Print
Email
Print Edition Stories
Friday, February 6, 2009
The Pitch
Inven's SmartStove awaits tests and prototypes
By Mass High Tech staff
MHT's Efrain Viscarolasaga: Preparing the smart grid for more power
MHT's Efrain Viscarolasaga: Solar installation booms in New England
MHT reporter Efrain Viscarolasaga on NECN: Green tech brings jobs back to Mass.
Inven Inc.
Headquarters: Holden
Employees: 2
Founded: 2006
Web: www.inveninc.com
E-mail: info@inveninc.com
Phone: 508-631-4123
The Pitch: Inven is seeking funding to pursue grants, perform EPA testing and develop a prototype.
PITCHING THE TECHNOLOGY
Inven is developing an automated control system, called SmartStove, for wood-burning stoves. The company says its technology introduces combustion automation to wood stoves, which is intended to create a more consistent fire and to increase convenience, safety and heating efficiency. More consistent combustion should also lead to reduced emission of pollutants, the company said. The company plans to use funding to conduct Environmental Protection Agenecy testing to quantify any emission reduction. With SmartStove, Inven says, users won’t have to repeatedly adjust their wood fires. The company also says the control could cut down on chimney fires, because many people don’t know how to properly operate a wood-burning stoves.
PITCHING THE PEOPLE
Who is on the management team? Dan McFarland, chief technical officer and acting CEO; Bill O’Connell, CFO.
Have executives been involved in a cashout prior to this venture? No.
Who is on the board of advisers? Rich Armstrong, general manager of DRS Power Technology Inc.; and Kraig Kaijala, owner of Wide Angle Marketing Inc.
PITCHING THE BUSINESS
How much investment is being sought? Inven is seeking $250,000 for research and development to bring its SmartStove product to volume production.
What partnerships, collaborations or affiliations are already in place? Inven was recently featured in the Worcester Polytechnic Institute Venture Forum Spotlight on Entrepreneurs.
List any federal or state grants, contracts or awards received: None.
What’s the market size being pursued? Inven says the hearth industry shipped an average unit count of almost 500,000 cordwood appliances from 2005 to 2007.
Who are the likely competitors, direct or indirect? Inven says competition includes companies making passive bimetallic springs, including Pacific Energy Fireplace Products Ltd., Blaze King Industries Inc. and Monesset Hearth Systems Co. and mechanical timers, including Quadra-Fire.
Is the company profitable? No.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
