Lexington business, government, and community leaders came together to mark the expansion of PowerTech Water Inc d/b/a ElectraMet, a water purification technology company, with a ribbon-cutting at its new 26,000-square-foot facility.
“ElectraMet is a perfect example of how the local research community can nurture entrepreneurs and help develop great ideas into successful start-ups through innovative solutions that improve something specifically for business and industry," said Commerce Lexington Inc. President and CEO Bob Quick. "Congratulations to Drs. Lippert and Landon on this expansion and thank you to those at the Center for Applied Energy Research who supported and encouraged them along the way.”
Founded in 2014 by Dr. Cameron Lippert and Dr. James Landon, the company got its start at the University of Kentucky’s Center for Applied Energy Research (CAER) and later developed the ElectraMet water treatment system to offer an environmentally superior solution for industrial processes and wastewater streams, reports the Kentucky business publication The Lane Report. From its early days at UK’s CAER to winning multiple pitch competitions in 2013, including Awesome Inc.’s “5 Across” Finals and the Bluegrass Angels’ Launch Fund competition, to raise $6 million in venture capital just last year, ElectraMet is a true local high-tech success story.
“The Bluegrass Angels are proud to have supported ElectraMet since 2014. Our Fund and many members have invested in ElectraMet from the beginning, and we have greatly enjoyed helping this talented team execute their plans. ElectraMet is a great example of the Kentucky Startup Ecosystem working effectively to enable the retention and growth of homegrown high-tech companies in Kentucky. The Bluegrass Angels are pleased to have played a small part, and we wish the team at ElectraMet continued success,” said Chris Young, manager of their BGA Venture Funds and ElectraMet investor and board member.
“ElectraMet is a quintessential example of the importance of Kentucky’s entrepreneurship ecosystem development and of the impact, it can have on research innovation happening right here in laboratories at the University of Kentucky, such as those at the Center for Applied Energy Research,” said Ian McClure, Associate Vice President for Research, Innovation and the Economic Impact University of Kentucky. “The UK Office of Technology Commercialization is proud to have supported ElectraMet’s commercialization pathway. We thank the many other partners in the community and at the Commonwealth that played important roles at various steps along the way. We congratulate Drs. Lippert and Landon on this significant milestone.”
Through partnerships with the University of Kentucky, investments from the Bluegrass Angels, funding from the Kentucky Enterprise Fund, and multiple grants through the Small Business Innovation Research (SBIR) program, the growth of ElectraMet showcases Lexington’s capacity for innovation, says The Lane Report.
“Our growth as a company from angel investment from the Bluegrass Angels in Lexington to a full-fledged water treatment provider has been tremendous,” explained ElectraMet’s co-founder Cameron Lippert. “We have appreciated all of the support from the community, the University of Kentucky, and the state of Kentucky. The move into this new facility represents another step-change in our ability as a company to offer products for a variety of industrial and commercial customers.”