SCI Engineered Materials Inc., a developer of technologies and manufacturer of ceramics and metals for advanced applications in the physical vapor deposition industry, has received final approval for two seven-year loans from agencies of the State of Ohio totalling approximately $2.1 million to further SCI's growth in the solar market.
The two loans are linked and include a $0.7 million 166 Direct Loan from the Ohio Department of Development and a $1.4 million Ohio Air Quality Development Authority 166 Direct Loan as a part of the Advanced Energy Job Stimulus.
SCI will also contribute approximately $0.9 million in equity during the 20-month project to achieve its $3.0 million of forecasted capital requirements for the manufacturing expansion of transparent conductive oxide products. These funds will be used to acquire additional manufacturing equipment to scale SCI's operations to meet anticipated sales growth to solar customers. As a result, the company expects to expand its manufacturing facilities and nearly triple its current workforce of 26 employees over the next three years.
SOURCE: SCI Engineered Materials Inc.