Ben Franklin Technology Partners to invest $252,500 in the regional economy
The Ben Franklin Technology Partners of Northeastern Pennsylvania’s board of directors has approved the investment of $252,500 in support of regional economic development. A total of five companies from across the 21 counties served by Ben Franklin Technology Partners received funding in the latest round announced this week.
One of the businesses selected is Cast-Rite Metal Co., of Exeter Township, Berks County, which will receive a Ben Franklin investment of $2,500. College Partners: Northampton Community College’s Emerging Technology Applications Center. The funding will be used to conduct an energy assessment of Cast-Rite Metal Foundry to reduce energy costs, reduce the environmental footprint, and foster continuous improvement and profitability at this producer of aluminum sand castings. The firm uses diversified molding processes and only certified aluminum alloys. Clients include commercial original equipment manufacturers (OEMs) in food processing, transportation, medical/pharmaceutical, utilities, telecommunications, lighting, and other sectors.
Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based innovation in established manufacturers.
Two additional companies with college or university partners receiving funding include:
BRD Noise and Vibration Control Inc., Wind Gap, Northampton County; Ben Franklin Investment: $25,000 — continuation project. University Partners: Lehigh University’s Center for Supply Chain Research. The funding will be used to develop and implement project management tools, templates, and metrics to improve productivity and efficiency, and enhance customer service and on-time delivery. BRD Noise and Vibration Control specializes in HVAC acoustic design and manufacturing to help architects; mechanical, electrical, and plumbing professionals; acoustical consultants; and design/build contractors in the specification of cost-effective approaches to keep mechanical equipment quiet.
Dynalene Inc., Whitehall, Lehigh County; Ben Franklin Investment: $25,000 — continuation project. University Partners: Lehigh University’s Center for Supply Chain Research. The funding will be used to improve manufacturing processes in the production of de-ionizing filter cartridges, which are used in fuel cells in automobiles. Dynalene wants to increase efficiencies, improve production yield, and continuously monitor quality to establish itself as a high-volume supplier to automobile manufacturers. Dynalene develops, manufactures, and distributes innovative industrial heat transfer fluids and related accessories.
Ben Franklin Partners also announced early-stage company investments, which are provided in the form of loans with warrants. Investments have been awarded to:
GUIDE, Scranton Enterprise Center, Scranton, Lackawanna County; Ben Franklin Investment: $100,000. The funding will be used to complete the development of a new version of GUIDE’s mobile application and commercialize the app to organizations including mid-sized corporations, first responders, and veteran groups. GUIDE provides a wellness and mental health Software-as-a-Service mobile app.
Terra Health Coaching, Bethlehem, Northampton County; Ben Franklin Investment: $100,000 – continuation project. The funding will be used to complete the buildout of the company’s mobile app, release a desktop version that meets HIPAA compliance standards, and support marketing to Direct Primary Care clinics. Terra Health Coaching is a solution for employers, physicians, and individuals who want to minimize the risk of chronic disease and its associated costs while optimizing health and environmental impact. The platform specialist provides support and helps clients improve their physical and mental health with Lifestyle Medicine.
Investments identified as a continuation project indicates that the client achieves pre-determined milestones and is receiving more funding to accomplish additional project work.
The Ben Franklin Technology Partners of Northeastern Pennsylvania creates and retains highly paid, sustainable jobs by investing in and linking companies with experts, universities, follow-on funding, and other resources to help them prosper through innovation. It is part of a four-center economic development initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.