Aqua Science asks for state-funded bridge grant to support growth to $6.8M revenue in 2029

NEWARK – Aqua Science, a women-owned business led by Iwona Evans, is asking the state to provide a grant to help it take off from a long development runway.

It is seeking $50,000 from the Council on Development Finance, part of the Delaware Economic Development Authority’s Division of Small Business, at its Dec. 9 meeting.

The company, founded in 2020 by Poland-native Evans, develops and manufactures custom reagents, including its core technology, bioluminescent reagents, which are used to test the toxicity of water.

RELATED: ​​Aqua Science Owner Iwona Evans survived a career pivot and pandemic launch

The grant is a part of the Delaware Technical Innovation Program, which offers transition grants for companies that have completed Phase I and applied for Phase II of the federal Small Business Innovation Research or Small Business Technology Transfer (SBIR/STTR) programs as they work to bring new products to market.

Aqua Science successfully finished Phase I of the SBIR in September 2023 grant to develop a rapid and cost-effective test kit for PFAS (forever chemicals).

In July, the company submitted a proposal for a Phase II SBIR grant. 

“The Bridge Grant will help us to cover the employees’ salaries as well as continue their research on the subject, which is very important not only to Delaware, but the national international scale,” the application states, which was acquired by Delaware LIVE News through a Freedom of Information Act request.

Forever chemicals are the hot topic, the application states, and finding rapid and cost-effective test kits would have various benefits.

The company is looking to bring another product to market to increase revenue and hire more workers.

“Small companies in science and technology require a lot of capital because the development of their products or technologies or platforms is incredibly complex and it requires very skilled, capable people,” said Michael Fleming, president and CEO of the Delaware BioScience Association.

Human capital in a very competitive marketplace costs money and it also can require capital assets like lab space and instrumentation, he said.  

“When you think about science and technology and biotech companies, why it’s very difficult for small companies and it’s hard work in order to come to the market or to come to a customer with a new product, it needs to be innovative,” he said, “so it’s an extremely competitive space. It’s a competitive market, and those inputs into the process require investment and capital.”

Aqua Science is hoping to grow the five-person staff to 10. 

Aqua Science’s revenue grew from $154,000 in 2020 to $915,000 in 2023. As of Sept. 5, 2024, its revenue is $1.56 million, and expects to hit $2.2 million by year’s end.

The company plans to grow to $6.8 million in revenue by the end of 2029, which the application states will result in substantial tax revenue for Delaware.

“The product development process for science and technology companies and biotech companies takes a long time, and during that period of time when you’re developing and then testing a product or technology or platform, you’re not getting any revenue for that,” Fleming said. 

In other areas, he said, like retail or the food business, they may not be profitable, but they’re bringing in revenue from the day they open their doors.

Thus, Fleming said, having some sort of funding stream and access to capital is extremely important for companies to keep their operations going and to keep their development of new technologies going, which in many cases can take years and further investment.

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