Dear AquiPor Investors,
We had a good first quarter as we continued to advance our permeable concrete technology and prepare it for the market. We are now starting to shift into project mode.
We have been working with BW-IGC, Inc. (“IGC”), a private concrete tech and supply company, to fully develop the permeable version of what looks to be the first Net Zero CO2 concrete. This concrete also utilizes industrial mining waste as part of the mix. Along with being eco-friendly, this improved permeable concrete has some very interesting characteristics in terms of porosity and its ability to handle large volumes of water.
(A recent paver prototype.)
As we’ve engaged in R&D, we’ve also been running market discovery exercises to form a clearer picture of what demand for this technology might be. With the recent weather events in California alone, it’s not surprising that there is strong demand for what we’re developing. With this knowledge, we’ve been working with IGC to develop the critical supply and value chains to be able to take on sizable project opportunities.
The raw materials that go into our permeable concrete are industrial commodities from the iron and agricultural industries, as well as expendable “leftovers” from coal fired power generation. Our ability to repurpose this material and use it in our concrete can have important economic and environmental advantages.
(Our product uses very fine aggregates, which can include reclaimed mine tailings.)
As we organize our supply network, our project funnel has also been growing. This is a good sign, especially since we have not been doing any direct marketing of our products. The expressed interest has been purely organic due to our visibility from previous crowdfunds and from “boots on the ground” customer discovery. It’s led to project opportunities that vary in size and scope, and we are analyzing each opportunity to determine which ones are feasible now given our current capabilities and finances.
To amplify our capabilities, we are eyeing strategic partnerships with industry players in key markets in the West. We’re in discussions with a paving contractor that specializes in decorative paving and “complete street” contracts in the Phoenix, Los Angeles, and San Antonio, TX markets. Our product fits with their model and they are well-networked with municipal officials and developers in the Southwest. As we take our product to market, they represent a potentially valuable sales arm in that region.
Financially, we’re staying prudent with cash on hand as we prepare to go to market. To help support the next phase and bridge us into projects, we’ve opened up a $5M capital raise under a Regulation D, 506(c) filing for accredited investors. Full terms of the offering, use of proceeds, and other information can be made available upon request.
We’ll continue to monitor the startup funding landscape and make further financing decisions based on market factors and the appetite of both accredited and non-accredited investors.
As we head into the spring season, we have momentum on multiple fronts: technology, supply & value chain, and market opportunities. We’ve been able to cultivate a valuable staying power as we worked through tedious technology and product development cycles. Now we’re eager to go into growth mode.
(Thanks to some heady R&D and a long phase of product development, we’re ready to look for our early market opportunities for this technology.)
To close out this update, here are a handful of fun little “extras” from the last couple of months:
AquiPor was named to the 2023 “Ignite 25 + 5” list, which recognizes the most compelling emerging startups from the Spokane, WA, Coeur d'Alene and Sandpoint, ID regions.
Our Cofounder and VP of Market Dev, Kevin Kunz, was a guest speaker at the Gonzaga University Center for Climate, Society, and the Environment where he gave an excellent presentation about Building Resilient Infrastructure in the Face of a Changing Climate.
In February, I had the chance to go onto the GreenNewPerspective podcast to discuss modernizing water infrastructure to account for extreme weather.
The mayor of the City of Miami - and aspiring 2024 presidential candidate - Francis Suarez now follows us Instagram (we know…it’s probably just his staffer, but still 🙂)
We were happy to support the recent efforts of our friend Augustus Doricko at Terra Seco Solutions, as he organized the procurement and installation of 1,900 whole-house water filters for residents of East Palestine, OH who were affected by the train derailment and vinyl chloride spill.
Thank you all for your continued support. We are getting there! I am looking forward to growing this Company and our vision is still bold. Let’s build AquiPor into the most formidable green infrastructure startup in America.
Please don’t hesitate to reach out to me directly if you have any questions or comments.
Cofounder | CEO
Dear AquiPor Shareowners:
It's hard to believe that we are already into 2023. It's only been a few months since our last update, but we wanted to welcome in the New Year with a short recap of 2022 and then share our plans ahead for what's shaping up to be a really exciting 2023 for AquiPor from a global lens.
A lot happened in 2022, and AquiPor quietly kept its head down and just got things done.
We watched as many tech startups raised huge rounds of capital at sky-high valuation points, and watched with some envy, as we were in a position where we weren't quite ready to go out and raise that type of money. But predictably, once the Fed started tightening rates and volatility entered the markets in early 2022, most of those same venture-backed startups began to flame out.
They just couldn't sustain the sort of that artificial growth that easy money had enabled. The paradox of all of this is out of necessity. We had to take a completely different approach altogether, and it has helped us. So due to the nature of our technology development, we had no choice but to remain conservative through the boom cycle. And instead of spending frivolously on unnecessary expenses, you know, the money that we were able to raise, we made some strategic and at times small but asymmetric bets or investments on technology development that we are now starting to see pay off.
Watch our end-of-the-year video and see how we viewed 2022 and what 2023 has in store. We know this year is pivotal and we’re so excited to continue the process of building revolutionary green tech.
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