Lilliputian Systems To Expand Wilmington Manufacturing With $5 Million Loan from MassDevelopment, Massachusetts Clean Energy Center
WILMINGTON, Mass., April 27 /PRNewswire/ -- Lilliputian Systems, a developer of portable power products for consumer electronic devices, will significantly expand its Wilmington manufacturing plant with help from a low-cost $5 million participation term loan issued by MassDevelopment and the Massachusetts Clean Energy Center. MassDevelopment, the lead lender, is providing $2.5 million from its Emerging Technology Fund. The Massachusetts Clean Energy Center (MassCEC) is also providing $2.5 million.
"High-tech manufacturing is a critical component of our economic future," said MassDevelopment President and CEO Robert L. Culver. "We're proud that Lilliputian Systems has chosen to expand in Wilmington and keep on making its innovative products in the Bay State."
Lilliputian Systems plans to use the funds to purchase equipment used in manufacturing and assembling key components of the company's portable power product, USB Mobile Power System, as part of an expansion of the Wilmington site.
Lilliputian Systems is developing a revolutionary portfolio of portable power solutions. The company's breakthrough Silicon Power Cell™ technology enables the only form-factor battery replacement for portable electronic devices that provides an order-of-magnitude run-time improvement over traditional batteries. Lilliputian Systems' innovative solutions will provide major improvements in the use of mobile devices today and deliver the energy needed to support the power-intensive application of tomorrow's wireless world. The company is targeting applications for mobile devices such as: cell phones, smart phones, MP3 players, Bluetooth headsets and portable games; laptops, tablets, and netbooks; and digital recorders such as cameras and camcorders. Lilliputian Systems has completed the prototype development of its first product, the USB Mobile Power System, and is currently testing devices and signing commercialization agreements with select customers around the world.
"We are encouraged by the State's support of our business and we are pleased to be expanding the local economy and reinforcing our Massachusetts roots," said Lilliputian Systems CEO Ken Lazarus. "The loan from MassDevelopment will help fund the expansion of our Wilmington operations to manufacture key components of our Silicon Power Cells for delivery to customers worldwide."
"Lilliputian is one of the most exciting innovative clean energy companies choosing to expand in Massachusetts," said MassCEC Executive Director Patrick Cloney. "We are thrilled that they chose the Commonwealth to manufacture this game-changing technology."
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy. These projects are supporting the creation of 1,488 new housing units and 8,232 jobs: 3,362 permanent and 4,870 construction-related.
About Massachusetts Clean Energy Center
Created by the Green Jobs Act of 2008, the Massachusetts Clean Energy Center's (MassCEC) mission is to foster the growth of the Massachusetts clean energy industry through seed grants to companies, universities, and nonprofit organizations, job training programs, workforce development grants, and support for renewable energy projects. As of November 23, 2009 MassCEC is the new home of the Renewable Energy Trust. This exciting transition comes as a result of legislation, passed by the Massachusetts Legislature and signed by Governor Deval Patrick, to provide the residents, businesses, and communities of the Commonwealth with a single source of support for clean energy. More information is available at www.MassCEC.com.
About Lilliputian Systems
Lilliputian Systems, Inc. has developed the world's first Personal Power™ solution for Consumer Electronics (CE) devices, a revolutionary family of products targeted at the $50 billion portable power market. The Company's breakthrough solution delivers the only viable small form-factor battery replacement that provides the enormous run-time improvements demanded by today's CE devices. Lilliputian's patented Silicon Power Cell™ technology is based on highly-efficient and proven solid oxide fuel cells (SOFCs) and microelectromechanical systems (MEMS) wafer fabrication methods, and is fueled by recyclable high energy butane cartridges. The technology is reliable, FAA approved and environmentally friendly. Lilliputian's solution enables longer run-time by providing a 5-10 improvement in volumetric energy density and 20-40X improvement in gravimetric energy density at a fraction of the cost. The Company's elegantly designed solution both complements today's devices and can seamlessly integrate into future devices – all while ensuring the consumer enjoys an essentially infinite supply of Personal Power™ for their CE devices. For more information, visit www.lilliputiansystems.com.
SOURCE Lilliputian Systems