BOSTON, Mass., March 19, 2019 (GLOBE NEWSWIRE) -- Boston Materials, a Massachusetts based startup that manufactures breakthrough Carbon Supercomposite™ using a patented Z-axis reinforcement technology in a carbon fiber composite, has raised $1.75 million in seed funding led by the Clean Energy Venture Fund with participation from SABIC and the Clean Energy Venture Group. The company will use the funding to grow its team of strategic new hires 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 fiber composite that uses a proprietary fiber alignment technology to vastly improve the performance of existing carbon fiber materials, unlocking a host of new applications and improvements to existing designs and structures. Boston Materials’ technology improves toughness and strength and allows for enhanced electrical and thermal conductivities. Its application is crucial to the advancement and efficiency of the pressure vessel, wind energy, sporting goods, automotive, aircraft markets and beyond. 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.
“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.”
To date, 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 Center (MassCEC). The company will commence its Series-A funding early this summer.
Boston Materials is actively partnering with companies in order to test Carbon Supercomposite prepregs in diverse applications. In order to participate in its applications testing, please visit www.bostonmaterials.co. To learn more about Boston Materials, please visit www.bostonmaterials.co.
About Boston Materials
Boston Materials designs and manufactures Carbon Supercomposite™ – a new class of carbon fiber composite that enables durable, safe and unique parts. Carbon Supercomposite is the first composite material that features both 3D and interlaminar reinforcement and is available in a prepreg that integrates immediately into existing manufacturing workflows.
About SABIC
SABIC is a global leader in diversified chemicals headquartered in Riyadh, Saudi Arabia. We manufacture on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high-performance plastics, agri-nutrients and metals. We support our customers by identifying and developing opportunities in key end markets such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy. SABIC has more than 33,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, we have 11,738 global patent filings and have significant research resources with innovation hubs in five key geographies — USA, Europe, Middle East, South Asia and North Asia. The Saudi Arabian government owns 70 percent of SABIC shares with the remaining 30 percent publicly traded on the Saudi Stock Exchange.