N12 Technologies to Scale Up Carbon Nanotube Materials Manufacturing With $2.5 Million MassDevelopment Loan
February 5, 2015
FOR IMMEDIATE RELEASE
MassDevelopment has issued a $2.5 million term loan from the Emerging Technology Fund to N12 Technologies, Inc. of Cambridge to help the company purchase tooling and equipment that will enable it to develop commercial-scale manufacturing of its advanced carbon nanotube materials. The project is expected to create 25 jobs.
“N12 Technologies’ vertically aligned carbon nanotubes are a technological innovation developed here in Massachusetts, and MassDevelopment is pleased to help N12 continue to grow in the Commonwealth,” said Marty Jones, President and CEO of MassDevelopment. “N12′s future commercial-scale products have great potential for aerospace, transportation, renewable energy, and other industries.”
“We are honored to be selected from the Commonwealth’s most promising high-tech startups for this program”, said Brad Berkson, President and CEO of N12. “Our products will change the way everything from hockey sticks to cars to satelites are made, making them lighter, stronger, faster. We make the best better and are proud to have MassDevelopment’s support toward this end.”
N12 Technologies, Inc. (N12) is a privately held developer and manufacturer of ultra light-weight material known as carbon nanotubes. The company produces vertically aligned carbon nanotubes (VACNTs) that have revolutionary properties. Based on technology from the Massachusetts Institute of Technology, N12′s NanoStitch strengthens the bond between layers of composite fibers commonly used in aerospace, wind turbine blades, automobiles, and sporting goods such as hockey sticks. Hydrocarbon and other gases are reacted at specific temperatures in the presence of a catalyst to form and grow carbon nanotubes. The revolutionary properties of NanoStitch solve critical failures in today’s composites, such as stress concentrations and impact damage.
In 2013, the company progressed from an MIT lab-based process to commercial capability. N12 has subsequently improved the process to achieve commercial grade material and is now building capacity to produce this material at industrial scale, as the first company with continuous production capability, in the Greater Boston area. The MassDevelopment Emerging Technologies Fund loan will help N12 purchase additional tooling and equipment for commercial-scale manufacturing lines and lab equipment for testing purposes.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.