Mayor Rawlings-Blake Announces Pixelligent Technologies, LLC Moving to Baltimore
Today, the Board of Estimates approved a loan agreement with Pixelligent Technologies, LLC, which allows the company to move their headquarters and manufacturing facility to Baltimore. Pixelligent Technologies, LLC manufactures proprietary groundbreaking nanocrystal additives for the electronics and semiconductor markets. They are moving from College Park into the Holabird Business Park with the assistance of a loan from the Baltimore Development Corporation.
“I am excited to welcome Pixelligent Technologies to Baltimore,” said Mayor Rawlings-Blake. “Our strategy for the city’s economy involves focusing on attracting and retaining companies in sectors that are growing and creating jobs for the future, including nanotechnology, biotechnology and life sciences, clean energy, and cyber security. We want to ensure that Baltimore is a place where innovation is happening and creating jobs for our residents.”
Pixelligent has invested almost 6 years and over $9,000,000 researching and developing its nanocomposite technology, for which they have 10 issued and 10 pending patents. Over the past 4 years, Pixelligent has been awarded over $11,000,000 in federal projects, and since February 2009, it has raised approximately $4,600,000 in equity financing. Pixelligent, formed in 2000, has been named a Maryland Incubator Company of the Year.
As part of the project, the Baltimore Development Corporation is proposing a loan for the amount of $200,000 at 5% for five years with monthly principal and interest payments to assist with Pixelligent’s relocation from College Park to 6411 Beckley Street, in the Holabird Business Park. Pixelligent plans to employ 25 individuals by the end of the year and 150 by the end of 2015.
“Pixelligent’s innovative technology represents an important sector for Baltimore’s future economic growth,” said Jay Brodie, President of the Baltimore Development Corporation. “We are delighted to assist them in their move to Baltimore City.”
“After nearly a decade of research and development, Pixelligent is excited to establish its manufacturing operations in the city of Baltimore to begin supplying current customer demand,” said Craig Bandes, President & CEO of Pixelligent. “We have been impressed with the tremendous outreach from everyone at the BDC and the Mayor’s office, and appreciate all of their support and assistance in helping Pixelligent take this next critical step in our evolution.”
This year, despite a $65 million budget deficit, Mayor Rawlings-Blake is proposing an increase in funding for the Emerging Technology Center (ETC). The ETC is an incubator program that is helping to spur the jobs of the future. To date, ETC companies have received over $1 billion in funding and issued over 200 patents.
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