News Releases
Questions or comments should be directed to
Curtis Frye at (276)
496-7593.
August 22, 2008...
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.
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