Wilkes-Barre's EthosGen, maker of an innovative power generator that produces electricity from sustainable and renewable sources, is the 2015 Ben Franklin Venture Idol champion.
Sponsor Ben Franklin Technology Partners of Northeastern Pennsylvania describes Venture Idol as “a cross between Shark Tank and American Idol, but with entrepreneurs and investors instead of vocalists and celebrities.”
Jim Abrams of EthosGen took the top prize with this pitch: “Our product, the CraftEngine, can convert waste heat into renewable electricity on-site. This presents a huge market as the largest waste heat producers are also the largest electricity consumers — such as manufacturing and industrial facilities, hospitals, database centers and other energy systems like solar thermal and geothermal.
“EthosGen has developed and commercialized a renewable energy technology that leverages one of the most abundant resources available: waste heat,” explains Kenneth G. Okrepkie, regional manager of the Pocono Northeast Region for BFTP-NEP. “EthosGen’s prestigious industrial partners…strategically position the company to ramp up production and sales.”
About 250 guests attended the November 20 event, which started with eight finalists (all profiled in Keystone Edge in recent weeks). Besides EthosGen, JUJAMA of Scranton, which provides technology tools for events, and TSG Software of Bethlehem, a maker of software for commercial cleaning concerns, advanced to the final round to pitch their ventures to the audience.
In addition to a cash investment based on audience votes, EthosGen will receive a start-up package from Altitude Marketing of Emmaus that includes a revamped website, and a branding and messaging upgrade. (BFTP-NEP has already invested a total of $314,500 in EthosGen.)
Abrams reports that EthosGen recently won another honor, making the top 25 out of 2,500 companies worldwide in the Extreme Tech Challenge; judging will happen in January.
Source: Jim Abrams, EthosGen; Kenneth G. Okrepkie, BFTP-NEP
Writer: Elise Vider