Date: Jan 15, 2014 Author: press release Source: Area Development (
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Nanocomp Technologies, Inc., a developer of performance materials and products composed of its unique carbon nanotubes, has been awarded an additional $18.5 million under the Defense Production Act Title III program to supply CNT yarn, sheet, tape, and slurry materials to the Department of Defense, as well as for commercial industrial markets.
The company said initial funding of $2.2 M was provided by Defense Production Act, along with substantial Company investments, enabling Nanocomp to construct a 30,000 square foot Pilot Plant, the nation's largest, and relocate its headquarters to Merrimack, New Hampshire."
"The infusion of these new funds will be used to expand our volume capacity; building and equipping an additional 30,000 square feet of manufacturing space that will function as the country's first low rate production facility," said Peter Antoinette, President and CEO of Nanocomp Technologies. "This substantial additional investment by the Department of Defense, in a time of government budget reductions, is a resounding endorsement of the anticipated positive impact of Nanocomp's products on the U.S. military."
Antoinette added, "It is particularly gratifying that our Company will be positively impacting the local economy as a significant component of these funds will flow directly to local trades and small businesses during the construction and fit-out phases. In addition, over the next two years, Nanocomp will be adding more than 60 new jobs, most of which will be in manufacturing."
Nanocomp's CNT-based products are currently featured within the advanced design programs of several important Department of Defense and NASA applications including: lightweight body and vehicle armor; improved structural components for satellites and aircraft; and lightweight cable and wiring.
"The Company's long term relationship with the United States Government is an example of how a public-private partnership can successfully work to bring our revolutionary technology to market for the benefit of the military, commercial users, and the nation," Antoinette added. The Company has already begun work expanding its current pilot facility with the next phase scheduled to be operational in early 2015.
"A key goal of this effort is to expand and mature manufacturing operations production capability to meet current and projected DoD demand," said Mark Buffler, DPA Title III program manager. "As there is a greater national need for CNT products, we have executed DPA authority under the Title III program to further invest in the expansion of cost-competitive, flexible manufacturing capabilities in support of the country's anticipated needs."
