SoyaWax Intl. Awarded $150,000 Iowa Grant for New Products

11 August 2008, Des Moines Iowa - SoyaWax International is one of nine Iowa businesses awarded a Demonstration Fund grant by the Iowa Department of Economic Development. The $150,000 award, the maximum amount available for a single competitive application, was made on the strength of SoyaWax International's proposal to commercialize a new generation of soywax products

"Our new soywax technology has been engineered to have the flexibility and cohesion that will allow soywax to compete in expanded applications in the candle industry and to open new applications in paper-coating and packaging." Mike Richards said, "We are very excited about this award and thank the Iowa Department of Economic Development for this important vote of confidence in our business and new products."

SoyaWax International co-funded research at the Center for Crops Utilization Research (CCUR) at Iowa State University that resulted in the new bio-ag product. A patent on this next generation (or G2) of soywax has been applied for and is held in the portfolio of Iowa State University. SoyaWax International has perpetual, global rights to commercialization of this new generation of soywaxes.

"This is an excellent example of how Iowa entrepreneurs can successfully work with world class researchers in our state university system to create new products that help our state's economy." said SoyaWax Founder and President Mike Richards. "All successful businesses have an impact on their local economies by paying taxes and creating jobs. In addition to these typical contributions, a portion of all profits from our G2 soywax commercialization will come back to Iowa State University as royalties to support and expand its research and teaching programs."

Link: Press release announcing Iowa's Demonstration Fund awards.
Link: More information on Iowa's innovative Demonstration Fund program.