LXR Biotech LLC, a developer of energy shot products, has launched: 10, a new energy shot company officials say will provide 10 hours of energy for consumers. The new product comes amid rapid growth for the Auburn Hills-based company, which expects sales of $40 million in 2016, up from $2.5 million this year.
Andrew Krause, a former executive at 5-Hour Energy in Novi, launched LXR Biotech in 2010 and created Eternal Energy. The product is priced at 88 cents per unit at Walmart, a lower price than 5-Hour Energy.
"It's a value-priced alternative," says Adam Fovenesi, executive vice president of LXR Biotech. He says the company has been working on a new technology that is similar to that in an allergy or cold pill. The innovation allows the product to last anywhere from eight to 12 hours.
"What it does is it releases an energy shot over 10 hours, so we've come out with an energy shot that helps people all day long," Fovenesi says.
The liquid shot comes in grape and berry flavors, and will be available at nearly 8,000 Walgreens across the country. Fovenesi says he expects the products to be sold to other retailers soon.
He says the 25-employee company expects to see $40 million in revenue in 2016, due to increase in store partnerships with Walmart and Walgreens, growing from 900 stores in 2015 to some 14,000 stores next year.