Entropy Solutions, Inc.

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October 22, 2012 Issue

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An Industry Leader in Bio-Based Specialty Chemicals derived from Agricultural Based Feed Stocks focused on Thermal Energy Storage and Thermal Energy Transfer, Entropy Solutions, Inc. is on the cusp of Significant Revenue and Profit Growth derived from Existing and Next Generation Technologies

About Entropy Solutions, Inc.

www.entropysolutionsinc.com
Entropy Solutions, Inc., an industry leader in the engineering, development and manufacturing of bio-based specialty chemicals. Entropy operates with the same vision and passion that existed the day the company started - develop breakthrough bio based thermal solutions to meet the ever-changing needs of temperature-sensitive requirements across various industries. This relentless passion and dedication has led to the development of proprietary technologies that are revolutionizing how things are kept hot, warm, cool or cold, as well as how thermal energy is captured, stored and released. Entropy’s business model is to partner with Entropy Solutions, incorporated in December 2003 and remains a private company. Entropy Solutions' global headquarters are based in Minneapolis, Minnesota, and operates through wholly owned subsidiaries or partnerships in 35 countries globally.

Eric Lindquist
CEO
As President and CEO of Entropy Solutions Inc., Eric Lindquist oversees the company’s overall strategic direction, leads the development of major business partnerships and manages the company’s day-to-day business operations. Under Eric’s leadership, Entropy Solutions launched PureTemp technology, the company’s patented thermal energy storage material technology. PureTemp technology is currently being integrated into consumer and commercial products by some of the worlds largest medical, transportation, pharmaceutical, building & construction, textile, refrigeration manufacturers in the world. Entropy’s bio-based Phase Change Technology is the world’s only renewable based PCM. PureTemp has received global recognition and awards for its role in advancing thermal energy management and storage.

Prior to joining Entropy, Eric served as Vice President and General Manager of a division Contech Construction Products where he directed the firm’s strategic growth efforts and B2B licensing/manufacturing operations. Previously Eric worked for Polaris Industries, serving as General Manager for the snowmobile division, overseeing the development, production and marketing. In addition, he served as Director of Sales, Americas Region for Nike Inc. in Beaverton, Ore., having responsibility for all commercial strategy for the division. Eric spent 10 years with Wilson Sporting Goods Company in various product, marketing and sales roles which included two overseas assignments – Switzerland and South Africa.

Eric holds a Bachelor of Science degree from the Kelly School of Business at Indiana University, and completed coursework at the St. Gallen School of Business in St. Gallen, Switzerland.

Industrial
Thermal Technology

Entropy Solutions, Inc.
151 Cheshire Lane, Suite 400,

Plymouth MN 55441

952-941-0306
www.entropysolutionsinc.com




 

Interview conducted by: Lynn Fosse, Senior Editor, CEOCFO Magazine, Published – October 22, 2012

CEOCFO: Mr. Lindquist, what is the focus at Entropy Solutions?

Mr. Lindquist: Entropy Solutions is a bio specialty chemical company which focuses on thermal energy storage and thermal energy transfer. We have a variety of bio-based technologies all which are derived from agricultural based feed stocks. Those technologies range from thermal energy storage materials, such as phase change materials, to transfer fluids such as propylene glycol.

CEOCFO: What are the main products or services?

Mr. Lindquist: It is a wide range. Our technology is used in a variety of products ranging from building of construction materials to medical devices, to food and beverage packaging, to transportation and textiles - things that are all temperature sensitive or require some sort of thermal management.

CEOCFO: Have you developed the products, manufactured, or both?

Mr. Lindquist: We develop and manufacture the technology which becomes a component of many consumer and commercial end products. Entropy does not manufacture the products ourselves. We are the Intel inside, so in other words, we enhance the performance of various consumer and commercial products. For example, we supply our PureTemp technology to companies who integrate it into refrigerators, so those refrigerators are much more energy efficient. By integrating our technology, those refrigerators compressors run less often, translating into less energy usage. Additionally, should there be an energy loss or blackout, our technology acts as a thermal battery back up system, ensuring the contents within the refrigerator remain at their prescribed temperature. We do not make the refrigerators, we improve their performance and that is pretty much the case with all the products our technology is implemented in.

CEOCFO: What are you physically providing?

Mr. Lindquist: Our main technology is a phase change material. These are materials that leverage energy storage capacity as they transition from solid to liquid or liquid to solid at specific temperatures. Take water for example, water changes phase at 32 degrees Fahrenheit or zero degrees Celsius. When things are at their phase change temperature, their energy storage capacity is fifty to eight times that of it at any other temperature. Water at 33 degrees Fahrenheit has an energy capacity of 4 joules per gram, think of joules in terms of horsepower. Water at 32, has 333 joules per gram. Our material is not water however behaves just like water but at 250 different temperature options. To put this in context, think of a ski jacket. If you snow ski you understand how much heat your body generates going down the hill. In normal jackets, manufactures use technologies to try to dissipate that heat. Our PureTemp technology, when imbedded in the jacket, pulls that heat away from your body, stores that heat and then releases that heat back to you when you require it on the ski lift. In building applications, PureTemp is integrated into ceiling tiles, carpet, paints or wall boards. A PureTemp is used with a transition at room temperature, say 72 degrees Fahrenheit. During the course of the day anytime the ambient temperature goes above 72 degrees Fahrenheit, heat is stored, anytime the ambient temperature drops below 72, heat is released or given back. The technology is constantly capturing, storing or releasing thermal energy.

CEOCFO: Is it a piece of equipment?

Mr. Lindquist: To the average person it would look like vegetable oil you might find at your local grocery store. Depending upon the transition temperature of the specific PureTemp material you are looking at, it would be a liquid or a solid. We have 250+ different formulations which allows us to addresses very specific customer requirements. The end product which PureTemp is integrated in may be a piece of equipment (i.e. refrigerator), however the material itself is not.

CEOCFO: Are you providing these to OEMS?

Mr. Lindquist: That is correct. We are working with leading manufactures in industries ranging from automotive to medical.

CEOCFO: Are there other companies able provide a similar product?

Mr. Lindquist: There are other types of phase change materials. Water obviously is a phase change material but has its limitations. There are other phase change materials, created from petroleum or paraffin. They are limited in the number of temperature options that they can provide and they have some characteristics that are not favorable, such as cost. We make ours from agricultural products and they are 100% biodegradable. We are able to achieve many more temperature options. We can literally dial in any specific temperature based on the way the technology works. They tend to be more cost-effective.

CEOCFO: Are the industries and manufacturers aware or are they still learning about the capabilities?
Mr. Lindquist: Overall I would say that our technology is still an unknown, thus they are still learning. As a society, we continue to look for more ways to reduce our energy consumption; phase change materials are a prime technology that will allow you to make more of the energy that already exists. There is a substantial amount of “free” thermal energy available today, however no one is focused on the ways to take advantage of that free energy. For instance, big corporations pay a considerable amount of money to remove excess heat from data centers. Rather than costly methods used to remove and dissipate that heat, PureTemp allows them to store it and use it to heat the building. Once companies understand the technology and the many ways it can be used, they will begin to understand the cost saving impacts it could have on their business.

CEOCFO: With the variety of industries that can and do use what you are able to make, how do you focus?

Mr. Lindquist: It is a challenge today for sure, and as more people understand what the technology is capable of, it will become increasingly more difficult. When you think of what is impacted by temperature over the course of a 24-hour day (the sheets you sleep in, the water that you shower with, the car you drive, the clothes you wear, the building you work in, etc), you quickly realize that this technology has application potential in almost everything. There is an awareness that is starting to take hold in certain industries such as building construction, refrigeration, medical, as well as shipping and transportation, which are areas of focus for us.

CEOCFO: How do you reach potential customers?

Mr. Lindquist: We reach them by the benefit of having conversations like we are having right now and through media telling the story, as well as attending tradeshows and conferences. We partner with quite a few academic institutions who conduct research, publish white papers and work with Fortune 100 companies on next generation products. We take a multi-prong approach which includes a commercial and academic strategies.

CEOCFO: Is one more important?

Mr. Lindquist: They each play a different role. Ultimately it is the commercial side which will have the greatest impact on the products which are sold and benefit the consumer, however many of those projects begin at academic or research institutions. Each play a very important role in our end game.

CEOCFO: How is business?
Mr. Lindquist: It is going quite well. We are currently involved in over 200 different development projects, which most of these projects on a three to five development timeline. We are well positioned with many large industry players in some key industries. We have a good balance of established partnerships with companies who currently have commercial products along with those who have products in the pipeline. Right now, it is a nice balance and the future is very exciting.

CEOCFO: Does Entropy Solutions have adequate funding to move ahead?
Mr. Lindquist: You always would like more. There are quite a few technologies that are in process in the labs that could use more funding and greater resource allocation. Entropy is not a company that is aggressively pursuing any additional investments right now. We are profitable and we are trying to manage within the realm of what we have in the business that we generate today, but certainly anytime there is additional research and development funds such as grants or things of that nature, we pursue those and they go to good use.

CEOCFO: Our readers are primarily in the business and investment community, many people looking for new ideas, new ideas for their companies, better products. Why should people pay attention to Entropy Solutions?

Mr. Lindquist: If those individuals are looking for solutions to enhance efforts on the manufacturing side or in the product performance side, our technology should be of string consideration. Our technology integrated into their product can dramatically enhance its performance or potentially solve a problem that they are dealing with. It also opens up the opportunity to exploit ideas that have been handcuffed or limited in the past by the inability to deal with either a thermal issue or some kind of manufacturing issue. Additionally, the next generation technologies that are currently being worked on in our labs have the ability to make far greater impacts than even what we offer today. Entropy is a company that is on the cusp of significant revenue & profit growth derived from existing and next generation technologies.

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Entropy is a company that is on the cusp of significant revenue & profit growth derived from existing and next generation technologies. - Eric Lindquist

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