For immediate release: May 3, 2021
MilesAhead Energy develops innovative fast-charging batteries to drive electric vehicles to the next level
DAYTON, OHIO — MilesAhead Energy, a company developing and commercializing solid-state batteries to power electric vehicles and enable electric aircraft, has been named the winner of the Early Risers Academy tech cohort pitch competition, held April 16, 2021. Early Risers Academy is a business-building bootcamp powered by Parallax Advanced Research on behalf of Launch Dayton, a collective of resource providers who support and promote entrepreneurs across the Dayton, Ohio region. MilesAhead Energy won a $1,000 grant and was recognized for its success and scalability.
MilesAhead Energy, co-founded by Yuxing Wang and Luis Estevez, both former scientists based at the University of Dayton Research Institute, is looking to disrupt the energy storage market for electric vehicles as it exists today. At present, liquid-based lithium ion batteries — the type used in Tesla automobiles — dominate this market segment. MilesAhead Energy’s battery technology is based on next-generation solid-state technology which could outperform standard lithium ion batteries in terms of charge speed, heat tolerance, and overall safety. In addition to powering electric cars, these batteries have potential use for electric aircraft, NASA missions, and the defense industry. In addition to seeking funding for product development and research, MilesAhead Energy will raise capital by providing research and development-as-a-service for government and private clients.
“As a founder with an academic and science background who was clearly unprepared for the business aspects of a tech startup, the Early Risers Academy boot camp by Launch Dayton was like going through a mini MBA program,” said Wang. “Eric Wagner of Converge Ventures and the guest lecturers provided excellent foundational business know-how, including step-by-step guidance on developing a sound business strategy. We now feel confident about pitching our startups to investors, customers, and partners.”
“We are proud to support the Dayton region’s founders and their cutting-edge innovations,” said Dennis Andersh, Parallax President and CEO. “Getting research from people like Wang out of the lab and into the market paves the way for a better world.”
The Early Risers Academy tech cohort is facilitated by Eric Wagner, CEO and co-founder of Converge Ventures, a unique, high-tech startup model that helps early-stage companies fund, develop, and commercialize its products. An experienced instructor and mentor to engineers, Wagner has served as the associate director for the Center for Design and Manufacturing Excellence at the Ohio State University and as an adjunct instructor for the I-Corps@Ohio program.
“The amount of innovation coming from the Dayton region is astounding,” said Wagner. “We have enjoyed supporting these exciting startups as they begin their commercialization journeys.”
Over the past several weeks, the ten Academy cohort entrepreneurs learned how to convert their business ideas into a startup, including prototype development, design thinking, and capital raising. The Academy cohort entrepreneurs also heard from guest speakers on topics related to entrepreneurship, including Harry Friedberg, a partner with New York-based BX3, a firm that helps startups get situated with funding and advisory services. BX3 and Converge Technologies are partners in Converge Ventures. Much of the Academy coursework is based on the Kauffman FastTrac program, an entrepreneurship education module from the nationally renowned Kauffman Foundation.
“I’m honored to have won the pitch competition, given the caliber of the other outstanding startups in our cohort, and am excited to use what I learned to procure funding to develop battery prototypes at MilesAhead Energy,” Wang said.
To learn more about MilesAhead Energy, watch the company’s pitch here.
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About Converge Technologies:
Converge Technologies is a commercial engineering and business advisory services firm created to support efficient commercialization of innovative technologies. The company was created around the efficient utilization of leveraged resources, both internal and external, to support successful design, prototyping, product development, and manufacturing of novel innovation. Converge Technologies, along with BX3, recently established Converge Ventures, an innovative new startup creation company founded by successful and seasoned technology commercialization professionals. Converge Ventures’ proprietary model addresses the problems that commonly plague startups with a proven, repeatable process that curates the key elements needed for successful and profitable ventures. Learn more at convergetechs.com and convergevc.com.
About Launch Dayton:
Launch Dayton is a community of regional entrepreneurial support organizations. The Launch Dayton partnership believes everyone, regardless of their background, should have the opportunity to determine their own economic prosperity and therefore exists to support and inspire all Daytonians who are building businesses. Launch Dayton partners collaborate to build an easily accessible environment, run high-caliber programming, and connect a network of champions, mentors, and resource providers.
About Parallax Advanced Research:
Parallax is a 501(c)(3) nonprofit that tackles global challenges by accelerating innovation and developing technology and solutions through strategic partnerships with government, industry and academia across Ohio and the Nation. Together with academia, Parallax accelerates innovation that leads to new breakthroughs. Together with government, Parallax tackles critical global challenges and delivers new solutions. Together with industry, Parallax develops groundbreaking ideas and speeds them to market.