Ben Franklin invests $260,000
The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP-NEP) Board of Directors has approved the investment of $260,000 in support of regional economic development.
Since beginning operation, BFTP-NEP has helped to create 15,479 new jobs for Pennsylvania workers and retain 21,459 existing jobs, start 429 new companies, and develop 1,127 new products and processes.
In the Lehigh Valley Press circulation area, Ben Franklin announces the following early-stage company investments. Ben Franklin investments are provided to early-stage clients in the form of loans.
ZeroTruck Corp., Allentown, Lehigh County; Ben Franklin Investment: $120,000 Complete development of ZeroTruck's next-generation electric drive integration system, which will be installed in new or existing truck chassis to convert gasoline and diesel trucks to zero-emission plug-in electric vehicles. With surging fuel costs, expanding environmental protection regulation and public demand for environmentally-friendly transportation, the electric vehicle market continues to grow. ZeroTruck plans to establish its production facility in the Lehigh Valley.
Also, Ben Franklin has announced the following established manufacturer company investment. Ben Franklin provides a 1:1 matching grant for work with a college or university partner on technology-based manufacturing innovation in established manufacturers.
Electro Chemical & Manufacturing Co., Emmaus, Lehigh County; Ben Franklin Investment: $5,000; University Partner: Lehigh University Develop an adhesive primer that will allow lined vessels used in corrosive fluid handling environments to be utilized in applications requiring a greater range of temperature and pressure conditions than the company's product line.
Electro Chemical Engineering & Manufacturing Company produces thermoplastic and fluoropolymer-lined steel vessels used to manufacture, distribute and store corrosive chemicals.
The company will work with a team from Lehigh University's Materials Science Department to identify and evaluate primer systems with high thermal stability to perform successfully against the required criteria of the new applications. This will allow the company to broaden its product offerings and promote sales and employment growth.