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Ben Franklin to Invest $32,350 In Northeastern Pennsylvania Companies


 
PRLog - July 17, 2014 - BETHLEHEM, Pa. -- The Ben Franklin Technology Partners of Northeastern Pennsylvania (http://nep.benfranklin.org/)’s (BFTP/NEP) Board of Directors has approved the investment of $32,350in support of regional economic development. BFTP/NEP’s goal is to help lead northeastern Pennsylvania to a better economic future by building partnerships that develop and apply technology for competitive advantage. To achieve this goal, Ben Franklin staff concentrate their efforts on three key areas:

1.  developing and growing early-stage technology-oriented companies,

2.  helping established manufacturers creatively apply new technology and business practices to achieve industry leadership, and

3.  promoting an innovative community-wide infrastructure that fosters a favorable business environment for high-growth companies.

Since beginning operation, BFTP/NEP has helped to create 16,214 new jobs for Pennsylvania workers and to retain 22,155 existing jobs, to start 458 new companies, and to develop 1,279 new products and processes. The Pennsylvania Ben Franklin Technology Partners network (http://benfranklin.org/) has returned $3.60 to the state treasury for every $1.00 invested in the program. Ben Franklin Technology Partners is an initiative of the Pennsylvania Department of Community and Economic Development (http://www.newpa.com/) and is funded by the Ben Franklin Technology Development Authority.

BFTP/NEP owns and manages Ben Franklin TechVentures (http://nep.benfranklin.org/incubator-network/ben-franklin...)®, an award-winning business incubator/post-incubator facility on Lehigh University’s campus in Bethlehem at which it is headquartered. BFTP/NEP also manages the Bloomsburg Regional Technology Center in Bloomsburg.

Ben Franklin announces the following established manufacturer company investments. Ben Franklin provides 1:1 matching funding for work with a college or university partner on technology-based manufacturing innovation in established manufacturers.

Cambridge-Lee Industries LLC (http://www.camlee.com/), Reading
College Partner: Northampton Community College’s Emerging Technologies Applications Center
Ben Franklin Investment: $22,350
Conduct controlled testing to optimize Cambridge-Lee’s manufacturing process for copper tubing to help the company enter new markets, and capitalize on market growth through return on investments in its manufacturing processes. Copper tubing is used in plumbing, refrigeration, and other commercial applications. The process improvement will increase throughput and reduce energy costs.

Georg Fischer Harvel, LLC, Easton
University Partner: Lehigh University’s Enterprise Systems Center
Ben Franklin Investment: $10,000
Complete a sustainability analysis to reduce energy consumption by 20% or more. GFH is aninternational leader in thermoplastic extrusion, primarily manufacturing PVC and CPVC piping for a diverse set of customers. Energy costs are a top manufacturing expense, so a cost savings in this area will yield a significant competitive advantage.

Contact
Laura Eppler
***@nep.benfranklin.org

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Source:Ben Franklin Technology Partners of NE PA
Location:Bethlehem - Pennsylvania - United States
Industry:Business, Finance
Tags:investment, Technology, venture captial, economic development, Energy
Shortcut:prlog.org/12349602
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