High-Tech Gründerfonds and Seedfonds Bayern agree to finance Corrmoran GmbH
November 11, 2008
Augsburg Corrmoran start-up company develops corrosion monitoring system for large combustion plants. The Corrmoran GmbH is an Augsburg University spin-off company that is specialized in analyzing corrosion in waste incineration plants. To ease the market entry of the company, High-Tech Gründerfonds and Seedfonds Bayern engage in financing the considerable initial investments. “We are very glad about this financial backing that we take as a sign of confidence in our economic success and our positive future prospects”, announced Dr. David Schrupp-Heidelberger, CEO of the Corrmoran company.
Corrosion of heat exchangers is one of the main reasons for the limited energetic efficiency of large combustion plants. Furthermore, corrosion damage causes high maintenance costs, especially in waste incineration plants. “The probe developed by Corrmoran GmbH enables the operators of large combustion plants to reduce costs. Therefore, it promises a high additional benefit. We are convinced that the competent Corrmoran management team will succeed in transferring this technology into the market”, said Andreas Quauke, analyst with High-Tech Gründerfonds.
Prof. Dr. Ferdinand Haider, Dr. Barbara Waldmann, Berhard Stöcker, all scientists of the department for Experimental Physics of Augsburg University / Anwenderzentrum Material- und Umweltforschung (AMU), have developed an early stage of the prototype probe. This new kind of probe with its rod shaped sensor head allows monitoring corrosion online while operating the plant. That offers valuable insights on the time-based correlations between process parameters and the corrosive attack. Plant manufacturers as well as operators can now optimize maintenance costs and energetic efficiency.
The probe is the result of an AMU project about the characterization and analysis of coverings of superheaters in waste incineration plants and of the corrosive attack. The project had been financed by the Bavarian State Ministry of the Environment and Public Health / Bayerisches Staatsministerium für Umwelt, Gesundheit within the framework of European structural fund programs (EFRE).
“As corrosion is still one of the most challenging problems waste incineration plants have to deal with, our concept immediately aroused expert interest”, said Prof. Dr. Ferdinand Haider, scientific advisor of the Corrmoran GmbH.
The company’s name CORRMORAN is the acronym of “CORRosion MOnitoring and ANalysis”. Corrmoran was founded in April 2008 as an Augsburg University spin-off company with the aim to transfer the prototype probe into the market by developing a version for its industrial application.
“The great demand of operators and manufacturers of waste incineration plants for corrosion measurement clearly showed us the high potential of our new probe”, explained Schrupp-Heidelberger. Together with Dr. Barbara Waldmann and Bernhard Stöcker, he founded the Corrmoran company.
By now, the Corrmoran probe is being successfully utilized within several plants, in Germany as well as in other European countries. “So far, we are providing the service of measurements to incineration related companies. Up from 2010, we are going to offer the probe as a purchasable product together with a service contract”, said CMO Dr. Barbara Waldmann. ”In both ways, we help our clients to make the operation of their plants safer and more energy-efficient”.
Due to the grant EXIST-Gründerstipendium, it was possible to found the Corrmoran company and to develop the early stage of to prototype probe up to a level that allowed its commercial use. Augsburg University helped to turn the theoretical concept into a real business plan by providing office and infrastructure. “Furthermore, the scientific advice and consulting by Prof. Dr. Ferdinand Haider and Prof. Dr. Siegfried Horn of the department of Experimental Physics I and II were of particular importance for us”, said Schrupp-Heidelberger and added: “It would have been nearly impossible to achieve our goal without the competent advice of Enthart Consulting GmbH on financial, administrative and business plan matters.
The next big step for our company is its entry into the market. That’s why we are proud to announce the joint venture of High-Tech Gründerfonds and the Seedfonds Bayern. Numerous demands by our customers ask for high financial initial investments that enable us to produce our Corrmoran probes. Together with our two strong partners, High-Tech Gründerfonds and Seedfonds Bayern, we will succeed in entering into the market and in expanding our company as far as possible.”
“We are glad that once more, we could support the establishment of a promising Bavarian high-tech start-up. This is a way to provide new sustainable jobs in the region of Augsburg”, explained Brigitte Linseis, investment manager with Seedfonds Bayern.
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About High-Tech Gründerfonds
The High-Tech Gründerfonds invests venture capital in young technology companies that transform promising scientific research into business enterprises. The seed financing of up to 500 T€ shall result in a technical prototype, a proof of concept or a proof of market. High-Tech Gründerfonds has access to a fund volume of around 272,0 million Euro. Investors in this public-private partnership include the Federal Ministry for Economy and Technology, the KfW Banking Group as well as the six industry companies BASF, Robert Bosch, Carl Zeiss, Daimler, Deutsche Telekom and Siemens.
About Seedfonds Bayern managed by Bayern Kapital
The Seedfonds Bayern was started in 2003. With a fund size of 22 million Euro it is focused on investments in early stage technology companies in Bavaria. The fund is managed by Bayern Kapital which was founded in 1995 by the Bavarian Government as part of the campaign “Initiative Bavarian Future” and to provide young and innovated Bavarian companies with venture capital. Up to date Bayern Kapital has invested in over 165 innovative high-tech companies with a total investment volume of about 135 million Euro. Overall, Bayern Kapital now manages a fund volume of almost 190 million Euro and implement the Clusterfonds Bayern concept with a fund volume of furthermore 75 million Euro.