Company is called Solugen. $12 M/yr in 2019, on track for >30 M/yr in 2020
Wastewater treatment is 80% of their revenue
Bio-engineered a yeast to create produce enzymes that create hydrogen peroxide from feedstock sugar
The solution produced also contains organic acids that breakdown minerals. Mineral buildup can clog and corrode pipes over time
Initially created 5 gallon batches, for use in pools, hot tubs and spas. Found that market after a group of float-spa owners contacted them on facebook
Joined Y-Combinator
Partnered with wipe manufacturer to sell them hydrogen peroxide solution hoping the deal was stepping stone to bigger industrial customers
Hired a salesperson from oilfield services Schlumberger to market wastewater cleaning products to oil drillers
The product is appealing for the wastewater cleanup market because of it's anti mineral buildup effects and it does not cause algal blooms compared to HEDP. It's a $5 B/yr market. Includes oil and gas drilling which regulation requires wastewater to be cleaned. The product had a successful test with an oil and gas customer. The customer had 20% reduced efficiency in it's water injectors because of iron-scale buildup and lost $29 M/yr. The product increased production again without the need of additional acid sitmulation. Demand for wastewater treatment increases with age of oil drilling sites. “We go head to head with phosphates, We are not premium.”
Production of solution also sequesters 1.35 tons of CO2 compared to it's competitor HEDP which emits 3 tons. According to independent audit from Life Cycle Analysis
Also produced more than 100K gallons of hand sanitizer that it dontated to healthcare facilities. Partenered with local ethenol facility. Plans to increase hand sanitizer production mini-mills (smaller regional production facilities) and considering commercial opportunities
Plans to expand to agriculture fertilizing, a $175 B/yr market. Hoping to re-invent fertilizer with biodegradable alternative that replenishes essential minerals and metals to soil