ST. LOUIS, June 5, 2007 (PRIME NEWSWIRE) -- Nick L. Akers, founder and chief technology officer of Akermin, Inc., was named District VII Young Entrepreneur of the Year by the federal Small Business Administration.
Akermin is an advanced biocatalyst materials company that is commercializing a breakthrough in enzyme stabilization technology. This technology makes it possible for enzymes to replace conventional metal catalysts in fuel cells and a wide variety of other chemical reactions.
The recognition comes at an exciting stage in Akermin's development -- after a three-year period in which the company has achieved all of its technology milestones, built an outstanding R&D group, validated the functionality of its core technology and completed two successful venture and angel investor financing rounds.
SBA Award
Akers was nominated for the Young Entrepreneur of the Year award by Kevin A. Schulte, director of the Smurfit-Stone Center for Entrepreneurial Studies at St. Louis University's John Cook School of Business. The District VII SBA award covers a four-state area, Missouri, Kansas, Nebraska and Iowa.
In his nomination, Schulte wrote:
Akermin's mission is to develop and commercialize portable fuel cells based on its proprietary SEBC(tm) (Stabilized Enzyme Biofuel Cell) technology. SEBC fuel cells will offer significant cost and performance advantages compared to batteries and other portable fuel cell systems. They will eliminate barriers that have hindered the adoption of portable or micro fuel cells to date and meet the growing need for cost-effective portable power in mobile electronics and other applications. Nick started graduate school in chemistry at St. Louis University in 2002 without ever having conducted a day of research. Dr. Shelley Minteer, his graduate advisor and later business partner, described her interest in developing a battery replacement technology that runs on alcohol through the use of enzyme catalysts. He was enthusiastic about taking on the project. Nick's undergraduate degree in chemistry and interest in science in general provided the fundamental backbone of excitement to attack this new area of research with great interest and vigor. Nick developed the first working biofuel cell based on their technology within two months, which already out-performed anything previously reported in scientific literature. He immediately recognized this breakthrough as having potential for commercialization. The next step was to quickly learn about what is required to start a company based on intellectual property owned by a university....
To date, Akermin has raised approximately $7 million in venture financing from three venture capital firms, including two based outside St. Louis, plus a group of St. Louis angel investors. In the past year, Akermin has grown from two to 12 people.
"The most rewarding part of this four-year effort has been to manage a fine R&D team as it has come together to take what I invented as a learning scientist in graduate school through continued breakthrough research toward commercialization," said Akers.
Akermin recently appointed Louis Hruska as president and chief executive officer to lead the company into its commercialization phase. Hruska brings a comprehensive background of more than 20 years experience in general management, product development and manufacturing to the Akermin business. Previously, Hruska was a division director for Microchip Technology, Inc. Prior to that, he was the chief technical officer and general manager for PowerSmart, Inc., where he was the founding partner and lead technical executive of the battery-focused electronics start-up. Hruska was also the director of Rechargeable Battery Engineering for Duracell North American Group.
"I am excited to have an opportunity to work with a visionary scientist to commercialize this breakthrough technology," Hruska said. "Stabilized enzymes have been proven in fuel cells and offer significant potential in other applications. Our mission is to develop and commercialize stabilized enzyme technology that is based on our proprietary process."
In fuel cell applications, Akermin's stabilized enzymes will:
* Offer significant cost and performance advantages compared to batteries and other portable fuel cells; * Eliminate barriers that have hindered the adoption of portable or micro fuel cells to date; and * Meet the growing need for cost-effective portable power in mobile electronics and other applications.
Akermin is focusing initially on technology and prototype advancement, then on production and marketing of SEBC fuel cell and biocatalyst systems, independently and in conjunction with strategic industry partners.
About Akermin
Akermin, based in St. Louis, Mo., is an advanced catalyst materials company with proprietary stabilized enzyme technology that enables enzymes to replace conventional metal catalysts in fuel cells and a wide range of other chemical processes. The company's breakthrough technology offers increased performance and lower costs through the use of renewable resources that also provide environmentally friendly disposal. Akermin's novel polymers serve as a protective coating to immobilize and stabilize enzymes, significantly extend enzyme operating lifetimes, and enable their use in conditions that would otherwise make them inactive.