Woburn High-Tech Manufacturer Expands With $1 Million Emerging Technology Fund Loan
May 20, 2013
MassDevelopment has provided a $1 million Emerging Technology Fund loan to PoroGen Corporation, a Woburn company that manufactures porous membrane devices that separate liquids and gases. These durable membranes are resistant to high temperatures and chemicals, making them useful in the clean energy, electronics, chemical processing, and biotechnology industries. PoroGen will use loan proceeds to finance manufacturing equipment, leaseholds, and working capital for its new 30,000-square-foot manufacturing facility in Woburn. PoroGen expects to hire additional engineers and manufacturing technicians to support its expansion.
“High-tech manufacturers like PoroGen spur economic growth in the Commonwealth,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to leverage the Emerging Technology Fund loan to help PoroGen to add skilled workers.”
Founded to commercialize resistant membranes for filtration, gas separation, and gas liquid transfer, PoroGen’s fastest growing market segment is natural gas. PoroGen sells its products to original equipment manufacturers that serve the demand of oil and gas companies for reliable natural gas purification systems. PoroGen’s hollow fiber membrane filters remove multiple impurities including acid gases, heavy hydrocarbons, and water vapor. PoroGen researches, develops, and manufacturers its products at two sites in Woburn.
“To support rapid growth of worldwide sales, PoroGen has recently moved into a state-of-the-art manufacturing facility in Woburn,” said PoroGen President Ben Bikson. “The MassDevelopment loan will enable us to double the manufacturing capacity and meet the growing demand for energy efficient industrial purification equipment. We find MassDevelopment to be an invaluable resource for growth companies in Massachusetts.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.