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JumpStart invests in new company that uses NASA technology in renewable-energy pump
By Paula Schleis Beacon Journal business writer
Published on Wednesday, Sep 05, 2007
A new Akron company called reXorce Thermionics Inc. has closed a $1.8 million deal that will allow it to build and demonstrate a device that converts common heat sources into electricity.
The company will build a prototype of the power generator, which has been in development for five years, in its lab at the Akron Global Business Accelerator.
JumpStart Inc., Northeast Ohio's venture development organization, has announced it is investing $400,000 in reXorce (pronounced ''resource.'') The rest of the latest round of funding comes from mTerra Ventures LLC and Bally Energy.
On-site demonstrations of the product (called Thermafficient) will be done during the first half of 2008, and it should be ready for market by the end of next year, said Philip Brennan, reXorce's co-founder and chief operating officer.
The technology is based on the Carbon Dioxide Absorption Heat Pump developed by NASA to cool spacecraft, though it was never used for that purpose.
Brennan's partner, Michael Gurin, invented a process for converting the enormous pressure built up in the pump into mechanical energy. It is then turned into electricity, which can also be used for heating and cooling.
The pump takes advantage of renewable energy. It's driven by low-temperature heat sources, such as solar heat collected from panels, waste heat generated by industrial operations, and geo-thermal heat emanating from the ground.
As with all of its portfolio companies, JumpStart is providing reXource with an entrepreneur-in-residence, Roy Phelan.
''The Thermafficient technology has the potential to reduce energy costs significantly,'' Phe
A new Akron company called reXorce Thermionics Inc. has closed a $1.8 million deal that will allow it to build and demonstrate a device that converts common heat sources into electricity.
Get the full article here.
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