LEXINGTON, Ky. (June 12, 2015) – A Lexington company's design for a new unit to process natural gas has earned that company additional funds to take the idea to market.
TriBlue Engineering won first place at the Kentucky Innovation Network's entrepreneur pitch competition in Lexington on Wednesday. The company presented its concept to a panel of local judges and received a cash prize and the opportunity to present to the Kentucky Angel Investors Network in Frankfort this fall.
"Congratulations to TriBlue Engineering on its first place win," said Warren Nash, director of the Kentucky Innovation Network office in Lexington. "All five of our teams did a great job presenting their ideas, technology and business models to the judges, and I look forward to continuing my work with each of them as they grow their companies in Kentucky."
TriBlue's conceptual design allows natural gas to be produced more economically than current systems. According to the company's presentation, the current system for processing this type of gas is slow and expensive, utilizing technology introduced in the 1980s. TriBlue's system is significantly smaller and can process larger amounts of natural gas, contributing to a more economically viable solution.
"On behalf of my team, I would like to sincerely thank the Kentucky Cabinet for Economic Development and the Kentucky Innovation Network office in Lexington for this opportunity," said Joseph Alexander, founder of TriBlue Engineering. "With our technology, we look forward to building wealth for our investors while lowering the cost of energy for all Kentuckians."
The Lexington event is the second of 11 pitch competitions throughout the state. Other events will be held in Ashland, London, Morehead, Pikeville, Murray, Elizabethtown, Richmond, Paducah and Louisville. Covington held the first competition earlier this year.
The pitch competition, which is in its second year, is sponsored by the Kentucky Innovation Network, the Office of Entrepreneurship within the Kentucky Cabinet for Economic Development and the Kentucky Angel Investors Network. For more information on the competition, visit kyinnovation.com.
The Kentucky Angel Investors Network brings new ventures and accredited investors together via monthly online meetings, providing investors access to form deals and partnerships with entrepreneurs statewide. Membership is open to those accredited investors in and outside the state who are passionate about investing in Kentucky companies. To learn more, visit www.kyangels.net.
Consisting of 13 offices throughout the state, the Kentucky Innovation Network offers extensive resources for small and new businesses. Assistance can range from funding initiatives, marketing and sales assistance, small business advocacy and resource referrals, along with a variety of financial and incentive programs to encourage investment and job growth. All services are provided free of charge.
The Kentucky Innovation Network is an initiative of the Kentucky Cabinet for Economic Development's Office of Entrepreneurship. The goals of the Office of Entrepreneurship are to develop an entrepreneurial climate in Kentucky, provide guidance and support to startups and assist existing small businesses with growth opportunities. To learn how the Kentucky Innovation Network is helping create and grow Kentucky's small businesses, visit www.kyinnovation.com.