Local Firm Gets $18.5M Boost

A Merrimack company that provides the Department of Defense with carbon nanotubes products announced that it received $18.5 million from the federal government to grow its operations.

According to a press release issued by Nanocomp Technologies, the money was provided by the Defense Production Act Title III program to supply CNT yarn, sheet, tape, and slurry materials for the program needs of the Department of Defense, as well as for commercial industrial markets. Company officials also said they will add 30,000 square feet of new manufacturing space and increase their volume capacity.

“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, in a prepared statement. “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.”

Read the full Nanocomp Technologies press release here.