Provided by Crain's Cleveland Business
Written by Chuck Soder
Water purification technology company Mar Systems LLC has received new investments totaling $650,000 — funding that will be used to help the company grow and commercialize its technology.
The Mayfield Village startup in December closed deals to receive $500,000 from Lazy River Investments, a group of individual investors in Charleston, W. Va., and $150,000 from Cleveland venture development organization JumpStart Inc. Mar Systems previously received a $350,000 investment from JumpStart in May 2006.
The company’s technology removes metals from water and gas, and would be used by companies trying to reduce pollution, said CEO Claude Kennard and chief operating officer Tony Kuhel, who are the company’s only employees. The technology removes the metals, such as mercury and arsenic, with the help of highly engineered chemicals that other companies have already used and no longer need.
The Mar Systems executives want to raise a total of $1 million, which would be used to add three or four more management and technical staff members and to begin commercializing the company’s technology.
The company plans to test the technology with private companies. It is working on an agreement that would contract out the manufacturing of the technology to another Ohio business that Messrs. Kennard and Kuhel declined to identify.
Mar Systems is a spinoff of Cleveland-based materials management company Metal Alloy Reclaimers Inc., which does business as Metaloy Inc.