Taronis Fuels, a clean technology company with a focus on solving issues relating to renewable fuels, has become Peoria’s new entrepreneurial powerhouse, with millions in increased sales during the era of COVID-19.
On June 8, Taronis Fuels was welcomed by city officials when the company decided to locate both its corporate headquarters and advanced manufacturing operations in Peoria, creating up to 500 new jobs, as announced by the city of Peoria.
Since moving, Taronis Fuels has made strong domestic and international growth.
“We chose to relocate to Arizona based on the rapid economic growth, the booming population and the expanding industrial base,” said Taronis Fuels CEO Scott Mahoney. “We anticipate that our next phase of corporate growth will be beneficially impacted by our expansion into the Arizona market.”
The company, founded in 2017, released its third-quarter results Nov. 19.
According to the third-quarter report, Taronis Fuels generated $9.7 million in revenues. This means the company had an 80% increase from the $5.4 million in sales generated in last year’s third-quarter report.
Reasons for this year’s success, according to the company, include increased industrial gas and welding supply products, the sale of 300 kilowatt Venturi plasma arc gasification units, increased domestic sales and growth in its Florida and Texas retail markets.
The pandemic did not act as much of an obstacle for Taronis Fuels, as the company also had a gross income of $6.3 million, a 125% growth compared to last year’s gross income of $2.8 million.
“Our company serves many industry verticals across several major domestic markets, and we have launched multiple international projects, all despite the challenges presented by COVID-19,” Mahoney said. “We are, in our own way, a strong example of American entrepreneurial spirit overcoming adversity.”
Alongside an increased gross income, Taronis Fuels increased its number of locations from 20 to 31, a 55% increase.
Taronis Fuels also had an increase in total cash operating expenses, largely due to the company increasing employees by almost 50% within the past 12 months. Cash operating expenses at Taronis rose from $4.3 million in 2019 to $6.7 million in this year’s third-quarter report.
As Taronis Fuels continues to showcase itself as a powerful new member of Peoria’s entrepreneurial ecosystem, the company is taking part in the Peoria Forward Innovation Night event from 5 to 7 p.m. Thursday, Dec. 3.
Peoria Forward Innovation Night showcases the West Valley’s rapid growth in becoming a top leader in entrepreneurship, with featured discussions from successful business leaders in Peoria.
The panel for the event features Ji Mi Choi, the associate vice president of Knowledge Enterprise, as well as Mahoney, who will discuss the innovation and success behind Taronis Fuels.
“Taronis Fuels is just one example of the many organizations that are looking at the West Valley and deciding to have their headquarters there,” said Kristin Slice, senior program manager for Peoria Forward. “Taronis Fuels is a great example of how the city of Peoria has recruited the best companies to move to the West Valley and quickly integrate them to be part of the ecosystem.”
Slice also says that the company’s focus on sustainability and environmental innovation is representative of the type of values that Peoria wants to bring to the community.
To register for the free Peoria Forward event, visit entrepreneurship.asu.edu.