Dive Technologies Expands Operations in Quincy and Pittsfield, Massachusetts
According to Mass Development, it has provided the company with a $1.3 million Emerging Technology Fund loan as an incentives. The company plans to use loan proceeds to hire 30 new full-time employees at its Quincy and Pittsfield locations and buy manufacturing and testing equipment.
Founded in 2018, Dive Technologies, Inc. is developing the next generation of Autonomous Underwater Vehicles, the first of which is named “DIVE-LD” – for commercial underwater survey purposes in deep and shallow water upstream and midstream oil and gas operations, offshore wind farm operations, and intelligence community and military applications.
MassDevelopment officials noted The DIVE-LD is designed around the principle that large-displacement Autonomous Underwater Vehicles can be low-cost and rapidly manufactured, using proven design techniques with advanced additive manufacturing processes, and offer increased capabilities through ease of third-party payload integration and enhanced energy storage.
“We feel fortunate to be growing our business in the Commonwealth of Massachusetts where we’ve received support to date from the Quincy Chamber of Commerce, Mass Clean Energy Center, MassTech Collaborative, and the Berkshire Innovation Center,” says Dive Technologies, Inc. CEO Jerry Sgobbo. “We’re honored to further our partnership with the Commonwealth through MassDevelopment and we appreciate their confidence in our business using Emerging Technology Fund proceeds to further our ability to quickly respond to market demands and grow Dive Technologies’ footprint in Massachusetts.”
“Our Emerging Technology Fund offers innovative technology companies access to the capital they need to thrive in the Commonwealth,” said MassDevelopment President and CEO Lauren Liss. “We’re pleased to offer loan financing to help Dive Technologies, Inc. buy equipment and create jobs, both in greater Boston and in Western Mass.”
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