Lionano, Inc. Grows in Massachusetts With $2.5 Million Loan From MassDevelopment's Emerging Technology Fund
March 20, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Daniel Jossman, Lionano, Inc., 518-588-3638
MassDevelopment has issued a $2.5 million Emerging Technology Fund (ETF) loan to Lionano, Inc., a Woburn company that specializes in the rapid research, development, and commercialization of advanced batteries and battery materials. Lionano will use loan proceeds to buy equipment and materials needed for the development of a new proprietary, high-performance battery material to be used in consumer electronics and electric vehicles, which will improve the safety, cycle life, and overall performance of the cells.
“Lionano is an exciting company that is currently bringing major breakthroughs in battery technology to market,” said MassDevelopment President and CEO Lauren Liss. “Through our Emerging Technology Fund, MassDevelopment is proud to help finance new equipment for the company’s Woburn facility, ensuring this innovative work continues in Massachusetts.”
MassDevelopment’s Emerging Technology Fund provides low-cost, long-term venture debt to early-stage, emerging technology companies. Since its creation in 2003, the ETF has helped cutting-edge companies grow and expand in the Commonwealth, creating jobs and strengthening the innovation economy. The ETF has closed fifty-four loans and guarantees totaling $79.3 million through December 31, 2018.
Lionano was founded in 2013 by a group of Cornell University PhD and MBA alumni in collaboration with Héctor D. Abruña, a distinguished professor of electrochemistry at Cornell. With an initial grant from PowerBridgeNY, a collaboration between Cornell NYC Tech, Columbia University, and other institutions, the team of Cornell scientists and business students conducted extensive customer interviews and market validation to shape their strategy for the development of commercially viable advanced battery materials. This market research led to the development, production, and commercialization of Lionano’s first-generation product – a proprietary high-performance, low-cost, and scalable drop-in material used in EV and consumer electronics lithium-ion batteries. Lionano’s new technology enables cells with long lifespan and industry-leading safety properties.
“Lionano is honored by MassDevelopment’s support to continue our growth in Woburn and bring the future of battery technology to market,” said Lionano CEO Dr. Alex Yu.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.