Friday, July 11, 2008

Owl Power after funding for veggie oil power

By Mass High Tech Staff

Owl Power Co.
Headquarters: Boylston
Employees: 2
Founded: 2008
Web: www.owlpowercompany.com   
E-mail: jperet@owlpowercompany.com
Phone: 508-425-6667

The Pitch: Owl Power is seeking private capital to commercialize its technology and build out its sales and marketing team.
   
PITCHING THE TECHNOLOGY
Owl Power manufactures, installs and operates its proprietary Vegawatt cogeneration system, which uses restaurant waste vegetable oil and grease to provide electricity and hot water back to the restaurant. The company says that last year, 1.2 million U.S. restaurants and food service facilities used more than 3 billion gallons of vegetable oil. Owl Power also says its technology can reduce restaurant operating expenses by up to $1,200 per month.

PITCHING THE PEOPLE
Who is on the management team? James Peret, CEO, formerly of Insight Product Development; and Chad Joshi, COO, formerly of Energen Inc.

Have executives been involved in a cashout prior to this venture? No.

Who is on the board of advisers? Richard Lucash, partner at Lawrence Associates and founder of Launchpad Venture Group; Jack Lindsay, CEO of SunBelt International; and Jack Kutner, COO of BigBelly Solar.

PITCHING THE BUSINESS
How much investment is being sought? Owl Power is seeking $800,000 in equity financing or convertible debt.

What partnerships, collaborations or affiliations are already in place? The company is a member of the Massachusetts Restaurant Association and said it has placement agreements with many restaurants in Massachusetts.

List any federal or state grants, contracts or awards received: Owl Power was a recent presenter in the Worcester Polytechnic Institute Venture Forum 5-minute Pitch Contest and took home the audience favorite award.

What’s the market size being pursued? The company says its systems could be installed in more than 350,000 locations in the United States, a market of more than $2.5 billion annually.

Who are the likely competitors, direct or indirect? The company says its major competition comes from waste-vegetable oil as industrial feedstock — both industries use the oil because it’s cheap or free.

Is the company profitable? No.