Anderson, Ind. - IPower Energy Systems has been recognized as one of the 2009 Indiana Companies to Watch, an awards program presented by the Indiana Economic Development Corporation, its Small Business Development Center network, Purdue University and the Edward Lowe Foundation.
Fifty companies from Indiana were honored as outstanding second-stage companies during the second annual Indiana Companies to Watch awards program, held on Aug. 27 in Indianapolis.
Companies to Watch is an awards program that celebrates Indiana privately held second-stage companies, typically those businesses that are past the startup phase, are considered to be established, and have demonstrated consistent growth and significant future potential.
Companies honored range from traditional businesses involved in manufacturing, financial services and retail trade to high-tech companies working in the life sciences, information technology, telecommunications, and aerospace industries. I Power Energy Systems was recognized for having strong global presence in the fast emerging clean energy business and for the application of leading edge technology.
Among the 50 honored companies in 2009 is IPower Energy Systems.
I Power is a successful developer, and manufacturer in the financially attractive and fast growing green energy business with highly efficient heat and power and waste to energy products. This field is populated with large global companies. Hence I Power must focus on customer requirements and satisfaction using innovative and applied technology to be successful. I Power generates much of its technology internally however it has been successful in partnering with other companies and Research Institutions both universities and companies to develop and utilize emerging technologies and integrate these into high value systems. Technology relationships exist with Indiana University/Purdue University - Indianapolis (IUPUI) on power electronics, Evolutionairy on remote monitoring systems, Princeton Power Systems on inverter systems, AlgaeWheel on wastewater remediation, Menard Racing on power plant technology, U.S. Centrifuge on pyrolizer waste to energy systems and Continental Controls on ultra low emission reciprocating engine control. The focus on innovation has been rewarded with over $2.5 million of State 21st Century Grants and $1.9 million of U.S. Army contracts.
I Power has recently partnered with Samsung in Asia, Scorpion Power in the United Kingdom, Energifera in Italy, Energen Solutions in Australia, and QGo in Central and South America to establish critical new routes to market. The growing Government and public awareness of the importance of energy efficiency and green energy activities resulting in increased presence of I Power in the market and the associated recognition of I Power's technical capabilities and innovation by the awards from State 21st Century Fund and U.S. Army R&D contracts. The confidence of the investment community in I Power associated with the raising of over $2 million of funding through a private placement in 2009 under difficult economic conditions and in a very tight money market.
About Indiana Companies to Watch
Companies to Watch firms must employ between six and 150 full-time equivalent employees, have between $750,000 and $100 million in annual revenue or working capital in place, and demonstrate the intent and capacity to grow based on employee or sales growth, exceptional entrepreneurial leadership, sustainable competitive advantage or other notable strengths.
This year more than 500 Indiana companies, representing 59 Indiana counties, were nominated for the Companies to Watch program. The number of applicants was narrowed to 214 businesses, from 50 counties. From that pool, 106 finalists were selected, and 50 companies from 17 counties emerged to become the 2009 Indiana Companies to Watch.
This awards program is unique because of its focus on second-stage companies. The impact of these companies on Indiana's economy is immense. During 2005-2007 Indiana's resident companies averaged more than 32,000 second-stage establishments according to YourEconomy.org, an online resource of the Edward Lowe Foundation. Those second-stage companies employed more than 760,000 workers.
Looking at the contributions of these companies from a broader perspective, from 1993 to 2007 only 15 percent of Indiana's resident establishments were in the second-stage category, however, they generated nearly 41 percent of net new jobs.
Indiana Companies to Watch is a collaboration among the Indiana Economic Development Corp., through its Small Business Development Center Network, Purdue University and the Edward Lowe Foundation.