Cerion Energy Closes on $1.2 million Financing
July 10 , 2007
For Immediate Release
Company focuses on the production of catalytic nanoparticles used in Fuel Borne Additives (FBA)
ROCHESTER, New York (July 10 , 2007) — Cerion Energy announced today that it has closed on a Series A round of financing of $1.2 million with Braemar Energy Ventures (www.braemarenergy.com) as the lead investor and Excell Partners, Inc (www.excellny.com) as a participant in the round.
Cerion was founded in February, 2007 by a team of entrepreneurs, researchers and industry sector experts originating from the Rochester Institute of Technology (RIT). The company focuses on the production of catalytic nanoparticles used in Fuel Borne Additives (FBA).
Notes George M. Stadler, CEO of Cerion, “The EPA has mandated new 2007 policies requiring both drastically reduced diesel particulate and NOx emissions. Achieving this will mean significantly higher costs for the nation's trucking industry. We have a major market opportunity with our products, which provide higher fuel efficiency, reduced particulate emissions, and lower maintenance costs. ”
William D. Lese, Managing Director at Braemar Energy Ventures added, “Cerion's business model and products are exactly the kind of investment we target — companies with superior technologies that address our energy future and management teams with marketplace experience. We see enormous potential in helping solve the problems arising from diesel fuel use and are particularly impressed by Cerion's solutions.”
Cerion will be the first graduate of Rochester Institute of Technology's incubator program, Venture Creations. The company has received further incentives from the Empire State Development Corp, Monroe County Economic Development Agency, and the City of Rochester.
Adds Theresa Mazzullo, CEO of Excell Partners. “Excell is proud to be a part of the broad base support coming from the Rochester community, the state of NY and the larger venture capital community. This level of support is a testimony to the entrepreneurial ecosystem that is rapidly developing in our region to help commercialize promising technologies like Cerion Energy, Inc. ”
Cerion offers a unique solution to the above mentioned problem, through its 1st FBA offering. This FBA provides both a 10% improvement in fuel efficiency and a 60-80% reduction in particulate emissions and particle trap maintenance costs. The FBA is added to diesel fuel in the parts-per-million range. A second product based on the same technology is a high temperature Lube Oil Additive which produces a 35% improvement in lubricity, resulting in an additional 5% increase in MPG. Sales of both the FBA and Lube Oil Additive are projected for 4Q 2007.
Cerion's Chief Executive Officer, Mr. Stadler, has been involved in the successful start-up and/or operation of over 70 university developed new high technology companies. Dr. Kenneth Reed, Chief Technology Officer, is a physical chemist with 30 years experience (24 patents) in nanoparticle design, precipitation and functionalization. Doug Singer, Chief Operating Officer, is a former Kodak manufacturing engineer. The Company's marketing and sales efforts are headed by Michael Holanhan and Andy Clawson who have over 30 years of experience in the trucking industry. Its R&D team is composed of six RIT Professors/ staff and three RIT student interns. More information is available at www.cerionenergy.com.
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.
About Excell Partners Inc.
Excell Partners Inc. is a unique regional economic development partnership established in cooperation with the University of Rochester and the State of New York to manage a venture capital fund which provides pre-seed and seed stage financing to high-tech start-up companies in the Upstate New York region. Excell is focused on identifying, tracking, and supporting the emerging technologies being developed in Upstate's regional universities and research centers. Excell provides access to capital ranging up to $250,000 at the seed stage to advance lab-to-market commercialization efforts. The types of investments Excell has made in the past include, but are not limited to, companies leveraging technologies in Microsystems, Engineering, Medical Imaging, Pharmaceuticals, Biotech, Food Science and others. For more information, see www.excellny.com.