Peak Nanosystems, the parent company of Peak Nano Optics and Peak Nano Films, has acquired PolymerPlus, a Cleveland-based polymer technology development company that provides polymer science and engineering services and fabrication of custom nanolayered polymer products to government and corporate clients. Terms of the acquisition were not disclosed.
To date, Peak Nanosystems' companies have invested more than $30 million in the Cleveland area for production expansion.
A $25 million investment from Squadron Capital funded this acquisition should allow Peak Nanosystems to expand the company's product offerings to include both nanolayered film for optics as well as high-capacity / high-temperature film capacitors for military, automotive, and grid power.
"Through Peak Nano Optics, we are currently building a $30 million factory in Cleveland that is expected to come online in Q3 2020. When the facility opens, it will be the one of the most advanced optical design and manufacturing facilities in the world," said Chad Lewis, president of Peak Nanosystems, in a statement. "With this acquisition, we are expanding production to include the most advanced nanolayered film capacitors in the world."
"This investment presented the perfect opportunity to meld materials innovation with experienced manufacturing personnel and capital resources to enable rapid scaling of the U.S. based manufacturing processes and facilities with world class levels of support," added Michael Ponting, co-founder of PolymerPlus and the new Chief Science Officer at Peak Nanosystems.
The acquisition includes exclusive licenses on technology from Case Western Reserve University, as well as in-house technology developed by PolymerPlus.
"I'm really proud to be associated with such a great company like Peak Nanosystems going forward. We are grateful to the PolymerPlus team for advancing the technology to where it is today and are excited to work with Peak to ensure that these promising technologies make it to the marketplace," said Michael Haag, Executive Director Technology Management, for Case Western Reserve's Technology Transfer Office.
PolymerPlus took a base technology — nanolayered polymer films — originated at Case Western Reserve and developed two core technology platforms, optics and capacitors.
"The capacitor technology has completed multiple field trails and is ready for broad scale launch, so we are building new production lines in Cleveland to support the 2021 product launches," said Lewis.