JumpStart Inc., the Northeast Ohio venture development organization that accelerates the progress of high growth early-stage businesses, announced a JumpStart Ventures investment commitment of $250,000 in Absorbent Materials Company LLC (dba ABSMaterials LLC). The Wooster, Ohio company is developing a novel, silica-based material that absorbs toxins in water.
The patented material, developed by Dr. Paul Edmiston from the College of Wooster, is described as a “swelling glass” and is similar to a highly tensioned, nano-matrix of glass. When it comes in contact with a volatile organic compound in water, such as fuel oils, chlorinated solvents, and hexamine, the glass absorbs the volatile molecules within the compound without reacting with the water. Because of its nano-matrix structure, which means it can unfold to absorb the contaminants, the glass can hold up to eight times its weight and can be reused hundreds of times. ABSMaterials is currently marketing three variations of the material to firms and government agencies contracted to clean up or remediate toxic groundwater contamination sites.
JumpStart Venture Partner, Ted Frank, will be working with the company. “ABSMaterials’ products are showing extraordinary promise in a market screaming for better technologies,” Frank said. “The Department of Energy’s 4,000 priority contamination sites alone represent $250 to $350 billion in potential remediation costs and given the magnitude and complexity of the problem, technologies such as Absorbent’s represent extraordinary investment opportunities when proven in early pilots.”
“We are excited to work with JumpStart as we continue to prove consistent remediation success with our material,” said ABSMaterials Chief Executive Officer, Stephen Spoonamore. “JumpStart’s ability to bring experienced advisors and a robust support infrastructure to the table is something we expect to contribute greatly to our future success.”
With the investment, the company plans to expand its production capacity, continue product validation through its pilot projects, and expand utilization of the technology into additional market applications.
* * *
About Absorbent Materials Company LLC
Absorbent Materials Company LLC (www.absmaterials.com) develops reactive glass products and nanosands for remediation or site-cleanups of volatile organic and related spills, plumes or gas discharge. Absorbent Materials’ (ABSMaterials) products are engineered to be fully reversible, highly stable, hydrophobic, and capable of capturing and recovering a range of hydrocarbons and pervasive solvents.
About JumpStart Inc.
JumpStart (www.jumpstartinc.org) is a nationally recognized venture development organization that accelerates the progress of high potential, early-stage businesses and includes a special focus on diverse entrepreneurs working in the highest growth industries. Through the depth of its entrepreneurial team and the breadth of its high value resources, JumpStart improves client success in achieving significant milestones, including raising the follow-on capital necessary to create wealth. JumpStart strives to create a more prosperous future for Northeast Ohio.