Spark for commercial enterprise
Taking the Energy Industry by Storm: The Adventure of Rive Technology
Andrew Dougherty, an MBA grad from MIT, was ready to leave his software company gig and explore entrepreneurial ventures in the energy sector. Scanning through MIT's $100K Entrepreneurship Competition site, he stumbled upon an intriguing idea - a nanotechnology-powered oil refining solution crafted by MIT postdoc Javier García-Martínez.
Refining oil traditionally relies on zeolites, but their small pores limit the diffusion of larger hydrocarbons. García-Martínez's innovative approach addressed this issue by designing zeolites with ten times larger pores. This novel technology could let refineries process more oil or handle heavier feeds, boosting efficiency and profits.
Inspired by this groundbreaking concept, Dougherty reached out to García-Martínez, proposing a partnership to bring the technology to market. Their collaboration eventually evolved, incorporating MIT professor emeritus of chemical engineering, Larry Evans, an experienced entrepreneur.
The trio co-founded Rive Technology in 2006, aiming to revolutionize the oil industry. Headquartered in Boston and Princeton, N.J., Rive managed to secure more than $67 million in venture capital funding. In 2010, they partnered with W.R. Grace, a leading supplier of refining technology, to manufacture their first commercial product.
U.S. refineries have successfully tested the technology. Last year, Rive presented their technology's effectiveness in the journal Chemical Communications. The vision of Rive's co-founders is to use nanotechnology to turn oil refining, "the horsepower of the 20th century," into a modern, efficient, and sustainable energy-production industry.
Cruising the "Molecular Highway": The Game-Changer Zeolite
The majority of oil refineries currently employ fluid catalytic cracking (FCC) using Y-Type zeolites. These zeolites have micropores measuring about 1 nanometer in diameter, limiting entry to only small hydrocarbons. At MIT, García-Martínez discovered that increasing zeolite pore sizes had been a decades-long challenge for industry and academia, with millions spent in vain.
So, as a postdoc at MIT from 2001 to 2003, García-Martínez developed a method to expand zeolite micropores into mesopores, the ideal range for producing gasoline (7 to 10 nanometers in diameter). This breakthrough created a network of "molecular highways" that significantly improved the flow of molecules inside zeolites, increasing the refining yields and profits.
That's not all. Mesoporous zeolites could potentially be used in a wide array of applications, such as water and air treatment, and converting waste and biomass into useful materials and energy. A 2012 study even suggested that this technology could reduce energy use in propane separation by 70 percent.
Refining a Vision: Turning Ideas into Reality
When García-Martínez developed his breakthrough technology, he had no commercial aspirations. However, MIT's unique environment filled with business competitions, mentors, and the Technology Licensing Office spurred him into commercializing his invention.
One crucial mentor was Larry Evans, who had co-founded Aspen Technology and later helped connect Dougherty and García-Martínez with venture capitalists. Dougherty was instrumental in expanding Rive, initially donning multiple hats, from hiring and fundraising to establishing the R&D lab. Today, he serves as vice president of sales and marketing.
At its core, Rive's "partnering model" strategy encourages working with established manufacturers, such as W.R. Grace, rather than competing to manufacture zeolites. By actively engaging in product sales and deployment, Rive hopes to drive the growth of its innovative technology in the global marketplace.
Ultimately, Rive's technology serves as a shining example of how the power of nanotechnology can reshape industries, from oil refining to energy production. As a globally recognized solution, it continues to impact the world, even as newer technologies and materials emerge.
- Andrew Dougherty, with an MBA from MIT, envisioned venturing into entrepreneurship in the energy sector, sparked by a nanotechnology-driven oil refining concept he found during MIT's $100K Entrepreneurship Competition.
- Javier García-Martínez, an MIT postdoc, designed zeolites with larger pores to address the limitation of traditional oil refining using zeolites, thereby enhancing efficiency and profits.
- Dougherty, inspired by García-Martínez's innovation, partnered with him to commercialize the technology, inviting MIT professor emeritus of chemical engineering, Larry Evans, to join their venture.
- The trio founded Rive Technology in 2006, aiming to revolutionize the oil industry by harnessing the potential of nanotechnology.
- In the journal Chemical Communications, Rive presented their technology's effectiveness, indicating a promising shift towards a modern, efficient, and sustainable energy-production industry.
- Rive's co-founders envision a future where oil refining, currently reliant on Y-Type zeolites with small pores, is transformed into a cleaner, more efficient process using mesoporous zeolites.
- Mesoporous zeolites could potentially be used in water and air treatment, waste-to-energy conversion, and the production of various useful materials, demonstrating the versatility of this technology.
- MIT's business-oriented ecosystem, comprising competitions, mentors, and the Technology Licensing Office, played a crucial role in commercializing García-Martínez's invention.
- Rive's strategy relies on partnering with established manufacturers like W.R. Grace to facilitate the growth of their innovative technology in the global marketplace.
- Rive's nanotechnology-driven approach to oil refining exemplifies the potential of nanotechnology to redefine industries, contributing to a cleaner, more efficient world while creating business opportunities in the finance and entrepreneurship sectors.
