A Rotterdam business making heat in thermodynamic engine technology got a boost from a group looking to give start-up companies the financial boost and guidance to ensure success.
The Eastern New York Angels, LLC announced on Tuesday, Nov. 15, it had provided seed funding to its first investment in Ener-G-Rotors after reviewing dozens of submitted business plans. The company is pioneering converting low-temperature waste heat to electricity so companies can realize energy savings and increase efficiency. ENYA is a new managed seed fund comprised of regional business leaders and accredited investors.
“Today marks another important milestone for Ener-G-Rotors and I think equally important for the Capital District,” said Michael Newell, CEO of Ener-G-Rotors.
Richard Frederick, a founding member of ENYA, said the group is continuing to look for new investors and companies and is always reviewing proposals for funding.
“Our members … have a wide variety of business successes and life experiences that help them to evaluate and provide guidance to early stage companies,” said Frederick.
Newell said having an active and knowledgeable investment group in Tech Valley would encourage local entrepreneurs and stimulate job growth in the area.
“It is inspiring to see this great entrepreneurial renewable energy firm partner with Tech Valley’s latest investment group to help accelerate the company’s latest commercialization efforts and support job creation goals,” said Michael Tucker, president of the Center for Economic Growth.
Tucker added the Capital District was also noted in a study as having the most clean energy technology jobs in the nation. He said ENYA would help this trend grow further.
ENYA’s roots go back to 2001, when four local entrepreneurs formed the Tech Valley Angel Network, which eventually collaborated with the CEG to manage the organization. The CEG will play an important role providing stewardship and administrative support.
Companies interested in ENYA assistance can pitch their company to investors through www.EasternNYAngels.com. The average investment amount should be about $150,000 moving forward. If anyone is interested in becoming an investor, Richard Frederick or Joseph Richardson can be reached at 690-0620 or by visiting the website.
