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I wrote some cliff notes if anyone else is interested Company is called Solugen. $12 M/yr in 2019, on track for >30 M/yr in 2020 Wastewater treatment is 80% o
by gandreani 6y ago
I wrote some cliff notes if anyone else is interested
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
- thinkcontext 6y ago> Production of solution also sequesters 1.35 tons of CO2 compared to it's competitor HEDP which emits 3 tons. Why haven't they set up shop in Europe yet? If they are already cheaper than the conventional product the carbon price would be all additional profit.
- kharak 6y agoThey bio-engineered something. Probably forbidden here, or really difficult to get approval. Europes public and leadership fears bio engineering and has not yet realised its importance in the future. Someone with more insight into Biotech correct me if I am wrong.
- moksly 6y agoI'm not sure where you got the impression that the EU would have a problem with bio engineering. The European public in general is very critical of GMO in to-human products, but that's about where it ends. Almost all the crops grown in Europe have been bio engineered in some way, and GMO isn't even that rare as long as it's for animal consumption. Maybe the fact that there isn't a market for GMO consumer products is where you got it mixed up? Hell even the worlds leading GMO company Monsanto is owned by a German company.
- kharak 6y agoThanks! That is great news to me. Your last paragraph might explain my former view. I wasn't aware of the not B2C part. Still, how difficult is it to bring GMO products to a European market like Germany? I'd imagine the hurdles are higher and more expensive compared to the USA?
- moksly 6y agoIt’s not particularly difficult, but you have to clearly label it and consumers will likely avoid it when you do.
- Mvandenbergh 6y agoThey're mostly selling to onshore oil production of which there is very little in Europe.
- OJFord 6y ago> I wrote some cliff notes if anyone else is interested What does this mean? Tongue-in-cheek interpretation: 'some simple paragraphs without full stops follow'. Is it some sort of note-taking framework though?
- yjftsjthsd-h 6y agoCliff notes is a series of books that are extremely abridged versions of things that students need to read.
- gandreani 6y agoYes sorry about that. I copied these notes from my personal notes. The other commenter explained it well enough https://news.ycombinator.com/item?id=23754612 https://news.ycombinator.com/item?id=23754612
- bagels 6y agohttps://en.wikipedia.org/wiki/CliffsNotes https://en.wikipedia.org/wiki/CliffsNotes