Emerging Technology Fund Loan Finances Manufacturing Equipment, Working Capital at Persimmon Technologies
October 29, 2013
Persimmon 8 robot with Quad Ams
MassDevelopment has provided a $1.5 million loan from the Emerging Technology Fund to Persimmon Technologies Corporation in Wakefield, which develops and manufactures Vacuum Robots for the semiconductor, LED, data storage, solar, and flat panel display equipment markets, along with Hybrid-Field Electric Motors for broad market applications. The company will use proceeds for manufacturing and testing equipment, facility improvements at 200 Harvard Mill Square, and working capital. Persimmon recently began leasing an additional 10,000 square feet of space at Harvard Mill Square to expand its manufacturing and testing operations.
“Persimmon’s innovative approach to robotics showcases the dynamic, highly-skilled nature of manufacturing in Massachusetts,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to provide this Emerging Technology Fund loan to help the company expand in Wakefield.”
Persimmon’s Vacuum Robots operate in leading-edge vacuum process tools used to deposit or etch thin films. Wafer processing in semi-conductor manufacturing is the most demanding process in terms of cleanliness, environmental control and precision. Persimmon’s direct-drive robots provide 70 percent greater placement accuracy than currently available state-of-the-art robots. Persimmon robots also provide 50 percent greater motor torque than other leading robots, which translates into faster and lower cost products for customers.
“We are excited to benefit from the Emerging Technology Fund to help us grow our business in Massachusetts,” said Michael W. Pippins, Persimmon’s President and CEO. “We designed our robots to not only be significantly better than the competition but also with fewer and lower cost materials. This means we can expand our robot manufacturing in Massachusetts and gain market share at the same time our competition is moving manufacturing to Asia to save cost.”
“Persimmon’s Hybrid-Field Motor technology will not only be used in our robotics but has the potential to serve the broad $14 billion Low Voltage Motor Market,” Pippins added. “Our technology, developed with support from the National Science Foundation, produces motors with 25 percent lower costs and 15 percent greater power. This is enabled by our patent pending stator manufacturing process, which requires only two or three steps as compared to 12 to 14 steps with traditional laminated stators. We also believe this technology has the opportunity to bring significant motor manufacturing back to the U.S. from Asia.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.