ARiES Energy Recipient of Startup Day’s first Traction Award, Sponsored by UT Federal Credit Union

(Knoxville, Tenn) – ARiES Energy, an alternative energy solutions company launched in 2011 by founder Harvey Abouelata, is the recipient of Startup Day 2015’s first Traction Award. ARiES Energy presented a Power Pitch during the first Startup Day in 2013. The announcement was made during the Startup Day program at the U.S. Cellular Stage at The Bijou Theatre in Downtown Knoxville.

Myra Hamilton, AVP of Business Lending with UT Federal Credit Union, the sponsor of the award, presented it to Abouelata during the Startup Day program in front of 500 business leaders, investors, and entrepreneurs in attendance.

“We are pleased to sponsor this award and give it to such a deserving recipient as Harvey and ARiES Energy,” said Hamilton. “Harvey’s contributions to the alternative energy solutions market in the East Tennessee are significant and his idea began just three years ago with a Startup Day pitch.”

Since its Startup Day introduction, ARiES Energy has merged with PHG Energy (PHGE) and Thompson Machinery.  The alliance provides customers with the strength and reach of Thompson Machinery, the high level of engineering capabilities of PHGE, and the innovation of ARIES’ energy technology. These resources enhance ARiES’ ability to provide collective customers with customized cost effective solutions by deploying the very latest in reduction and energy technology.

“It’s a great honor to receive the first ever Traction Award at Startup Day 2015,” said Abouelata. “We’ve experienced tremendous growth in ARiES and we wouldn’t be as successful without the support of Knoxville’s entrepreneurial community.”

In just a few short years, ARiES developed the first proton power gasification system at Wampler’s Farm Sausage; signed a contract for Sevier Solid Waste’s waste to energy gasification system; and installed multiple commercial, residential and off-grid solar systems, including a 1.37 megawatt community solar project agreement underway for Appalachian Electric Coop. Doubling in sales every year, expanding from four to nine full-time employees, ARiES’ recent merger increases the company’s buying power and bonding capabilities, further enhancing the success of an evaluation process that includes monitoring customer habits and feasibility studies.

“ARiES Energy has proven how a startup can grow quickly, gaining the traction needed to become a fully operational company, making an impact on not just the East Tennessee community but the nation by providing alternative energy solutions,” said Jim Biggs, Knoxville Entrepreneur Center (KEC) Executive Director and Startup Day Steering Committee member. KEC is also a Startup Day sponsor. “Harvey and ARiES are very deserving of the Traction Award. ARiES represents the true entrepreneur spirit.”

About Startup Day

Several organizations that share in the mission of promoting new ideas and businesses, host Startup Day, an annual event that showcases Knoxville as a destination for startups and entrepreneurs. The event is hosted by: The University of Tennessee Research Foundation, Oak Ridge National Lab, Launch Tennessee, Pershing Yoakley & Associates, Tech 2020, Knoxville Entrepreneur Center, and The Anderson Center for Entrepreneurship & Innovation at The University of Tennessee, Knoxville.