Primet Precision Materials Receives Investment From New York State
March 25, 2011 | Ithaca, NY | Earlier this month, NYSTAR, the New York State Foundation for Science, Technology, and Innovation, joined in an extension of C-round venture funding for Primet Precision Materials, Inc. NYSTAR approved the investment from its Small Business Technology Investment Fund in support of Primet’s clean tech business growth and job creation in New York. The startup company is scaling up low cost manufacturing capabilities employing patented NanoScission® process technology for making lithium ion battery electrode materials. New York State as well as Federal efforts are focused on lithium ion batteries, and other alternative energy options, in support of electric vehicle transportation and stationary electric grid energy storage.
About NYSTAR’s Small Business Technology Investment Fund:
The Small Business Technology Investment Fund (SBTIF) provides early stage high-tech companies throughout New York State with a potential source of venture capital to promote new job creation and economic growth. The Fund makes venture capital investments in NYS based companies that have developed innovative technology products (and related services), generally have well-protected intellectual property, display significant competitive advantage(s) and have market acceptance. The Fund also offers introductions to other State resources and referrals to help grow technology-based business ventures.