HEARNDON,VA–The Center for Innovative Technology (CIT) today announced that the CIT GAP Fund invested $200,000 in Engineered Products of Virginia, LLC and Piedmont Bioproducts, LLC in order to support the expansion of technology-based industries in Southern Virginia.
In November 2006, CIT launched the Virginia South Technology Acceleration Pilot Program to invest seed capital in innovative companies located specifically in Southside and Southwest Virginia.
Twenty-two entrepreneurs submitted business plans to CIT for due diligence. Qualifying businesses were asked to present to an independent investment advisory board consisting of business and venture capital experts from the regions and other areas of the Commonwealth.
After this review, CIT selected Engineered Products of Virginia and Piedmont Bioproducts to each receive a $100,000 investment.
Based in Saltville, Engineered Products of Virginia develops and manufactures innovative electronic and electrical products for the electrical transformer, motor and electrical apparatus manufacturing industries. The investment will go towards engineering services, product development and working capital.
“CIT’s investment in our company will help us take our business to the next level,” said Curtis Frye, Engineered Products of Virginia co-founder and president. “We look forward to working with the knowledgeable team at CIT and benefiting from their expertise.”
Piedmont Bioproducts, based in Gretna, is a renewable resource company that will generate products derived from energy crops grown by farmers in a closed loop system within a specified radius of its refinery. Piedmont Bioproducts will use the investment for establishing the pilot plant and commercialization.
Ken Moss, Piedmont Bioproducts founder and CEO said, “The combination of strategic counsel and CIT’s investment will be invaluable as we begin commercialization.”
Tom Weithman, vice president, CIT Entrepreneur and GAP Fund manager said, “we anticipate that Piedmont Bioproducts will go on to leverage additional investment from other sources of angel and venture capital.”
Weithman said that the pilot was structured in conjunction with the Southwestern Virginia Technology Council, Virginia Highlands Small Business Development Center, Southern Piedmont Technology Council, Dan River Business Development Center and Region 2000 Technology Council.
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