New Members Accepted at GreenTech Incubator Facility in Hanover County
For Immediate Release
August 2, 2010
Ashland, VA – The Dominion Resources GreenTech Incubator (DRGI), an initiative that was developed to successfully incubate a steady stream of seed stage, high technology growth companies commercializing innovative products & services in the alternative energy and other clean and green technologies, has accepted two new member companies in its Ashland facility in the Presidential II building, Marine Renewable Technologies and EnviroDock, which brings the total number of member companies to four. DRGI, which opened for business in January 2010, is a joint initiative of Hanover County, the Town of Ashland, the Virginia BioTechnology Research Park (VBRP), the Virginia Biosciences Development Center (VBDC) and Dominion Resources (NYSE: D), the program’s title sponsor.
Marine Renewable Technologies (MRT) is commercializing an advanced hydrokinetic turbine that can be used to generate power from the kinetic energy in moving water in rivers, tidal bodies and the deep ocean (e.g. the Gulf Stream). Tidal power is clean, predicable, reliable and invisible (completely submerged). Forty percent of the world’s population lives within 60 miles of a coastline. However, today’s hydrokinetic turbines suffer from high electricity costs and limitations on power output (1 MW maximum), as well as on minimum water depth and speed. MRT’s proprietary technology (patent pending) is designed to produce up to 10MW of power at or below wind energy costs, while overcoming the existing limitations on minimum water depth and speed.
“We are very excited about joining the Dominion Resources GreenTech Incubator,” said George “Kim” Chaffee, President of Marine Renewable Technologies. “The fact that Hanover County is the site of one of the first GreenTech Business Incubators on the East Coast is wonderful news for us start up companies. Having the expertise and services that an incubator gives us is a tremendous advantage and greatly increases our chances of success. We are very grateful to the folks at Hanover County, Dominion, the Virginia Biotech Incubator, as well as all the others who have made this possible. We believe our successes will help grow the area’s economy over the next decade.”
Envirodock’s mission is to provide simple and affordable heating, cooling and shore power services to the transportation industry as an alternative to idling. The system was developed to address new regulations in the trucking industry to reduce idling and the resulting air and noise pollution. EnviroDock’s technology has an additional benefit that will allow the truckers to increase fuel conservation by reducing their idling. Their stand-alone systems will be purchased and installed at truck stops, rest areas and distribution centers nationwide. Truckers can hook their vehicles to this HVAC and power supply system, cut their engines off, and enjoy high velocity fans with a dual ducting system for the supply and return of fresh air and circulation.
“I believe that the Dominion Resources GreenTech Incubator is an incredible resource to tap into, and I am very excited about all the benefits that it will provide our company,” said Ken Neal, President of EnviroDock. Thanks to the DRGI, the company has been able to put together an advisory board of business professionals from the transportation, marketing and engineering fields that are taking an active interest in the success of EnviroDock. Through the participation of the advisory board, we are gaining invaluable insights to all aspects of business that I think will expedite the growth of this company. In just the few short months that we have been here, we have already seen results.”
Modeled after the VBDC’s successful biosciences incubation program, DRGI will provide its member companies an affordable facility on the I-95 corridor, assistance with strategy and business planning, access to expertise within Dominion Resources, expert advice from business advisory boards, access to discounted professional services and introductions to sources of grant and investment capital. As the companies grow, they are expected to move to nearby locations in Hanover County, boosting the local economy.
About Dominion Resources: Dominion is one of the nation’s largest producers and transporters of energy, with a portfolio of more than 27,500 megawatts of generation, 1.1 trillion cubic feet equivalent of proved natural gas and oil reserves, 14,000 miles of natural gas transmission, gathering and storage pipeline and 6,000 miles of electric transmission lines. Dominion operates the nation’s largest natural gas storage systems with 975 billion cubic feet of storage capacity and serves retail energy customers in 12 states. For more information about Dominion, visit the company’s Web site at www.dom.com.
About Hanover County/Ashland, VA: Hanover County is a dynamic community within the Greater Richmond, VA region located 90 minutes south of the nation’s capital in Washington, DC. Hanover’s central, mid-Atlantic location offers seasonable climates and one-day access to more than half of the U.S. population base. A business-friendly county with competitive tax rates, Hanover also has a strategic transportation infrastructure that includes I-95 and I-295, and convenient access to I-64. The Town of Ashland, located in central Hanover County, is a community of seven square miles and 6,000 plus residents that enjoy prosperity fueled by Randolph Macon College, a growing private sector and a strong, regional economy. Ashland is a town born of the railroad and is proud of its history. Safe streets, an efficient police department and a diverse array of retail and tourist activities add quality amenities for both the residents and businesses.
About the Virginia BioTechnology Research Park: The Virginia BioTechnology Research Park is currently home to a unique mix of over 60 public and private bioscience companies, research institutes affiliated with the VCU Medical Center, and major state and national medical laboratories. These companies are housed in nine buildings totaling more than 1.1 million square feet of space, representing an employee base that exceeds 2,000. The Park’s nationally recognized biosciences business incubation program, the Virginia Biosciences Development Center (VBDC), has successfully graduated more than 40 client companies, including three publicly traded firms. VBDC’s client companies and graduates have attracted more than $400 million in equity, grant and strategic capital. The Park’s Virginia Biosciences Commercialization Center has been created to assist international life sciences companies locating at the Park with commercialization activities through M&A or IPO, giving these Park’s tenants full-scale business assistance as they enter the US market. The Commercialization Center is working with 12 bioscience companies with technologies ranging from medical devices to diagnostics and therapeutics. www.vabiotech.com
Contact
David R. Lohr
Executive Director
Dominion Resources GreenTech Incubator
Phone: (804) 368-8610
Email: drl@vabiotech.com
Courtney L. Skunda
Marketing and Communications Manager
Virginia BioTechnology Research Park
Phone (804) 827-2137
Email: cskunda@vabiotech.com
