Mass Development Loan Helps Persimmon Technologies Corporation Expand Wakefield, Massachusetts Facility
Area Development Online News Desk (10/30/2013)
Persimmon Technologies Corporation in Wakefield, Massachusetts, a firm that develops and manufactures Vacuum Robots for the semiconductor, LED, data storage, solar, and flat panel display equipment markets, along with Hybrid-Field Electric Motors, received a $1.5 million Emerging Technology Fund loan from Mass Development.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth.
The company will use proceeds for working capital, manufacturing and testing equipment, as well as facility improvements at its 200 Harvard Mill Square facility. Persimmon recently began leasing an additional 10,000 square feet of space at Harvard Mill Square to expand its manufacturing and testing operations.
“We are excited to benefit from the Emerging Technology Fund to help us grow our business in Massachusetts,” said Michael W. Pippins, Persimmon’s President and CEO. “We designed our robots to not only be significantly better than the competition but also with fewer and lower cost materials. This means we can expand our robot manufacturing in Massachusetts and gain market share at the same time our competition is moving manufacturing to Asia to save cost.”
“Persimmon’s Hybrid-Field Motor technology will not only be used in our robotics but has the potential to serve the broad $14 billion Low Voltage Motor Market,” Pippins added. “Our technology, developed with support from the National Science Foundation, produces motors with 25 percent lower costs and 15 percent greater power. This is enabled by our patent pending stator manufacturing process, which requires only two or three steps as compared to 12 to 14 steps with traditional laminated stators. We also believe this technology has the opportunity to bring significant motor manufacturing back to the U.S. from Asia.”
“Persimmon’s innovative approach to robotics showcases the dynamic, highly-skilled nature of manufacturing in Massachusetts,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to provide this Emerging Technology Fund loan to help the company expand in Wakefield.”