World's Top Alcohol Trade Industry Publication Announces Lost Spirits Has Been Awarded First Prize in Innovation Worldwide for 2015
The Lost Spirits team really have been making waves and this award is a great recognition of just how far they have got. For my two pence, having the spikes on the analysis line up with an authentically aged spirit doesn’t automatically mean that all rum companies will be scrapping their barrels in the future – it’s pretty good, but not the ultimate solution. It could be a great way of kick-starting the traditional process for added maturity of course, but a number of companies set great store in the notion of their aged stock and other spirit categories – such as cognac or Scottish whisky – are highly unlikely to sanction the use of the technology. That said, the rum ‘wild west’ could well go balls deep and who knows where that will get us? What I’m 100% sure of is, that this is a company to watch and that any opportunity to hear Bryan and Joanne speak should be taken wholeheartedly as they really are super interesting and lovely people!
SILICON VALLEY, Calif., Jan. 5, 2016 /PRNewswire/ -- Today, Lost Spirits Technology was awarded the top innovator prize of 2015, the "Global Master of Innovation" award, by leading publication - Spirits Business Magazine. The prize was awarded for the Company's breakthrough in distilled spirits aging. In 2015, the Company was the first to faithfully recreate a 20-year equivalent mature spirit in a laboratory soundly defeating Cleveland Whiskey and Terressentia, as well private scientific labs run by multinationals. With this news, the recent resurgence in this global arms race to rapidly produce a truly mature spirit has come to a close, making the economic burden of traditional barrel aging a problem of the past.
Just over a year ago, Lost Spirits was the first to recreate a 20-year-old rum in a laboratory. Just a few cases of the 6-day-old / 20-year-mature rum were sent out for review (called the "Lost Spirits Colonial Inspired Rum"), and received positive critical review. The spirit was later analyzed using GC/MS and shown to have a nearly identically chemical signature to a 32-year-old Demerara rum. The data was vetted publicly for Wired Magazine by UC Davis chemistry faculty.
In 2015, Lost Spirits began engineering the THEA | One aging reactors which can be operated by other distilleries. The reactors promise to greatly improve the quality of spirits worldwide, while simultaneously improving pricing. The devices will allow the public to buy mature spirits (often priced at hundreds to thousands of dollars per bottle) for $40 and under. The breakthrough will also save tens of millions of dollars in evaporation losses (also known in the industry as the angels share).
Each THEA | One device will replace anywhere from six to twelve barrels monthly. For lengthy aging programs, running for twenty years or more, a single THEA | One reactor will eliminate the need to store 2,880 (52 gallon) barrels of aging stocks and provide nearly instantaneous cash flow to the distilleries using the THEA | One. Break-evens occur on equipment costs in just less than 3 months and monthly licensing fees are kept deliberately low at around $0.50 per bottle.
In January 2016, the first three commercial reactors will become operational in the U.S.A.- including two distilleries making rye whiskey - a category where mature stocks start at $800 per bottle and must be bought through auction markets.
Lost Spirits has raised an undisclosed amount of seed funding over the past year to finance the engineering costs. Funders include several major industry veterans including former key executives at multinational spirits companies, tech innovators and top-flight legal IP litigators. The announcement with a more detailed list of backers is slated for February.
About Lost Spirits
Lost Spirits Technology is a Silicon Valley-based R&D firm. It is the first & only company to have successfully mastered the chemistry involved in the barrel aging of spirits. In 2015, the Company used the technology to mimic over 20-years-of-age in a 6-day-old rum. These claims have been backed up with empirical evidence obtained through GC/MS, and DIMS. The supporting spectra were published in a series of 2015 white papers.
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