In the hip-yet-sophisticated collection of offices, conference rooms, and common areas on the 6th floor of a converted warehouse, glass-walled units buzzed with industrious entrepreneurs along a hallway that opened onto a central kitchen/socializing area stocked with ample amenities: fresh-brewed coffee, pineapple-infused water and yes, a keg in continuous operation. In a bright conference room by the elevator, we sat with members of the Rentricity team: President Frank Zammataro, Research Associate April Lecato, and their intern, Anna, beneath a modern-art montage urging us to “Do/What/You/Love.”
Certainly an apt exhortation for Rentricity’s President and co-founder. A former Wall Street-er with no background in electrical or mechanical engineering, Frank is truly a self-made and self-taught technologist. Displaced in the aftermath of 9/11, he started to fixate on the water towers perched atop the Manhattan buildings visible from his new downtown office. Can we tap into the potential energy of all this water just sitting on the city’s roofs and use it to power emergency evacuation devices? “It won’t work” was the verdict from a cadre of engineering professors at RPI to whom he presented his first drawings: a wheel in a pipe that harnessed energy from water flowing down through these systems. Undaunted, he dove deeper into water systems and in the summer of 2002 surfaced with a technology to collect renewable energy from water flowing in pipes and vaults. Seven years and numerous state and business grants later, he moved into business full-time.
Fast forward to 2013: business is moving swiftly—the company has four times as many projects in the pipeline this year over last, and is building a solid portfolio of case studies, relationships and partnerships. But revenue and reputation alone are not enough to fund the ambitious growth Mr. Zammataro has in his crosshairs. He wants to hire—the best-of-the-best—to expand operations beyond their current NYC digs, to increase capacity on all fronts. But scaling requires funding and renewable energy took a significant hit in 2012. The well-publicized failure of several cleantech projects and uncertainty in the sector has left many venture capitalists gun shy.
So how does a start-up like Rentricity convince investors to get on board? How do they drum up interest and excitement about innovations that deal with the totally un-sexy business of systems infrastructure? Does Rentricity need an evangelist to take on the cause of infrastructure reform and innovation, someone to speak up for smart, efficient infrastructure that harnesses existing power within the system?
Maybe, but Rentricity appears to be in a better position than many innovators who have been lumped into the cleantech category. The company is at what’s been called the energy-water nexus. Businesses and economies rely very much on these two closely linked critical resources. While Rentricity’s technology involves generating clean energy, it also has the potential to enable smarter water management and water conservation. Importantly, it also takes advantage of existing infrastructure. And it’s not trying to compete in a crowded field of attractive products, like cars or gee-whiz solar collectors. In light of comments from panelists at a recent cleantech investment event, Rentricity appears to be in an enviable position.
Look for a profile of Rentricity’s technology from dMASS soon.