The Board of Directors of Ben Franklin Technology Partners of Northeastern Pennsylvania has approved a $252,500 investment to support regional economic development. A total of five companies from the 21 counties served by Ben Franklin Technology Partners received grants in the latest round announced this week.
One of the companies selected is Cast-Rite Metal Co. of Exeter Township, Berks County, which will receive a $2,500 investment from Ben Franklin. College Partners: Northampton Community College’s Application Center for Emerging Technologies. Funding will be used to conduct an energy assessment of Cast-Rite Metal Foundry to reduce energy costs, reduce environmental footprint and drive continuous improvement and profitability at this aluminum sand casting manufacturer. The company uses diversified molding processes and only certified aluminum alloys. Customers include commercial Original Equipment Manufacturers (OEMs) in the food processing, transportation, medical/pharmaceutical, utilities, telecom, lighting and other sectors.
Ben Franklin offers 1:1 matched funding to work with a college or university partner on technology-based innovation in established manufacturers.
Two other companies with college or university partners that receive funding are:
BRD Noise and Vibration Control Inc., Wind Gap, Northampton County; Ben Franklin Investment: $25,000 – continuation project. University Partners: Lehigh University Center for Supply Chain Research. Funding will be used to develop and implement project management tools, templates and metrics to improve productivity and efficiency and improve customer service and on-time delivery. BRD Noise and Vibration Control specializes in HVAC acoustic design and manufacture to support architects; mechanics, electricians and plumbers; acoustic consultants; and design/construction contractors in specifying cost-effective approaches to keep mechanical equipment quiet.
Dynalene Inc., Whitehall, Lehigh County; Ben Franklin Investment: $25,000 – continuation project. University Partners: Lehigh University Center for Supply Chain Research. The funding serves to improve manufacturing processes in the production of deionizing filter cartridges that are used in fuel cells in automobiles. Dynalene will increase efficiency, improve production yield and continuously monitor quality to establish itself as a high-volume supplier to automakers. Dynalene develops, manufactures and sells innovative industrial heat transfer fluids and related accessories.
Ben Franklin Partners also announced early-stage corporate investments that will be delivered in the form of loans with warrants. Investments were awarded to:
GUIDE, Scranton Enterprise Center, Scranton, Lackawanna County; Ben Franklin Investment: $100,000. Funding will be used to complete development of a new version of GUIDE’s mobile application and to market the app to organizations such as medium-sized businesses, first responders and veterans’ groups. GUIDE offers a mobile software-as-a-service app for wellness and mental health.
Terra Health Coaching, Bethlehem, Northampton County; Ben Franklin Investment: $100,000 – continuation project. The funding will be used to complete the build out of the company’s mobile app, release a desktop version that meets HIPAA compliance standards, and support marketing for primary care direct clinics. Terra Health Coaching is a solution for employers, physicians and individuals looking to minimize the risk of chronic disease and associated costs while optimizing health and environmental impacts. The platform provides expert support and helps clients improve their physical and mental health with Lifestyle Medicine.
Investments identified as a follow-on project indicate that the client has achieved pre-determined milestones and is receiving more funding to undertake additional project work.
Northeast Pennsylvania-based Ben Franklin Technology Partners create and sustain high-paying, sustainable jobs by investing in companies and connecting them with experts, universities, follow-on funding and other resources to help them thrive through innovation. It is part of a four-center economic development initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.
Comments are closed.