Engineered Products of Virginia (EPOVA) Releases New Product

EPOVA announced it has started production and shipped another new product, Skirted Coil Support Blocks, in August. Utilizing their internal IP, in-house Rapid Prototyping equipment, and exclusive Rapid Prototyping processes, EPOVA has dramatically reduced traditional costs and set-up time associated with the Pressure Gelation and Injection Molding methods. They are now manufacturing Large Skirted Coil Support Blocks and other fixtures for a world class transformer manufacturer. They are able to manufacture large and even small quantities of parts cost effectively by virtually eliminating exorbitant tooling and set-up costs. Traditional tooling charges have always inhibited or prevented the production of unique or lower volume parts and fixtures. Using internal IP, EPOVA can eliminate typical tooling costs of $25,000 - $45,000 per part based on design. Their processes also reduce initial set-up and tooling manufacture time.

Initial orders produced include two sets of custom Skirted Coil Support Blocks. Each set contained 24 custom Skirted Coil Support Blocks, twelve each of two designs. They were manufactured for two unique units. Set-up, development, and tooling were amortized over only 48 total parts! They are made from a 180 C component rated epoxy material that is being used extensively in higher temperature systems. Quotation and manufacture required only a print and volumes.

EPOVA is pleased to expand their current product line by adding another product that provides quality, value, cost reductions and flexibility to industries already pressed by global competition.

June, 2008...

EPOVA Installs New Storage Silo to Increase Capacity

A new 40,000 pound filler storage silo is installed in preparation of increasing our epoxy casting capacity.

May 28, 2008...

EPOVA Awarded SWVTC High Tech Small Business and Entrepreneur Award

EPOVA has partnered with ABB, the world leader in transformer production and technology. Using EPOVA’s IP, they have developed several new products in an industry that has seen little change in decades. They have a joint worldwide patent with ABB for a new layer insulation for the vacuum cast transformer industry. Their new Epoxy Glass Grid has eliminated legacy issues with winding, casting, and producing vacuum cast units while improving the quality and reducing the cost. All of this to units that already outperform traditional solvent based units. The new product is essential to vacuum cast transformer manufacturers in order to utilize new faster curing epoxies which will further enhance their cost structures. This development will allow the clean, green vacuum cast transformer industry to displace the worldwide use of traditional solvent based processes which are not only environmentally unfriendly but also suffering severe supply and cost issues related to worldwide petroleum demands.

EPOVA provides product development and engineering services to other electrical markets to help traditionally structured business deal with the sudden impacts of worldwide and local issues. EPOVA has two new rapid prototype, cast-to-profile products in production and three more in various stages of development. They are in the process of obtaining funding for a fourth new product which will be a partnership with Virginia Polytechnic Institute and State University (VA Tech) and ABB International. The new product will revolutionize the conductor segment of the electrical transformer industry. EPOVA is currently being evaluated by a multi-national, multi-billion dollar company for acquisition because of their enormous market potential.

EPOVA is negotiating with two multi national companies for the rights to distribute products worldwide. They are also pursuing funding for two new projects which will partner them with a Virginia University.

November, 2007...

EPOVA Purchases Former ACCO Crane Facility in Saltville, VA

EPOVA announces the purchase of the former ACCO Crane facility, a 42,000 square foot manufacturing facility. The purchase was facilitated in part by the Saltville SIDA, to whom EPOVA is very grateful. EPOVA moved to the facility on November 12th and completed the up-fit in early January 2008. The re-fit included restoration of two shipping docks to a full 48-inch height and a third shipping dock was upgraded to 52 inches to support international containers. The entire office complex was renovated. The laboratory area was doubled in size in the up-fit to allow expansion of Rapid Prototyping activities.

May 13, 2007...

Engineered Products of Va. gets $100,000 from CIT's investment fund

Saltville's Engineered Products shows potential for growth
By DAN KEGLEY/Staff

Do something new, use technology to do it, and put people to work with that technology, and you might receive $100,000 for use in growing your business.

That's what happened Thursday to Curtis Frye when the Center for Innovative Technology invested $100,000 in his start-up Engineered Products of Virginia LLC. The Saltville manufacturer develops and makes innovative electronic and electrical products for the electrical transformer, motor and electrical apparatus manufacturing industries.

Peter Jobse, CIT president and CEO, said Thursday the investment in Engineered Products was based on its selection as a company showing potential for significant growth, its intellectual properties, its use of high technology and its exceeding expectations.

The $100,000 award represents the closing of a CIT pilot program, said Tom Weithman, vice president of a branch of the firm called CIT Entrepreneur and manager of CIT's GAP Fund, from which the award came. In November 2006, 22-year-old CIT, headquartered in Herndon with offices in Mechanicsville and Newport News, launched the Virginia South Technology Acceleration Pilot Program to invest seed capital in innovative companies located specifically in Southside and Southwest Virginia. Twenty-two entrepreneurs submitted business plans to CIT for consideration and evaluation.

Qualifying businesses were asked to present to an independent investment advisory board consisting of business and venture capital experts from the regions and other areas of the Commonwealth. After this review, CIT selected Engineered Products of Virginia to receive the $100,000 investment. "The pilot program was launched to accelerate the advancement of technologies in Southwest and Southside Virginia," said Jobse. "The overwhelming response we received to this pilot program proves that the model we built is a successful economic development tool that can be used to stimulate growth in other regions."

The investment will go toward Engineered Products' engineering services, product development and working capital. Product development has already been strong for EP. "We have 10 products and services," Frye said, "where we just had one a few months ago."

Aneesh Chopra, Virginia secretary of technology and member of CIT's board of directors, attended the check presentation at the Saltville plant. He noted that the CIT investment links to the Return to Roots program for which Smyth County Administrator Ed Whitmore has been a chief architect and promoter. That program seeks to locate former residents who left the region after school and encourage them to return to fill a growing demand for skilled workers.

Weithman said Southwest Virginia has been overlooked by venture capitalist organizations like CIT, and that it is a misperception that no venture opportunities exist here. Chopra noted that local entrepreneurs have known the potential for a long time.

"In every area there are folks who work every day" and best know local conditions and needs, Chopra said. That knowledge "cannot be learned from Richmond." He said much money had been invested in universities and community colleges to support work-force related programs, but more support, like the CIT funding, is needed for entrepreneurs.

Saltville Mayor Jeff Campbell said Engineered Product's arrival in Saltville "illustrates false assumptions "about the region, that in fact innovation can happen here, given a climate of support from local government. "The old model, how much money do we have to put in, versus jobs and tax revenues... that does not work anymore," Campbell said. "That's where we make a mistake and CIT understands that." Campbell called Thursday "a bright day for Saltville and one of many to come for Engineered Products."

Frye said the CIT investment will enable his company to grow to the next level, and that the growth this far has presented "lumps, bumps and heartaches." "We anticipate that Engineered Products of Virginia will go on to leverage additional investment from other sources of angel and venture capital," said Weithman. Weithman said that the pilot was structured in conjunction with the Southwestern Virginia Technology Council, Virginia Highlands Small Business Development Center, Southern Piedmont Technology Council, Dan River Business Development Center and Region 2000 Technology Council. Weithman said that this pilot was a regionally focused component of the CIT Growth Acceleration Program (GAP) family of funds that has funded 17 companies, which then used those investments to leverage over $10 million in private equity. Four GAP Fund portfolio companies have advanced to Series A investment and one portfolio company was recently acquired by Symantec Corporation.

A statement released Thursday said CIT "is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers."

CIT's 2006 annual report said the GAP Fund "closes the funding gap between "friends and family" and early-stage equity investment for Virginia-based technology companies. The GAP Fund team conducts due diligence and analysis on over 200 technology start-ups annually. Since its inception, the Fund has invested $1.4 million in 15 companies, leveraging an additional $8.1 million in private equity."

Its web site said CIT "seeks to close innovation gaps in the Commonwealth of Virginia and the nation by focusing on new technologies, entrepreneurs and technology companies that make innovation happen."

Thomas R. Morris, Virginia secretary of education and immediate past president of Emory & Henry College, and Charles W. Steger, president of Virginia Polytechnic Institute and State University, are among the members of the CIT board of directors.

Article by Dan Kegley

October 13, 2006...

Engineered Products announces the acquisition and installation of Rapid Prototyping equipment. This equipment, along with our casting replication technology, will allow us to process prototypes from either prints or samples. This will enhance our ability to manufacture products to profile and reduce turn-around time.

September 5, 2006...

Engineered Products of Virginia, LLC. is completing final processes to begin full production of our Epoxy Glass Grid. Tooling delays have led us to develop our own in-house processes for prototypes and tooling which will greatly increase our capabilities and response times. We will expand with additional materials production to include Polyester Glass products manufactured to profile, Winding Core Tube, and Support Blocks over the next several weeks.

We are completing processes regarding the possible addition of a steel slitting line.

Additional personnel (Engineering, Management, material handling, line production, product development, and secretarial) will be brought on board as we expand into full production.

We currently provide limited warehouse services.