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Friday, August 28, 2009
The Pitch
Absorbent Materials aims to treat oil-field water
By Mass High Tech staff
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Absorbent Materials Co. LLC
Headquarters: Wooster, Ohio, and Cambridge
Employees: 7
Founded: 2008
Web: www.absmaterials.com
E-mail: s.spoonamore@absmaterials.com
Phone: 330-234-7999
The Pitch: The company is looking for $2.4 million.
PITCHING THE TECHNOLOGY
Absorbent Materials is using organically modified chemicals called silanes, resulting in reactive, swelling glass materials. The materials are hydrophobic — repelled by water — but can absorb nearly any volatile organic compound, according to the company. One application of the technology is the treatment of oil-field water. The company says it is also conducting pilot tests in industrial materials and drug recovery programs. The Ohio-based company is opening an office in the Cambridge Innovation Center.
PITCHING THE PEOPLE
Who is on the management team? Stephen Spoonamore, CEO, formerly of Cybrinth LLC; Paul Edmiston, chief scientific officer, associate professor of chemistry at the College of Wooster; Rueben Domike, vice president of engineering, formerly of MIT $50K finalist TulipMed.
Have executives been involved in a cashout prior to this venture? Spoonamore has been involved in exits at CBT Productions, CPR-Group, DVDojo Inc. and Cybrinth LLC.
Who is on the board of advisers? Richard Sustich, formerly of the Chicago Water Board; Kelly Carnes, former deputy assistant secretary of commerce for technology; and David Denehy, former deputy assistant secretary of state.
PITCHING THE BUSINESS
How much money is being sought? Absorbent Materials is looking for $2.4 million in funding.
What partnerships, collaborations or affiliations are already in place? None.
List any federal or state grants, contracts or awards received: Absorbent Materials says it has received two grants from the state of Ohio’s Great Lakes Innovation and Development Enterprise program, a research grant from BP PLC, a grant from the National Science Foundation, and the HydroCarbon Award in MIT’s 2009 Clean Energy Prize. The company also says it has five signed contracts for pilot tests of its materials technology.
What’s the market size being pursued? The company says it’s targeting the $35 billion produced water market and the $7 billion remediation market.
Who are the likely competitors, direct or indirect? Absorbent Materials competes water treatment companies such as Raritan Engineering Co. Inc.
Is the company profitable? No.
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