Boston Materials generates $1.75 million in funding
April 01, 2019 - United States Of America
Boston Materials, a Massachusetts-based startup that manufactures breakthrough Carbon Supercomposite products using a patented Z-axis reinforcement technology in a carbon fibre composite, has generated $1.75 million in initial funding led by Clean Energy Ventures with participation from SABIC Ventures and members of the Clean Energy Venture Group.
The company will use the funding to grow its leadership and engineering team and increase the scale of its manufacturing capacity. These initiatives will help drive the market launch of its first Carbon Supercomposite product in summer of 2019.
“It’s with great excitement that we close our first round of funding and move one step closer to solving the world’s most critical material challenges,” said Anvesh Gurijala, CEO at Boston Materials. “With the help of these pivotal investors, Boston Materials can move Carbon Supercomposite products into the marketplace and enable our customers to produce durable, safe and unique components that will transform the energy and transportation sectors.”
Carbon Supercomposite is a carbon fibre composite that uses a proprietary fibre alignment technology to vastly improve the performance of existing carbon fibre materials, unlocking a host of new applications and improvements to existing designs and structures. Boston Materials’ technology has demonstrated a 300 per cent toughness enhancement and improves compressive strength by 35 per cent, all while utilising commercially-available resins.
Additionally, Carbon Supercomposite provides drastically higher through-thickness electrical and thermal conductivities. Its application is crucial to the advancement and efficiency of the pressure vessel, wind energy, sporting goods, automotive and aerospace markets. With the latest funding, the company has already secured a pilot production facility and the manufacturing equipment for this state-of-the art composite material.
“We invest in companies with disruptive clean energy innovations that demonstrate commercial value and the ability to scale, and we are extremely excited about Boston Materials’ technology,” said David Miller, managing director at Clean Energy Ventures. “Mitigating global climate change requires improving the efficiency of key sectors such as automotive and aerospace, which would be enabled by Boston Materials’ Carbon Supercomposite products.”
“There is an opportunity for Boston Materials’ Carbon Supercomposite technology to quickly be integrated with SABIC thermoplastics portfolio. This potential could enable a revolutionary change to how composite structures can be designed,” said Dr. Fahad Al-Sherehy, vice president of technology and innovation at SABIC. “Our investment in Boston Materials reflects our commitment and drive to identify and promote novel technologies and breakthrough processes that support SABIC success and introduce novelty into the world of petrochemicals. We are excited to support Boston Materials in this new phase of growth.”
Boston Materials has developed and scaled its core Carbon Supercomposite technology with the aid of state and federal government grants. Previously, the company received a Phase I Small Business Innovation Research (SBIR) grant from the National Science Foundation and a Catalyst grant from the Massachusetts Clean Energy Centre (MassCEC). (SV)