Ann Arbor-based Adaptive Materials Inc. has repaid its $6.27 million Michigan 21st Century Jobs Fund loan after its acquisition by United Kingdom-based Ultra Electronics.
The state made the loan in 2007 to fund the company’s efforts to commercialize its fuel cells. It remains the largest single investment ever made by the Michigan Economic Development Corp.
“Michigan supported AMI’s transition from a research and development start-up through its successful acquisition by a global defense contractor,” said Michelle Crumm, chief business officer at AMI. “Combined with the wealth of engineering talent in the Ann Arbor region, MEDC resources were a catalyst for the company’s continued growth.”
AMI worked with the MEDC throughout its evolution, including securing a Michigan Economic Growth Authority tax credit for its move to its current Ann Arbor headquarters. AMI also worked with MEDC to secure work force training resources as well as a Center of Energy Excellence award.
“AMI is a great story of entrepreneurial success, thanks to its focused leadership and state support at a critical early point in their lifecycle,” said Michael A. Finney, president and CEO of the MEDC. “Our help and confidence in the company’s technology enabled AMI to secure state and local funding, training and other assistance. This success story demonstrates MEDC’s broad-ranging capabilities and commitment to helping businesses grow in Michigan.”
AMI’s 21st Century Jobs Fund award was still in its grace period when the company repaid the award, including $250,000 in interest. The award repayment was due in May 2017.
What is now called Ultra Electronics Adaptive Materials Inc. is the world’s first company to develop, demonstrate and deliver a portable, affordable, and fuel flexible solid oxide fuel cell system. The company offers 50 and 250-watt fuel cell systems that are powered by globally available and energy dense propane, butane and LPG. Adaptive Materials’ fuel cell system provides portable power to the United States Armed Forces as well as industries including leisure, remote monitoring, and medical devices. For more information, visit www.adaptivematerials.com.