NuMat Technologies, the winner of the 2012 National Clean Energy Business Plan Competition, has been making enormous progress toward building their company during the last year. Over the course of the last year, the company fully executed an exclusive license with Northwestern University, was awarded funding through ARPA-E for the MOVE Initiative (to develop methane storage materials) and has moved into a new research facility at Illinois Science and Technology Park. And to top it all off, NuMat recently closed a $2M seed round with private investors.
The round was led by an angel network, the GOOSE Society of Texas, with participation of the Owl Investment Group. Both the GOOSE Society and Owl Investment Group are sponsors of prizes in the Rice Business Plan Competition, and in 2012 NuMat Technologies took top honors at the Rice Business Plan Competition, walking away with both the GOOSE and Owl Investment prizes. The company, due to long time horizons necessary for nanotech, has stated that it has decided against raising money from traditional venture funds that have relatively short investment horizons.
In addition to its monetary success, the NuMat Technologies team has doubled their team size and they have stated that they will likely triple it in the next 12 months. The company is working toward developing its first commercially available product within the next year and is currently making determinations about its first market of entry.
The U.S. Department of Energy applauds all of its success and looks forward to hearing more about their success in the future!