaTek CEO Dr. Patricia Irving (left) and CFO Kathy Rightor and CTO Organizer Byron McCann(right) at the NW Clean Tech Open Gala in Seattle.
About InnovaTek, Inc.
InnovaTek, Inc. creates technologies for environmental safety and sustainable power. InnovaTek is a leader in portable fuel processing technology and advanced catalysts for hydrogen production from petroleum and renewable fuels. For more information, visit www.innovatek.com
About Cleantech Open
The Clean Tech Open was founded in 2006 to provide today’s clean tech innovators with the tools, training and connections they need to become tomorrow's viable clean tech businesses. The core of CTO is an annual business competition, supported by expert volunteers and mentors, that provides entrepreneurs with the crucial business training, services and insights they need to go to market successfully. To learn more, visit: www.cleantechopen.com