Koch Chemical Technology Group (KCTG) has made a strategic and controlling investment in Genesis Advanced Technology. Financial terms of the deal were not disclosed.
KCTG is the industrial-technology and engineered-equipment unit of Koch Industries. Under the agreement, a new company called Genesis Robotics and Motion Technologies (Genesis Robotics) will commercialize electric motor and actuation technologies, including the LiveDrive actuator, and advance robotics designs and platforms.
“We are excited to partner with Koch to commercialize LiveDrive and our other pioneering technologies,” said Michael Gibney, president of Genesis Advanced Technologies. “The investment will let us further our work on mechanical inventions to benefit society.”
LiveDrive, a revolutionary direct-drive electric actuation technology, provides significantly higher torque to weight ratio, zero backlash, greater speed and higher precision than current offerings.
“Genesis has developed technologies that will change the way robots are built and move,” added James Klassen, inventor of LiveDrive and chief technology officer of Genesis Robotics. “Koch’s global reach in marketing and commercialization, as well as their history of successfully growing businesses, will allow us to continue to work with industry-leading companies who can benefit from incorporating the technologies into their offerings.”
“Our significant investment in Genesis Robotics lets Koch partner with a team developing disruptive technologies in the rapidly growing robotics market,” said KCTG president and chief operating officer Bob DiFulgentiz. “James Klassen will continue to lead technology development for this venture, and we look forward to many more innovations from James and the entire Genesis Robotics team.”
Rothschild & Co. served as financial advisor and Sullivan & Cromwell LLP acted as legal counsel to Genesis Advanced Technology. Jones Day acted as legal counsel to KCTG. Koch Chemical Technology Group and its subsidiaries design, manufacture, install and service process and pollution control equipment for industries and municipalities worldwide.
Based in Wichita, Kansas, Koch Industries Inc. is one of the largest private companies in America with estimated annual revenues to $100 billion. It owns a group of companies involved in refining, chemicals, and biofuels; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; electronics; information systems; commodity trading; minerals; energy; glass; ranching; and investments. Genesis Advanced Technology (based in British Columbia, Canada) was founded in 2009 by Michael Gibney and James Klassen.