Date: Jan 15, 2014 Author: press release Source: UPI (
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MERRIMACK, N.H., Jan. 15 (UPI) -- The U.S. Defense Department has given funding to Nanocomp Technologies Inc. to expand its production capacity of critical nanotube-based defense products.
The funding -- $18.5 million -- comes under the Defense Production Act Title III program to create assured and affordable production of products that have been identified as essential for national defense, but where U.S. industry has not demonstrated an ability to deliver such products as a result of market conditions or financial barriers.
Nanocomp Technologies supplies CNT yarn, sheet, tape, and slurry materials for program needs of the Department of Defense and for commercial industrial markets.
"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 chief executive officer 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.
"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," he said. "In addition, over the next two years, Nanocomp will be adding more than 60 new jobs, most of which will be in manufacturing."
NanoComp had received initial funding of $2.2 million under the Defense Production Act Title III program in 2011. The funding provided and company investment led to the building of a 30,000-square foot plant in Merrimack.
The company's products are part of advanced design programs of several Defense Department and NASA applications, including lightweight body and vehicle armor; improved structural components for satellites and aircraft; and lightweight cable and wiring. Its CTex CNT conductors and EMshield tapes replace copper in cables reducing the weight of aerospace wiring.
