MassDevelopment's Emerging Technology Fund Helps Dive Technologies, Inc. Buy Equipment, Ramp Up Hiring in Quincy and Pittsfield
July 9, 2020
FOR IMMEDIATE RELEASE
Louisa Stone, MassDevelopment, 857-283-3340 (cell)
Sam Russo, Dive Technologies, Inc., 617-275-5500
|Dive Technologies, Inc.’s DIVE-LD Autonomous Underwater Vehicle|
MassDevelopment has provided a $1.3 million Emerging Technology Fund (ETF) loan to Dive Technologies, Inc., a company that designs and manufactures novel, state-of-the-art Autonomous Underwater Vehicles. Dive Technologies, which currently leases space in Quincy and at the Berkshire Innovation Center in Pittsfield, has plans to open a new manufacturing facility in Pittsfield as early as late 2021. The company plans to use loan proceeds to hire 30 new full-time employees at its Quincy and Pittsfield locations and buy manufacturing and testing equipment.
“Our Emerging Technology Fund offers innovative technology companies access to the capital they need to thrive in the Commonwealth,” said MassDevelopment President and CEO Lauren Liss. “We’re pleased to offer loan financing to help Dive Technologies, Inc. buy equipment and create jobs – both in greater Boston and in Western Mass.”
MassDevelopment’s ETF 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 60 loans and guarantees totaling $88.8 million through March 31, 2020.
Founded in 2018, Dive Technologies, Inc. is developing the next generation of Autonomous Underwater Vehicles – the first of which is named “DIVE-LD” – for commercial underwater survey purposes in deep and shallow water upstream and midstream oil and gas operations, offshore windfarm operations, and intelligence community and military applications. The DIVE-LD is designed around the principle that large-displacement Autonomous Underwater Vehicles can be low-cost and rapidly manufactured, using proven design techniques with advanced additive manufacturing processes, and offer increased capabilities through ease of third-party payload integration and enhanced energy storage.
“We feel fortunate to be growing our business in the Commonwealth of Massachusetts where we’ve received support to date from the Quincy Chamber of Commerce, Mass Clean Energy Center, MassTech Collaborative, and the Berkshire Innovation Center,” says Dive Technologies, Inc. CEO Jerry Sgobbo. “We’re honored to further our partnership with the Commonwealth through MassDevelopment and we appreciate their confidence in our business using Emerging Technology Fund proceeds to further our ability to quickly respond to market demands and grow Dive Technologies’ footprint in Massachusetts.”
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.