Alaska Accelerator Fund Announces Investment in University of Alaska Anchorage Startup Company
Carbon fiber tapes embedded in concrete to heat outdoor surfaces.
Photo courtesy Arctic Heat Technologies, Inc.
Anchorage, Alaska. The Alaska Accelerator Fund (AAF) announced the first of two planned investments in Arctic Heat Technologies, Inc (AHT), formerly known as CFT Solutions, LLC, a University of Alaska Anchorage (UAA) start-up founded by Dr. Joey Yang and UAA Vice-Provost for Research and Graduate Studies, Dr. Helena S. Wisniewski. The initial investment of $75,000 was approved by the AHT Board of Directors on June 1, 2017. A second investment is anticipated in the fall of 2017 to fund UL testing and expanded sales.
“We are very excited about this investment and the management team assembled by AAF, which will enable the company to grow more rapidly,” said Dr. Wisniewski. “This investment demonstrates UAA’s ability to commercialize research and contribute to economic development.”
The business was first formed in 2013 around a patent-pending invention by Dr. Joey Yang, Professor of Engineering, and Department Chair, at UAA. Dr. Yang sits on the board of directors of AHT and acts as a technical advisor. AHT uses carbon fiber tapes to heat outdoor surfaces
(walkways, driveways, parking lots, roadways, etc.) to keep them free of snow and ice. It has been successfully installed at two locations on the UAA campus and one other location in Anchorage.
Under the new corporate structure, Timothy Allen will be the President and General Manager of Arctic Heat Technologies. Tim is a long-time Alaskan with industrial product and marketing experience around the world. The initial Board of Directors will include Dr. Joey Yang, Dr. Helena Wisniewski, Dr. Forrest Nabors, and AAF investor, Carl Swanson, who recently retired from Davis Constructors.
According to Ky Holland, an AAF fund manager and advisor to AHT, “The launch of AHT is an early sign that Alaska’s new innovation pipeline is in place and working. After years of collaborative work, partnerships among Alaska entrepreneurs, investors, and the University are creating new, innovative businesses that will develop exportable, global solutions and contribute to solving Alaskan economic challenges. Arctic Heat and other AAF portfolio companies are proving that with the right combination of investment and people, Alaskans can compensate for the decline of legacy sectors in our economy, create 21st century jobs and a new economic base for the future.”
For more information about Arctic Heat Technologies, Contact Tim Allen or visit their website at www.arcticheattech.com
Arctic Heat Technologies, Inc.
Timothy Allen, General Manager
The University of Alaska Anchorage is Alaska’s largest university, educating more than 18,000 students annually and offering programs in more than 150 areas of study. UAA’s mission is to discover and disseminate knowledge through teaching, research, engagement and creative expression. Learn more at uaa.alaska.edu.
The Alaska Accelerator Fund was formed in 2014 in partnership with the Municipality of Anchorage’s 49th State Angel Fund and private investors that together created Alaska’s first seed fund with $2.3M in committed capital. For more information, visit http://www.akacceleratorfund.com/