19 November 2010
19 November 2010
WebCore Technologies has been awarded $1,800,000 as part of the Department of Energy's (DoE's) Small Business Phase III Xlerator program and closed a $2 million investment with a private investment group.
Phase III Xlerator awards help small businesses develop manufacturing processes to scale up production of their new, proven technologies, creating new markets and new jobs. WebCore was selected for its next phase development and commercialization of Tycor W engineered composite core material. WebCores Tycor W technology combines fibre reinforcements, such as E-glass roving or mat, with closed-cell, low density foam in an engineered architecture. The patented core material has been in use for over two years in utility-class wind turbine blades and is undergoing qualification for use with additional 1.5 - 3.0 MW turbines that have blade lengths in the 40 to 60 meter range. WebCore say that the one-inch thick Tycor W saves an average of 0.5 pounds of weight per square foot and reduces resin usage by 0.2 pounds per square foot when compared to one-inch thick balsa wood.
WebCore will use the DoE funding to expand production capacity of Tycor W at its Miamisburg, Ohio manufacturing facility and support ongoing development of enhancements to its Tycor technology platform.
The $2 million private investment will be used to accelerate domestic and international growth for WebCore and its Tycor technology. The investment allows us to more quickly seize significant opportunities that will position WebCore to become a leading supplier to the wind energy market in the United States, Europe and Asia, said Doug Ventura, CEO of WebCore. Ventura added that the funding comes at a time of rapid evolution for the company which announced a strategic alliance with 3B-the Fiberglass Company for exclusive distribution of its Tycor W core material for utility scale wind blades in Europe and Asia. This funding and the 3B distribution agreement along with resulting sales in Europe and Asia will enable WebCore to invest in equipment, but more importantly, in people, Ventura noted. He added that several new positions in production, sales and executive ranks will be added over the next 18 months.
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