Connecticut Innovations Completes $1 Million Investment In Newtown Company

Connecticut Innovations (CI), a quasi-public organization driving technology innovation in Connecticut through a variety of investment funds, programs, and industry leadership initiatives, recently announced the completion of a $1 million investment in Newtown-based Environmental Energy Services, Inc (EES). EES provides operators of large utility and industrial boilers with fuel treatment products and services that improve combustion efficiency, control slag, reduce boiler corrosion, and reduce emissions when coal or oil are burned to generate electricity.

Specifically, the company offers a total-solution package that includes performance chemical additives, injection systems for these chemicals, and diagnostic and analytical services.

Connecticut Innovations’ Deputy Director Peter Longo said his organization was pleased to be supporting EES with critical early-stage funding at a time when the company is planning to expand both its research endeavors and its market outreach activities.

 “CI looks forward to playing an active role in the company’s growth — not only as an investor but also as a trusted advisor,” Mr Longo added.

Environmental Energy Services’ President Richard Nowak said he is extremely excited about having Connecticut Innovations onboard as a strategic partner.

“CI will provide valuable resources, contacts, and assistance to EES, helping us to enhance our domestic market position with both oil and coal-fired utility applications; further develop our international representation network; and increase R&D initiatives and IP targeted at reducing air emissions and increasing energy efficiencies,” Mr Nowak said.

CI’s investment in EES through the Eli Whitney Fund is significant because it is at the leading edge of a trend of investments in new portfolio companies at CI. In recent months, CI has seen its pipeline grow significantly with entrepreneurial companies seeking “first investor” or early-stage capital.

Following the EES investment, CI expects to complete investments in at least two additional new technology-focused companies within the next 120 days.

Through the Eli Whitney Fund and a host of other funds, programs, and activities, CI is helping to drive Connecticut’s entrepreneurial technology-based economy. The investment in EES, said Mr Longo, demonstrates CI’s commitment to supporting the development of cutting-edge energy/environmental technologies — which have also received significant support through the Connecticut Clean Energy Fund and the Yankee Ingenuity Technology Program, both managed by CI.

In addition to supporting the energy/environmental sector in the state, CI’s initiatives support Connecticut entrepreneurs and scientists in other high technology sectors like bioscience, information technology, and photonics.

Connecticut Innovations is dedicated to a vibrant, entrepreneurial, technology-based economy in Connecticut, said Mr Longo. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund.

CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. Since 1995, CI has been the state’s leading investor in high technology and clean energy, investing more than $180 million in 100-plus companies, projects, and other programs.

For more information on CI, visit www.ctinnovations.com.