May 11, 2015
The company is working to commercialize a sorbent chemical polymer developed in the laboratories of Oklahoma State University. The technology has been shown to remove arsenic (III, V), antimony, Chromium (III, VI), selenium, and fluoride from various industrial waste water streams, drinking water, and land water runoff.
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i2E, Inc., and Cowboy Technologies, LLC, recently co-led a $400,000 investment in Stillwater-based Associated Material Processing, LLC. I2E, through its Accelerate Oklahoma! Fund, and Cowboy Technologies, an entity of the Oklahoma State University Research Foundation, partnered with the SeedStep Angels and Cowboy Technology Angels in making this investment.
The bridge round follows on a $1.135 million investment in 2013 led by i2E.
Associated Material Processing (AMP) has exclusively licensed technology from Oklahoma State University to a patent-pending sorbent material that removes multiple EPA 200.8 elements from industrial and manufacturing waste streams and drinking water.
“AMP will use these proceeds to fund product development, document advancements pertaining to the sorption of additional heavy metals, streamline operations, accelerate our application partner programs, and fuel sales growth though product distribution,” said Joel Roark, AMP’s chief executive officer. “Associated Material Processing is appreciative of the confidence i2E, OSU, and our Oklahoma investment partners have placed in AMP through this follow-on bridge investment.”
The Accelerate Oklahoma! Program is part of the federal States Small Business Credit Initiative (SSBCI). This U.S. Treasury funded initiative offers funds that provide critical capital and co-investment for Oklahoma entrepreneurs at specific stages of their companies’ lifecycles. Investment terms are typically convertible debt or preferred equity and involve a rigorous due diligence process. The Program is designed to:
- invest in innovative startup companies that promise sustained revenue and increased employment;
- accelerate emerging growth businesses that show potential for bringing new products to market and increasing private capital investment in Oklahoma; and
- fund later stage companies that need capital to position them for expansion at the time of commitment.
The SeedStep Angels group was founded by i2E in 2009 and is now the state’s largest angel investment group with more than 40 members and chapters in Oklahoma City, Tulsa, Ardmore and Muskogee. Cowboy Technology Angels, LLC, is comprised of alumni and other friends of Oklahoma State University.
About Associated Material Processing
Founded in 2011, AMP is working to commercialize a sorbent chemical polymer developed in the laboratories of Oklahoma State University. The technology has been shown to remove multiple EPA 200.8 elements from various industrial waste water streams, drinking water and land water runoff.
About i2E, Inc.
With offices in Oklahoma City and Tulsa, OK, i2E’s nationally recognized services include business expertise and investment capital for Oklahoma’s emerging small businesses.
About Cowboy Technologies, LLC
Cowboy Technologies, LLC was organized in 2011 as a for-profit, limited-liability company with a mission to be a catalyst for commercializing Oklahoma State University inventions. The company goals run parallel with that of OSU’s land grant mission of taking University research from “CAMPUS TO COMMUNITY“.