July 8, 2008
MysticMD Inc. Receives Connecticut Incubator Program Grant
MysticMD Inc. today announced that the company received a $50,000 grant award from the Connecticut Center for Advanced Technology, Inc. through the Connecticut Small Business Incubator Program.
MysticMD is a Connecticut-based company developing new technology that can significantly reduce the weight and cost of materials in lithium ion batteries. The grant money will be used to acquire and install battery fabrication and test equipment to demonstrate the feasibility of this new technology to customers for their specific devices and applications.
MysticMD's co-founder and CEO, Heidi Douglas, stated, "We want to thank the Department of Economic and Community Development (DECD) and recognize Commissioner McDonald for establishing this innovative program. The funds provided by this grant will help us grow our business by enabling us to quickly respond to customer orders for prototype cells and performance data."
"Stimulating business growth and innovation are top priorities for Governor Rell and DECD," said DECD Commissioner Joan McDonald. "Programs like this one, which provide small business enterprises with the financial support they need to succeed, are indicative of the state's commitment to growing its technology sector."
Elliot A. Ginsberg, President and CEO of the Connecticut Center for Advanced Technology, Inc. (CCAT) added: "CCAT, in partnership with Connecticut's DECD, is pleased to provide essential resources to innovative technology companies. MysticMD's recent award is a great example of our State's recognition of the importance of promoting an entrepreneurial climate."
According to the National Business Incubator Association, historically 87 percent of incubator companies remain in business and 84 percent remain in the community. MysticMD is located at the University of Connecticut Avery Point Campus and a member of the Technology Incubation Program.
MysticMD is an advanced materials company developing proprietary nanocoatings and nanofilms to dramatically improve products, making them better, less expensive and easier to manufacture. Their intellectual property portfolio of conductive polymer solutions includes Nanolite(R), their lightweight, low cost material for lithium ion batteries. For more information, please visit www.mysticmd.com.