Steven Syracuse

Fort Mill, SC (USA)
Role(s):
Founder/Owner/Principal

Promethean Devices, LLC

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Location: Fort Mill
Industry: Energy
Year Founded: 2006
Number Employees: 1-10 people
Business Stage: Growth (profitable)
Entity Type: Limited Liability Company
Description: Promethean Devices, LLC provides transmission line monitoring, management, optimization, and rating (actual safe and reliable power transfer capacity) products and services to Electric Power Utilities; specifically, Transmission Owners, Operators, and Service Providers. The Product provides data that can rapidly save Utilities millions/month, or year, and/or create additional operating revenues by allowing more power to move, and/or be moved, over existing transmission lines than is normally allowed or possible. The Company has a patented, field proven Solution, and also provides transmission-line-specific Professional Services (physical measurements, data analysis, recommendations). Patents were filed in the US, China, India, Brazil, the EU, and Russia. The Russian and EU Patents were Granted in 2011, and the US Patent will be Granted < May, 2012. The Company will, starting Q2 2012, actively seek to generate discrete and recurring revenues from IP Licensing, Royalties, and/or Sale of IP in both the US and non-US Countries. The Company's Products and Services provide information of clear and present, and future potential, benefit and value to Electric Power Utility Line Designers, Line Engineers, System Operators, Asset Managers, System Planners, and Reliability and Compliance (NERC, FERC, RTO, ISO) personnel. Promethean Devices creates benefits, value, and savings by allowing the TO to operate their existing assets without adopting conservative estimates and guess-work as to the present physical condition, behavior, state, and capability of their transmission assets. The Company won $ 1.1 M in R & D Grants from the US DOE (2005 - 2009) and, with these, completed R & D, engineering, prototyping, and field testing, and, between 2006 and 2011, constructed, installed, demonstrated, and sold its totally non-contact transmission line monitoring systems with/to 6 major U.S. Utilities (Southern Company, Duke Energy, Allegheny Power, Entergy, Oncor Electric Delivery, and the Bonneville Power Administration). The Company's most recent win is a 3 system order and Pilot Program with San Diego Gas & Electric Company, valued at > $365K, and having a potential follow-on valued at ~ $ 4.9 MM (2012 - 2015). In 2010, the Company entered into a Product Distribution & Representation Agreement with Alcan Cable ($ 800 M annual revenues) a market leader and one of the largest transmission line manufacturers and vendors in the world. Alcan has added Promethean Devices' Sales Representation, Marketing, Advertising, and Sales Support to the functions and objectives of its 6 Regional Sales Managers. Growth Capital/Funding is sought to bulk up the Sales, Marketing, Executive Management, and Product/System Engineering Teams, rapidly advance Marketing, Advertising, and Sales efforts, enable and accelerate COGS Reduction, enable and accelerate new Product Development and current Product Enhancement efforts, and aggressively pursue International Markets (Global Step-out) and IP Sales and Licensing opportunities. TAM (Total Addressable Market): US/North America = $ 570 MM Sales History: 2009: $150K 2010: $180K 2011: $770K 2012: $920K (Est); 2012 Bookings + Forward Bookings (as of 4/12): $ 285 K Major Client History: Real-time Transmission Line Monitoring System Installations Southern Company - 1x Duke Energy - 1x; R & D Project w/ Alcan Cable Corporation Allegheny Power - 1x Entergy - 1x Oncor Electric Delivery - 2x Bonneville Power Administration - 1x; R & D Project BC Hydro (Canada): R & D Project San Diego Gas & Electric - 3 x; Pilot Project Expected Near-Term Contracts and/or Projects in Discussion or Contract Negotiation: El Paso Electric Company NY Power Authority MN Power Modesto Irrigation District Brazos Electric Cooperative Orange & Rockland Utilities Tampa Electric Company Arizona Public Service Progress Energy SCANA Duke Energy