New Mexico Energy Technology Incubator

We are relaunching the NMETI as the 'Fusion Igniter', a 501c3 dedicated to the incubation of technology companies dedicated to providing products or services in the fusion energy supply chain. More information will appear on our website shortly. https://lnkd.in/ev-7aA3U

Los Alamos Science Fest is taking place this weekend. Simon Woodruff will be participating in a panel session, titled “New Mexico Clean Energy Transition Roundtable,” moderated by investor Ward Hendon, and will get the opportunity to discuss the New Mexico Energy Technology Incubator. https://lnkd.in/eYb28Pvv

The NMETI had a strong showing at TechConnect in DC last week with cohort companies SciVista, Inc, CAMINNO and Molten Salt Solutions giving presentations on contributions to the fusion supply chain for data visualization, AI-enhanced additive manufacturing solutions, and lithium enrichment. Michael Langone gave the summary overview of the NMETI and it's aims to "stand up the fusion supply chain one company at a time".

Great opportunity to present the case for company incubation in response to the demands of the private fusion industry at the first ITER Organization Public-Private partnership meeting. Under the NMETI, we are building the fusion supply chain one company at a time. We are growing our offerings to the fusion industry and working with national labs, universities and other companies worldwide to develop the solutions needed. The NMETI company incubation model could be applied worldwide - it could work at every ITER site in each participating country (and also in those not participating!).

Simon Woodruff will be presenting at the first ITER Private Sector Fusion Workshop on Tuesday, outlining our current progress with building businesses that are VC-scalable (and some that are not). We are in discussion with many about the business mode for the New Mexico Energy Technology Incubator (NMETI) - currently it is a loose affiliation of like-minds, but we will formalize it as a Fusion Innovation Research Engine (FIRE) Collaborative in response to a recent US DOE FOA, and we are thinking into the model for a Venture Studio with fusion technology as the focus (but with an eye on the wider markets). We are in discussion with SNL for their proposal to the OTT on how the NMETI can work with the national labs. Grateful to have the opportunity to discuss tech transfer and company incubation in New Mexico - there are lessons to be learned and techniques to be applied worldwide. Certainly the UK is proving to be a great location for company incubation, with 3 of the 11 companies now based there (and more coming). Proximity to expertise (at national labs), a supportive ecosystem for company incubation and entrepreneurship and IP terms that are friendly to small businesses are essential elements, as is proximity to student talent, capital and work spaces that can grow to accommodate. CAMINNO, SciVista, Inc, Woodruff Engineering Inc, Woodruff Scientific LTD, nTtau Digital LTD, Fusion Energy Insights, Molten Salt Solutions, ...

Element 3 Energy, established to address the niche demand for high purity lithium in the fusion industry, is poised for transformative growth and innovation. Positioned uniquely at the intersection of pioneering lithium extraction technology and strategic global industry partnerships, our vision for Element 3 Energy encompasses becoming a leading supplier of critical materials that power the next generation of energy solutions. As we move forward, our operational focus will remain on sustainable practices and scalability, ensuring that our advancements in lithium technology not only meet but exceed the evolving demands of the fusion industry. This vision is supported by a robust foundation laid through our collaborative efforts with international partners and our strategic alignment with industry advancements. Element 3 Energy is committed to excellence, leveraging cutting-edge technology and research to enhance our production capabilities and contribute significantly to a sustainable energy future. http://www.element3.energy

Woodruff Engineering Inc began Q1 2024 by actively participating in the New Mexico Energy Technology Incubator's (NMETI) planning meeting, where they highlighted their role in advancing the fusion industry by focusing on delivering water-cooled copper magnets and developing capabilities for high temperature superconducting magnets. The company, under the leadership of Simon Woodruff, emphasized its strategy to enhance its market position by engaging directly with customers and investors to demonstrate its innovative technologies and capture a larger share of the burgeoning fusion market. Moving into Q2, Woodruff Engineering Inc has made notable progress in its business and technological advancements. It successfully outlined its investment needs and potential growth areas in the NMETI portfolio meeting, demonstrating a clear path forward for the development and commercialization of its core technologies. The company has strengthened its collaborative ties with key industry and academic partners, enhancing its technological capabilities and reinforcing its strategic objectives. Throughout the first half of 2024, Woodruff Engineering Inc has shown a solid commitment to innovation and market expansion, positioning itself as a pivotal player in the fusion energy sector by leveraging advanced materials and engineering solutions. This approach not only supports its business growth but also contributes significantly to the NMETI's overarching mission to build a sustainable energy supply chain.

UHV3D, now known as CAMINNO, began Q1 2024 engaged in the New Mexico Energy Technology Incubator's (NMETI) activities, with a focus on utilizing artificial intelligence (AI) optimization to design targets for inertial fusion. Their development centered around the deployment of 3D printing technologies capable of meeting the high demands of manufacturing millions of targets daily. During this period, UHV3D (Caminno) received a U.S. Department of Energy (DOE) Small Business Innovation Research (SBIR) award to develop a Software as a Service (SaaS) AI co-design platform, signaling significant recognition and support for their innovative approach. This funding was aimed at enhancing their technological base and helping to engage more deeply with potential customers as they prepared to raise a seed round to further commercialize their technology. Transitioning into Q2 as CAMINNO, the company continued to capitalize on its technological advancements and the momentum from the SBIR award. CAMINNO focused on refining its AI-driven design processes and to scale up production capabilities to meet the increasing demands of the fusion energy sector. This period also saw CAMINNO solidifying its market strategy, further developing its business model to align with the broader commercial goals and the evolving landscape of the energy sector. Throughout the first half of 2024, CAMINNO demonstrated a robust commitment to leveraging advanced manufacturing and AI technologies to meet critical needs in the energy sector. By advancing its technological capabilities and enhancing its business strategies, CAMINNO has positioned itself as a key player in the NMETI cohort, contributing significantly to the mission to drive the energy transition through innovation and new technology deployments.

In Q1 2024, the New Mexico Energy Technology Incubator (NMETI) had a successful start, beginning with a planning meeting where stakeholders from diverse sectors convened to set the stage for commercialization assistance and support. The NMETI leadership, led by Simon Woodruff, focused on enhancing the supply chain for the energy transition by helping companies achieve commercial traction through various programs, including the NM Small Business Assistance and Technology Readiness Gross Receipts Initiative. This was bolstered by partnerships with federal programs and national labs, which provided significant collaborative and technological support to NMETI companies. Transitioning into Q2, the NMETI showed considerable progress as reported in their portfolio meeting summary. This period saw a structured approach to advancing the cohort of companies, notably in defining clearer business models and establishing deeper integration with technology and market dynamics. Revenue-stage companies like Molten Salt Solutions, Woodruff Engineering, UHV3D, and SciVista showcased significant technological advancements and strategic market engagement plans. Pre-revenue companies also reported progress, with firms like Xtus Energy and Element 3 Energy making pivotal strides in their development and business strategies. This was supplemented by an initiative to integrate AI into business processes, a move likely to accelerate product development and operational efficiencies. Overall, from Q1 to Q2 2024, NMETI demonstrated a robust growth trajectory for its cohort companies, marked by strategic alignment with industry needs, leveraging federal and state support, and driving forward with innovative technology applications and market engagement strategies.

Q2 planning next week in Santa Fe... all companies are making progress, finding traction, or grants or support. We may be founding another company: discussions with key stake-holders pointing to it. Students are getting involved - lots of good to report on. The model of cloning best practices across the businesses seems to be working - it is clear that our informal team of seasoned advisors and busdevs have got the formula right and cover all bases.