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Friday, January 9, 2009
The Pitch
Wave energy startup seeks funding
By Mass High Tech staff
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Resolute Marine Energy Inc.
Headquarters: Watertown
Employees: 6
Founded: 2006
Web: www.resolute-marine-energy.com
E-mail: wstaby@resolute-marine-energy.com
Phone: 617-600-3050
The Pitch: Resolute Marine Energy is looking for $500,000 in funding.
PITCHING THE TECHNOLOGY
Resolute Marine Energy is developing wave energy converters that transform the kinetic energy generated by ocean waves into electricity. The company says it is focusing on supplying stand-alone power solutions for offshore industries including aquaculture, oil services and ocean observation systems.
PITCHING THE PEOPLE
Who is on the management team? CEO Bill Staby, former utility-industry investment banker at First Boston Corp.
Have executives been involved in a cashout prior to this venture? Staby helped found Boca Raton, Fla.-based e-commerce company Flower Farm Direct Inc., which was acquired by San Diego-based Provide Commerce Inc. in 1999.
Who is on the board of advisers? Clifford Goudey, director, Offshore Aquaculture Engineering Center at MIT Sea Grant College; Ian Monteith, program manager, Bluefin Robotics Corp.; Dennis Loria, president, Loria Emerging Energy Consulting LLC; William Mitchell, vice president of marketing, Nuvera Fuel Cells Inc.; Steven Griffiths, executive vice president of operations, Light Pharma Inc. and executive director of the MIT/Abu Dhabi Program.
PITCHING THE BUSINESS
How much investment is being sought? Resolute says it is seeking a $500,000 convertible debt or equity investment.
What partnerships, collaborations or affiliations are already in place? Resolute says it has partnerships with the U.S. Department of Energy, the U.S. Department of the Interior, Satcon Technology Corp., MIT and Duke University.
List any federal or state grants, contracts or awards received: Resolute, Ocean Farm Technologies Inc. and MIT are collaborating on a project funded by the National Oceanographic and Atmospheric Administration developing a prototype wave energy converter, which was tested in the ocean off Newburyport last month (Mass High Tech, Jan. 2).
What’s the market size being pursued? Resolute describes its target market as similar to the market for wind-powered energy 10 years ago.
Who are the likely competitors, direct or indirect? Resolute lists Pelamis Wave Power Ltd and Ocean Power Technologies Inc. as its competition.
Is the company profitable? No.
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