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Akron energy company looking for facility, engineers as it fine-tunes thermal engine
By Paula Schleis
Beacon Journal business writer
Published on Thursday, Aug 21, 2008
One of Northeast Ohio's most promising new advanced energy companies has closed a $5 million deal with a European investor.
Now reXorce Thermionics faces the challenge of finding the right talent and the right facility to spend it on.
The company is housed at the Akron Global Business Accelerator, where it has been fine-tuning a potentially revolutionary thermal engine.
The engine takes low-temperature heat sources — such as solar heat collected from panels, waste heat generated by factories, or geothermal heat emanating from the ground — and converts it to electricity for heating water or cooling buildings.
ReXorce has garnered a lot of support in Ohio, piling up partnerships and financial support that includes a recent $4.3 million grant from the Ohio Third Frontier Commission.
This month, the interest went international. Aberne Limited, located on Jersey, part of Great Britain's Channel Islands off the coast of France, pitched in another $5 million.
''They would be a natural end user,'' Chief Operating Officer Phil Brennan said, explaining the interest of the new investors. ''They're real-estate property developers, so the idea of producing power at the point of consumption piqued their interest.''
Among other things, the money will allow reXorce to add staff. The company hopes to hire 12 engineers with mechanical experience in the next six months — ''bright young ones and wise old ones,'' Brennan said.
But there is a local and national shortage of engineers, Brennan said.
''We're large on future, short on talent,'' Brennan said. ''We feel that's our greatest limitation right now.''
Mark Terzola, reXorce's new vice president of corporate operations, has been charged with finding them.
Until last month, Terzola was a partner at the Akron law firm of Roetzel & Andress, where he headed the intellectual property group.
Then the Stow native decided to put his science and legal background to work helping the young reXorce.
''I've heard for years about brain drain and that the talent isn't here to make these companies successful,'' Terzola said. But he's not buying it.
While some people might think it's too risky to join an early-stage company still waiting to demonstrate its technology, Terzola is convinced there are others like him eager to join
the push for a greener future.
''I've got to think there's a lot of talent in Northeast Ohio willing to embrace this and make it work,'' he said.
Another priority for reXorce is finding a new home.
''The incubator has been incredibly supportive in handling our growth, but in the next six months, the infrastructure there won't support our demonstration systems,'' Brennan said.
Officials in Akron, Barberton and Cuyahoga County have been trying to help the company find a facility that meets its needs: 20,000 to 45,000 square feet with dock access, reinforced floors, large utility supply, and a mix of office, lab and light manufacturing.
What complicates the order is that reXorce wants to make a statement by renovating an old, unused building into an advanced energy showcase.
And being a company that has yet to make its first dollar, it's looking for something free or cheap.
''We are surrounded by resources we misuse,'' Brennan said. ''The cost in energy to tear down a building and put up a new one is irresponsible. We'd rather bring an old building back to life.''
Brennan said reXorce's goal is to build demonstration systems and install them at ''beta'' sites — including steel mills and breweries — in the first half of next year. But that timeline is dependent on finding the facility and the people.
Paula Schleis can be reached at 330-996-3741 or pschleis@thebeaconjournal.com.
One of Northeast Ohio's most promising new advanced energy companies has closed a $5 million deal with a European investor.
Get the full article here.
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