Massachusetts Materials Technologies, LLC Ramps Up Hiring Thanks to MassDevelopment's Emerging Technology Fund
December 16, 2019
FOR IMMEDIATE RELEASE
Jessica Beliveau, MassDevelopment, 617-330-2086 & 857-283-2846 (cell)
Donna Newell, Massachusetts Materials Technologies, LLC, 617-502-5636 ext.101
MassDevelopment has issued a $1 million Emerging Technology Fund loan to Massachusetts Materials Technologies, LLC (MMT), a Waltham-based company that developed and manufactures a Hardness, Strength, and Ductility (HSD) Tester for evaluating the metal strength of natural gas pipelines built prior to the 1970s. MMT contracts with pipeline operators and utility companies throughout the United States, deploying the non-destructive HSD Tester for federally mandated pipeline excavations. In addition to the HSD Tester, the company is currently undertaking research and development of a new product, the Nondestructive Toughness Tester. MMT will use loan proceeds to hire 12-20 additional full-time employees as it explores additional commercial applications for its products.
“Massachusetts Materials Technologies, LLC is the type of high-tech, solutions-based company we want to flourish here in the Commonwealth,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is pleased to help MMT expand its workforce with a $1 million loan from our Emerging Technology Fund.”
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 58 loans and guarantees totaling $86.6 million through September 30, 2019.
MMT was founded in 2014 based on the thesis research of Dr. Simon Bellemare and Dr. Steven Palkovic at the Massachusetts Institute of Technology.
“Developing and commercializing new technologies for a new market where the pre-existing option was to perform no testing is a demanding endeavor only enabled with the support provided by MassDevelopment,” said Massachusetts Materials Technologies, LLC CEO Simon Bellemare.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth. During FY2019, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 9,743 jobs and build or preserve 1,992 housing units.