West Virginia Jobs Investment Trust (WVJIT), in partnership with C.C. Dickinson Family Holdings and PointSquared Ventures, has announced the closing of initial capital investment into AmeriCarbon Enterprises, LLC. Morgantown-based AmeriCarbon has developed a patented and proprietary Eco-PitchTM chemical process that produces a tailored carbon pitch material.
In this blog, you’ll learn:
- What the West Virginia Capital Access Program is and how it helps small businesses
- How strategic partnerships with economic development organizations like the West Virginia Jobs Investment Trust help small businesses achieve their goals
- How seed investments, like the one led by the West Virginia Jobs Investment Trust for AmeriCarbon, help position startups for growth and success
- How 3 Steps To Startup and WVCAP help you gear up for success and grow your business
West Virginia Jobs Investment Trust (WVJIT) Supports WVCAP’s Mission
The West Virginia Capital Access Program (WVCAP) initiative, led by the West Virginia Jobs Investment Trust and in partnership with other economic development organizations, aims to support small businesses in achieving their missions.
By providing funds and resources through the collaboration of various organizations, WVCAP aims to promote economic growth and development in West Virginia, which can help small businesses thrive. This initiative facilitates access to capital, resources, and expertise, enabling small businesses to expand operations create jobs, and fuel innovation.
AmeriCarbon Fills America’s Graphite Shortage
AmeriCarbon Enterprises fills a critical missing link by producing graphite and other essential materials while using coal and coal waste as feedstock, dramatically reducing greenhouse gas emissions compared to the current industry supply.
AmeriCarbon Enterprises, LLC leads the onshoring of a carbon manufacturing supply chain, connecting the carbon ore raw material (coal) to finished products by filling in the “missing link” in the domestic supply chain. WVJIT, in partnership with C.C. Dickinson Family Holdings and PointSquared Ventures, has invested in AmeriCarbon, positioning the company for supply chain leadership in EV battery materials and valuable carbon products. AmeriCarbon’s innovative Eco-PitchTM process addresses a significant supply chain gap in critical
According to Andrew Zulauf, Executive Director of the West Virginia Jobs Investment Trust, “AmeriCarbon exemplifies the new wave of high value, innovation-based manufacturing emerging in the United States as we bring sustainable manufacturing employment back to our country and region. AmeriCarbon fills a critical missing link, enabling a fully domestic supply chain to address the rapidly expanding commercial market demand for advanced carbon-based materials.”
A Seed Investment That Matters
The West Virginia Jobs Investment Trust led the seed investment round, joined by a C.C Dickinson Family Holdings entity, PointSquared Ventures, and other private investors. WVJIT Executive Director Andrew Zulauf, and Steve Platz from Dickinson Fuel Company, will serve on the board of directors of AmeriCarbon along with two company founders and an independent industry expert.
This investment round, led by WVJIT (administering the funds of WVCAP) and joined by private investors, has positioned AmeriCarbon for supply chain leadership in electric vehicle (EV) battery materials and valuable carbon products.
Steve Platz, president of Dickinson Fuels Company, one of the early investors and supporters of AmeriCarbon, said, “A company like AmeriCarbon hits a number of key priorities. It enables the production of graphite and other critical materials while using coal and coal waste as a feedstock, dramatically reducing greenhouse gas emissions compared to current industry supply.”
In collaboration with Clear Mountain Bank, the West Virginia Economic Development Authority’s Direct Loan Program partially funded AmeriCarbon’s Morgantown facility, owned through affiliate REAXCOR Holdings.
What West Virginia Capital Access Program (WVCAP) Offers Startups
The program was initially created under the Jobs Act of 2010, giving West Virginia access to over $13 million to create the WVCAP using the State Small Business Credit Initiative (SSBCI) Federal program. It was then reauthorized under the American Rescue Act Plan of 2021. The reauthorized program allows West Virginia to expand the original program with more than $70 million.
The program focuses on increasing access to capital and promoting entrepreneurship in underserved communities and businesses.
The West Virginia Capital Access Program (WVCAP)’s goals are to:
- Invest In Entrepreneurs
- Fund Innovation and Development
- Grow Companies
- Create Jobs
How AmeriCarbon Enterprises Benefited From The Program
The WVCAP program, offered by United Bank and Partnered Capital, is a valuable resource for small businesses looking to acquire and grow their operations.
Several core benefits of the WVCAP program include:
- Easy application process: AmeriCarbon found the program straightforward, allowing the company to access the funds and resources it needed to grow and expand its operations.
- Positive impact on job creation and revenue: AmeriCarbon is confident that the partnership and funding provided by WVJIT through the WVCAP initiative contributed to positive growth in job creation and revenue for the company.
- Strengthening the domestic supply chain: AmeriCarbon’s partnership with WVJIT and other economic development organizations has enabled the company to fill a critical missing link in the domestic supply chain for critical materials, positioning them for supply chain leadership in electric vehicle battery materials and valuable carbon products.
- Building sustainable manufacturing employment: Through its partnership and funding by WVJIT, AmeriCarbon is contributing to the new wave of high-value, innovation-based manufacturing emerging in the United States and bringing sustainable manufacturing employment back to the country and region.
- Access to capital and resources: WVJIT’s support of the WVCAP initiative has facilitated access to capital, resources, and expertise for AmeriCarbon and other small businesses, enabling them to expand operations, create jobs, and more.
Overall, the WVCAP program is a valuable resource for small businesses looking to acquire and grow their operations. It provides the necessary support for businesses and helps to preserve local jobs within the community, which can help to strengthen the local economy.
What WVCAP Can Offer Your Small Business
The WVCAP provides the necessary support for businesses like AmeriCarbon Enterprises that may not have access to much free cash flow or are looking to finance an acquisition with only debt. The program can help preserve local jobs within the community, which can help to strengthen the local economy. The program is also easy to apply for.
Getting Started with 3 Steps To Startup & WVCAP
If you’re a small business owner looking to acquire and grow your business, we recommend looking into the WVCAP program and the services offered by 3 Steps To Startup. The 3 Steps To Startup team can guide you through the application process and help you understand how the program can benefit your business. With the proper support, you can take your business to the next level and achieve your goals.
Don’t hesitate to take advantage of the opportunity and contact 3 Steps To Startup today.
Get Your Startup Geared Towards Success With3 Steps To Startup
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