Receives Significant Investment from Koch
Wichita, Kan. — Genesis Advanced Technology (GAT) and KCTG, the industrial-technology and engineered-equipment unit of Koch Industries, announced today Genesis Robotics, a subsidiary of GAT, has received a strategic, controlling investment from Koch.
"We are excited to partner with Koch to commercialize LiveDrive as well as our other pioneering technologies," said Michael Gibney, president of Genesis Advanced Technologies. "The investment will enable us to 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. "Kochs 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 our technologies into their offerings."
Bob DiFulgentiz, KCTG president and chief operating officer, said, "Our significant investment in Genesis Robotics enables Koch to partner with a team developing disruptive technologies in the rapidly growing robotics market. We are pleased that 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, LLC (KCTG) and its subsidiaries design, manufacture, install and service process and pollution control equipment for industries and municipalities worldwide. Subsidiaries include Koch-Glitsch, LP; Koch Membrane Systems, Inc.; Koch Heat Transfer Company, LP: John Zink Hamworthy Combustion; Optimized Process Designs, LLC; Koch Specialty Plant Services, LLC, and Koch Knight, LLC. http://www.kochind.com/chemtech/
About Koch Industries
Based in Wichita, Kansas, Koch Industries, Inc. is one of the largest private companies in America with estimated annual revenues as high as $100 billion, according to Forbes. It owns a diverse 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. Since 2003, Koch companies have invested more than $80 billion in acquisitions and other capital expenditures. With a presence in about 60 countries, Koch companies employ more than 120,000 people worldwide, with about 70,000 of those in the United States. From January 2009 to present, Koch companies have earned more than 1,200 awards for safety, environmental excellence, community stewardship, innovation, and customer service. For more news and stories, visit www.kochnews.com.
About Genesis Advanced Technology
Genesis Advanced Technology, based in Langley, British Columbia, Canada, uses inventive and bold mechanical design to disrupt a broad range of sectors including oil and gas, clean energy, medical devices, and robotics. The company was founded in 2009 by Michael Gibney and James Klassen. http://www.genesisadvancedtechnology.com