MTECH VENTURES

A Scholar's Program for Industry-Oriented Research in Engineering

Impact Report
2025

Chesapeake Bay Seed Capital Fund Impact

Impact

$14.2M

Revenue generated by invested-in Maryland companies in 2024

71

Jobs created nationally

52

Jobs created in Maryland

$3.4M

Total investments since 2008

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“The advisers at Mtech gave us the business and
customer development tools we needed to grow from
technology inventors into technology entrepreneurs.”
—Taylor Myers, CTO, MF Fire

Portfolio

AquaLith Advanced Materials is commercializing new battery technologies, including an ultra-high-energy cathode, a novel silicon anode, and a non-flammable aqueous electrolyte.

N5 Sensors is commercializing sensor technology to detect wildfires.

JumpLights is developing lighting solutions for indoor agricultural producers, enabling energy efficiencies and increased crop yields.

AquaLith Advanced Materials
New lithium ion battery material chemistries for electric vehicles and additional applications

Launched in 2021, AquaLith is targeting the electric vehicle (EV) market with a suite of technologies that improves three parts of a lithium ion battery: the anode, where lithium ions are stored when the battery is charged; the cathode, where they are stored when the battery is discharged; and the electrolyte, where they move back and forth.

The company’s anode replaces graphite with silicon micro-particles, which allow batteries to hold ten times as much lithium in the same amount of material. This lowers the cost of the anode by 90 percent, while making batteries lighter and smaller and retaining the same power of current lithium ion batteries.

AquaLith’s cathode replaces cobalt with two lithium salts and graphite. Cobalt is a limited resource, primarily mined in the Democratic Republic of the Congo. The company’s technology uses widely available materials, which could remove the cobalt bottleneck from the lithium-ion battery supply chain and lowers the cost of the cathode by 90 percent.

Finally, AquaLith’s electrolyte is aqueous, or water-based, making it non-flammable, while remaining stable and operating at a high voltage, a staple of lithium ion batteries.

AquaLith’s three core technologies were licensed from the University of Maryland in 2021 based on the work of Professor Chunsheng Wang, Robert Franklin and Frances Riggs Wright Distinguished Chair in Chemical and Biomolecular Engineering in the A. James Clark School of Engineering, in collaboration with Kang Xu, Fellow, DEVCOM Army Research Laboratory.

Wang’s cathode discoveries were awarded the Overall and Physical Science Invention of the Year awards at the University of Maryland in 2020.

In all, more than $10 million in grant funding was invested in the technology.

AquaLith may explore additional applications for its technologies in the future, including battery backups for buildings.

Founder:
Gregory Cooper, co-founder and CEO, and alumnus, Ph.D. in physics, UMD, 2000. Cooper was also the founder and former CTO of Pixelligent, a former Mtech Ventures company and Baltimore-based developer of nanocrystal dispersions and polymer nanocomposites designed to reinvent the way composite materials are made.

Programs:
CBSCF, Mtech Ventures, MIPS

Advanced BioNutrition offers environmentally sustainable and science-based bioactive stabilization and delivery solutions for a variety of industries.

Datakwip’s software integrates with existing energy systems and fills in data gaps to provide energy consumption, cost, and improvement insights—no additional hardware required.

Neighborhood Sun
Platform for acquiring and managing customers for community solar projects

Neighborhood Sun, a Maryland-based Certified B Corporation, provides a fully customizable end-to-end platform for community solar developers and subscribers, making renewable energy accessible to community members who would not otherwise be able to support renewable energy or benefit from the associated savings.

“Community solar” refers to local solar panel farms that are shared by community subscribers, who either receive energy directly or get credit on their electricity bills for their share of the power produced. Community solar negates the need for individual subscribers to install solar panels themselves, while still giving them access to solar energy.

By reducing greenhouse gas emissions in a subscriber’s local region, community solar helps to improve local air quality, preserve natural resources, and often create pollinator habitats. Community solar farms also help to increase the resiliency of grids, which is essential during unpredictable extreme weather events.

While it started in Maryland, Neighborhood Sun now manages community solar farms in Maine, Maryland, Massachusetts, New York, New Jersey, District of Columbia, Colorado, and Minnesota.

In 2023, the Maryland state legislature passed House Bill (HB) 908, which: made the state’s successful seven-year community solar pilot program permanent; allowed for unlimited community solar capacity; and required that 40 percent of a project’s output serves low- to moderate-income (LMI) subscribers.

Neighborhood Sun provides additional discounts and financial support to low-income households through its S.H.A.R.E. (Solar Helps Advance Resident Equality) program and Neighbor Benefit Fund.

In 2023 alone, Neighborhood Sun subscribers saved more than $2.8 million on electricity bills, while solar developer partners generated over 201 million kWh of renewable solar energy. The company donated $10,700 to partner nonprofits and impact-driven businesses, and welcomed 5,045 new subscribers.

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As of September 2024:
726,810,886
kWh of clean energy allocated to subscribers since 2019
515,309
metric tons of CO2 prevented since 2019
$8.3 million
saved by subscribers since 2019

Select Mtech Ventures Graduate Companies

DataStream Content Solutions (DSCS) offered data conversion and enrichment services for a broad segment of government and business entities. DSCS was acquired by the Dolan Company in December 2010 for $20.5 million.

Digene developed the first gene-based test for human papillomavirus (HPV). The company’s test screened for the presence of high-risk types of the virus shown to be the cause of cervical cancer. The company was acquired by Qiagen NV in 2007 for $1.6 billion.

InventWood develops high-performance, cost-effective, and carbon-sequestering SuperWood and cellulose materials to replace unsustainable alternatives that are widely used today. The company’s lead product, SuperWood, is stronger and lighter than steel. InventWood is opening a 90,000-square-foot production facility slated to produce 1,000,000 square feet of boards and veneers annually.

Ion Storage Systems develops solid-state batteries that are safer, lighter, and enable form factors with tighter packing density that enhance system performance. The company recently commissioned one of the largest solid-state battery manufacturing facilities in the U.S., in Beltsville, Md.

Martek Biosciences developed and commercialized life’s DHA, a vegetarian source of the omega-3 fatty acid DHA (docosahexaenoic acid), for use in infant formula, pregnancy and nursing products, foods and beverages, dietary supplements and animal feed. At one point, Martek supplied DHA to infant formula companies representing 75 percent of the worldwide and nearly 100 percent of the U.S. retail markets. More than 200 domestic and international companies launched non-infant formula products containing Martek’s DHA product. Martek was acquired by Royal DSM for $1.1 billion in 2010.

Medcura is a commercial-stage medical device company developing versatile hemostatic products serving large surgical, medical, and consumer market opportunities. The company’s proprietary technology platform combines the use of safe, inert ingredients with patented chemistries, all aimed at introducing disruptively lower cost products capable of safely and effectively controlling bleeding across a broad spectrum of clinical applications.

NovaScreen Biosciences provided screening, profiling, and assay development services for pharmaceutical and biotechnology companies worldwide, as well as for government agencies such as the National Institutes of Health. The company was acquired by Caliper Life Sciences, Inc. in 2005 for $30 million.

PAICE, a company formed in 1992 to develop hybrid vehicle technology that promoted lower emissions, superior driving performance, and the fuel-efficient operation of internal combustion engines, licensed all 23 of its domestic and foreign patents to Toyota in 2010.  PAICE also licensed its breakthrough 1994 hybrid vehicle patent (U.S. Patent 5,343,970) to Ford Motor Company in 2010, and more automobile manufacturers after.

Pixelligent manufacturers tunable, high refractive index (RI) nanocrystal formulations that enable next-generation electronics, including extended reality devices, OLED and MicroLED displays, and sensor applications. The company’s Baltimore-based 18,000-square-foot, state-of-the-art manufacturing and laboratory facility is supported by sales offices in the Republic of Korea and Taiwan. Pixelligent has acquired $88 million in funding and has 44 employees.

“Mtech Ventures has been a true model of a world-class technology incubator, nurturing an idea from infancy and supporting it to become an established technology and a global player. Without a doubt, we would not be able to come this far if we did not have the support from Mtech personnel and the University of Maryland community at every step of our long journey.”
—Mehdi Kalantari, president and CTO, Resensys

The NSF I-Corps Mid-Atlantic Hub has guided 1,360 teams through the I-Corps customer discovery process. Those teams have created 402 companies, generating 1,686 jobs and acquiring $420 million in funding. Select companies are highlighted below.

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