A water treatment technology company debuted its new $6 million facility in Lexington, Kentucky, on Tuesday.
Lexington-based PowerTech Water Inc., doing business as ElectraMet, has moved to a new 26,000-square-foot facility at 140 Trade St. The space will allow for increased manufacturing capabilities, additional workforce and larger-scale systems, according to a news release from Gov. Andy Beshear's office. In addition, the new facility will allow the company to grow its recycling operations.
“Our growth as a company from angel investment from the Bluegrass Angels in Lexington to a full-fledged water treatment provider has been tremendous,” said co-founder and CEO Cameron Lippert, in the release. “We have appreciated all the support from the community, the University of Kentucky and the State of Kentucky. The move into this new facility represents another step-change in our ability as a company to offer products for a variety of industrial and commercial customers.”
As I previously reported, PowerTech closed on its oversubscribed Series B financing round led by HG Ventures in June 2021. That $6 million fundraise was among the largest venture capital investments in Kentucky in 2021.
The company, which developed technology to deliver clean water in a sustainable manner at a low cost, was founded in 2013 after winning Awesome Inc.'s 5 Across Pitch competition. In 2014, it received investment from the Kentucky Enterprise Fund via KY Innovation, and since 2015, it has received multiple Small Business Innovation Research (SBIR) awards.
Additionally, multiple investments in ElectraMet have been approved through Kentucky’s Angel Investment Tax Credit program, a Kentucky Economic Development Finance Authority (KEDFA) program administered by KY Innovation. In 2020, the company was awarded $998,663 through the Federal SBIR Grant program and an additional $290,000 in Kentucky matching grants.
“ElectraMet shows the power of taking an idea and turning it into a reality that is making a positive impact on our state and local communities,” said Gov. Beshear in the release. “As a previous SBIR/STTR Matching Funds awardee, this company’s success is a testament to how Kentucky’s resources for supporting technology development in the state can be used. I am thrilled about this expansion and look forward to ElectraMet continuing to thrive in the commonwealth.”
