Envirolastech Raising $1M in Preparation for Expansion
Envirolastech Inc. is in pursuit of $1 million in new capital that, according to CEO Jeffrey Mintz, will retool its existing manufacturing line and position it for expansion in the near future.
From its St. Charles headquarters, Envirolastech produces a unique product line of building materials used in home, deck and landscape construction, as well as crates and pallets made from recyclables, such as glass and plastics. Mintz claims the company’s patented thermoplastic products outperform wood and plastic products designed for the same use, but are far less expensive than metal.
As of Monday, the company has secured $300,000 of its $1 million goal. “I expect we’ll be done raising the $1 million we are targeting within a couple weeks,” Mintz said.
That money, he noted, will largely be used to purchase new equipment at its headquarters. “Some of the equipment that we initially constructed with is equipment we refurbished,” said Mintz. “There are some things about how we initially built the plant—by that I mean the manufacturing line—that we see as capable of working more efficiently in theory. We’re bringing in some outside engineering consultants to assist us with the redesign of certain components before we spend money on altering what we’ve got.”
By reworking and optimizing its manufacturing line, Envirolastech will be in a position to replicate its flagship facility in other areas, according to Mintz.
“We’re already exploring additional sites,” he said. “I would expect we’d have at least two sites online before the end of 2019.”
The expansion would also mean additional hiring. At its St. Charles headquarters, Envirolastech currently employs 22 full-time workers. New sites would be replicated to a similar scale of staff and output, Mintz said.
Envirolastech was launched in 2012 by Rochester native Paul Schmitt. In its first year, he entered the company into the Minnesota Cup, the largest statewide entrepreneurial competition in the nation, where it took home first prize in the clean technology and renewable energy category.
After announcing in November 2016 it would open its first production facility in St. Charles, Envirolastech officially kicked off commercial production about a year later in September.
“So far we’ve made some good strides in the B2B space with things like our pallets and crates,” Mintz said, although he remains optimistic for the spring and summer time as demand will grow among customers looking to make a home upgrade or replace their deck.