Mtech/University of Maryland Company FlexEl LLC Wins Maryland Incubator Company of the Year Award
Three Additional Mtech Companies Named Finalists
COLLEGE PARK, Md., June 17 /PRNewswire-USNewswire/ -- FlexEl LLC, a company in the Mtech Technology Advancement Program incubator developing rechargeable, flexible, thin-film batteries, was named company of the year in the technology transfer category at the 2010 Maryland Incubator Company of the Year Awards.
FlexEl was recognized at a ceremony held June 15 in Baltimore, Md. The company was selected among 22 finalists.
"The State of Maryland's 2010 Maryland Incubator Company of the Year award is a great honor, and reflects the steady progress FlexEl is making in bringing our revolutionary technology to market," says FlexEl CEO Bob Proctor. "For the distinguished 49-person selection committee to choose us over the many other compelling technology companies in Maryland is a testament to the hard work and commitment of our entire team."
FlexEl won the University of Maryland's Invention of the Year award in 2008, and the high-technology category of the University of Maryland's $75K Business Plan Competition in 2009.
FlexEl is commercializing a flexible, ultra-thin battery with a thickness comparable to a business card. The batteries have higher storage capacity than any other battery available today, are non-toxic, and can be recharged wirelessly.
University of Maryland electrical and computer engineering professors Martin Peckerar and Neil Goldsman, along with research associate and alumna Zeynep Dilli, developed the company's patent-pending technologies.
Three additional Mtech finalist companies included one TAP incubator company and two in TAP's fast-track, early admission program called VentureAccelerator:
- Omnispeech LLC is developing speech extraction technology for cellular and other communications. Omnispeech's technology solves a major problem—background noise in cell phone conversations—with cost-effective software, while current solutions require bulky, cost-intensive hardware. The company won the high tech category in the 2010 UM $75K Business Plan Competition and is currently in the VentureAccelerator program. The company was founded by Carol Espy-Wilson, a professor in the department of electrical and computer engineering.
- Remedium Technologies Inc. develops hemostatic (blood-clotting) technologies that use patent-pending nano-hooks to stop severe bleeding much more effectively and safely than existing products. Remedium won second place in the faculty and graduate student category in the 2007 UM $50K Business Plan Competition and is currently in the VentureAccelerator program. The company's technology was invented by doctoral candidates Matthew Dowling and Peter Thomas, as well as associate professor Srinivasa Raghavan, all in the Fischell Department of Bioengineering.
- Resensys LLC develops self-powered, energy-harvesting, wireless, distributed sensors for monitoring structures such as bridges, buildings, and pipelines. The company's patent-pending technology, invented by electrical and computer engineering assistant research scientist and alumnus Mehdi Kalantari, will detect strain, deformation, and cracks forming in structures, and provide early warnings when problems arise. Resensys' sensors attach to existing structures. Resensys won the high tech category in the 2008 UM $50K Business Plan Competition and graduated from VentureAccelerator to TAP in March 2010.
Five TAP companies have won Maryland Incubator Company of the Year awards in the past three years. Last year, Lurn Inc. won the technology service category. In 2008, AccuStrata Inc. won the best new incubator company category, TRX Systems won the homeland security company category, and Zymetis Inc. won the best technology transfer company category.
TAP winners in prior years also include Martek Biosciences, Digene Corporation and DataStream Content Solutions.
Sponsored by The Maryland Technology Development Corporation (TEDCO), RSM McGladrey, Maryland Department of Business & Economic Development (Maryland DBED), and Saul Ewing LLP, the Maryland Incubator Company of the Year awards are chosen in several categories by a selection committee of regional industry leaders and early-stage investors. Award recipients benefit from publicity and gain greater credibility in the business, technology, and investment communities.
Selection criteria for a winning company includes: success in achieving its objectives, its technology or product development; growth in revenue or earnings; number of customers and significant customers; technology transfer; attraction of outside investors; and impact on the region. Award recipients were chosen based on their nomination form, onsite visits, and interviews with references.
About the Maryland Technology Enterprise Institute (Mtech) (www.mtech.umd.edu)
The mission of the Maryland Technology Enterprise Institute (Mtech) is tri-fold: educate the next generation of technology entrepreneurs; help entrepreneurs create successful technology-based ventures; and connect Maryland companies with university resources to help them succeed. Founded in 1983, Mtech has had a $22.5 billion cumulative impact on the Maryland economy through its programs. Mtech is a unit of the A. James Clark School of Engineering at the University of Maryland. For more information about the Technology Advancement Program (TAP) incubator, the VentureAccelerator Program, the University of Maryland $75K Business Plan Competition, Entrepreneur Office Hours, and Faculty Venture Fairs, visit www.mtech.umd.edu.
SOURCE Maryland Technology Enterprise Institute