nGimat Investing in Lexington, Kentucky Nano Battery Facility
07/30/2010
The company is a client of the Lexington Innovation and Commercialization Center, and is the first to locate in Kentucky with help from the U.S. Department of Energy's National Battery Manufacturing Research and Development Center in Lexington.
nGimat will develop advanced lithium titanate nanomaterials for lithium-ion vehicle batteries. The facility will include a nanopowder production system.
"Lithium-ion batteries will help power tomorrow's plug-in hybrid electric automobiles," said Dr. Andrew Hunt, CEO and chief technology officer of nGimat Co. "We're also excited about the opportunity to collaborate with the Kentucky-Argonne Battery Research Center being established in Lexington and plan to benefit from this advanced facility to help us succeed in our new venture," he added.
The Kentucky-Argonne Center will develop battery technologies for electric vehicles.
The Kentucky Economic Development Finance Authority (KEDFA) has preliminarily approved nGimat for a forgivable loan up to $250,000 through the Cabinet for Economic Development's High-Tech Investment Pool, and tax incentives up to $550,000 through the Kentucky Business Investment program. nGimat has also been approved for up to $60,000 through the Kentucky Enterprise Initiative Act.
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