ecoSPEARS Completes $2 Million Seed Round With Local Investments From Kirenaga Partners and the EIA Social Enterprise Fund
ORLANDO, Fla., February 12, 2019 (Newswire.com) - ecoSPEARS, Inc. announced today that it has completed its initial $2 million seed round funding for its NASA-patented technology solutions for sediment, soil and water remediation of PCBs (Polychlorinated Biphenyl). These toxins have contaminated an EPA-estimated 93%+ of the United States waterways, including such high-profile sites as the Hudson River in New York, the Spokane River in Washington State, Portland Harbor in Oregon, the Kalamazoo River in Michigan and even Pearl Harbor in Hawaii as well as the Great Lakes. This round was led by Kirenaga Partners, a New York and Florida-based early-stage venture capital firm that focuses on identifying and developing transformative technologies to address major social issues such as clean water, fresh food, and infection control; and included an investment from the Orlando-based EIA Social Enterprise Fund I, a seed fund specifically created to invest in early-stage social entrepreneurs.
ecoSPEARS is a cleantech company creating better solutions for a better future. The ecoSPEARS story first began in 2012 at the NASA Kennedy Space Center where a team of NASA environmental scientists invented the Sorbent Polymer Extraction and Remediation System (SPEARS), a green remediation solution to extract PCBs from contaminated waterways. In 2017, NASA awarded ecoSPEARS the exclusive license for their patented SPEARS technology entrusting ecoSPEARS to scale their green solution to clean earth’s most toxic waterways.
ecoSPEARS has subsequently designed and developed the SPEARS technology to clean contaminated waterways but has also invented other cost-effective and eco-friendly solutions to extract PCBs, PBDE, DDT, PAHs, dioxins and other persistent organic pollutants (POPs) from contaminated soil, sediment, and groundwater. Once the PCBs are extracted from the contaminated media, ecoSPEARS uses a proprietary green chemical process to destroy the toxic chemicals and future liabilities – forever.
During 2018, ecoSPEARS was able to build out its initial team; refine the science and means of implementation and testing; establish initial studies with industrial and governmental clients from coast to coast, including an international university-based study; and actively engage with both regulators and legislators on the state and national levels.
“We are very pleased with the progress we’ve made to date, and with the support we’ve received from the investment community here in Orlando,” said Serg Albino, Co-Founder and CEO of ecoSPEARS. “We would never have been able to get this company off the ground without Kirenaga’s leadership and initial capital. And the investment from the EIA Social Enterprise Fund is another validation for us that what we are doing is not only a good business, but simultaneously addresses a real societal problem – one that has, for way too long, been without a viable, environmentally-friendly solution.”
“At Kirenaga, we are constantly looking for truly transformative companies that offer solutions to some of the biggest issues facing humanity. And unlike many other investors or capital providers, we are not afraid of being the first institutional capital, as long as we know the technology has been properly validated first,” said Terrance Berland, Managing Partner of Kirenaga’s Florida Office. “ecoSPEARS, in fact, is exactly the profile of company we seek to find, especially since it pairs Florida-based technology development at NASA with a Florida-based entrepreneurial team, seeking to solve a global problem.”
"We are also excited to be an investor in ecoSPEARS,” said Rob Panepinto, CEO of Entrepreneurs in Action, Managing Partners of the EIA Social Enterprise Fund I. “The EIA Social Enterprise Fund was created to support companies like ecoSPEARS that can both positively impact a social issue and create a scalable business. ecoSPEARS participated in the first cohort of the Rally Social Enterprise Accelerator we partnered with, so we have come to know well the management team and their passion for their business and improving the quality of our waterways. We are proud to be their partners."
Ian Doromal, Co-Founder and VP added, “At the end of the day, one of the things the world has to have in order to survive is clean water. And we wake up every day trying to find a way to ensure that sufficient clean water can become a reality not only for ourselves but for our children and our children’s children. This is not just a business to us, it is our mission.”
ecoSPEARS is the leading global solutions provider of green remediation technologies to permanently extract and destroy PCBs, PBDE, DDT, PAHs, dioxins and other toxins from contaminated soil, sediment, leachate, and groundwater. ecoSPEARS is made up of a team of passionate “ecoHACKERS” that are challenging the environmental industry to “THINK BETTER.” ecoSPEARS is committed to utilizing science, engineering, and technology to create sustainable solutions that deliver lasting social, economic, and humanitarian impact. For more information, visit: www.ecospears.com
About Kirenaga Partners:
Kirenaga is an early-stage venture capital firm focused on transformative technologies that are ready for commercialization. They operate a concentrated portfolio of investments and work with the management teams in a very “hands-on” way to help accelerate growth. Kirenaga operates out of offices in New York and Florida. For more information, visit: www.kirenaga.com
About EIA Social Enterprise Fund:
The EIA Social Enterprise Fund I, is an Orlando-based Fund investing in early stage for-profit social enterprises, largely in the Central Florida region. Managed by Entrepreneurs in Action, LLC, the Fund also partners with the Rally Social Enterprise Accelerator, an Orlando-based Social Enterprise Accelerator that helps scale non-profit and for-profit social enterprises. For more information, visit: www.cflsea.com
Media Contact for ecoSPEARS:
Ian Dormal, Vice President