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A Philadelphia-based manufacturer of alternative blast media will share in more than $1 million in investments into early-stage companies by Ben Franklin Technology Partners of Southeastern Pennsylvania.
Novetas Solutions, maker of New Age Blast Media, has received a new $200,000 investment from Ben Franklin, which invests in innovative enterprises throughout the Southeastern Pennsylvania region.
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Photos: Novetas Solutions |
| The blast medium is designed for use on tanks, pipelines, towers and other industrial applications. |
Novetas Solutions was one of six regional recipients sharing in $1,025,000 from Ben Franklin. The Novetas award was Ben Franklin’s second. In June 2008, the group awarded the company $300,000 in start-up funds.
“These companies demonstrate the determination of entrepreneurs to start and run businesses, even during the most difficult economic circumstances,” said RoseAnn B. Rosenthal, Ben Franklin’s president and CEO.
Crushed-Glass Blast Media
Novetas Solutions processes and markets recycled glass that is crushed through a patent-pending grinding process. The company’s main product, New Age Blast Media, is an alternative, expendable abrasive used for blast cleaning and preparation of bridges, pipes and other surfaces for painting or coating.
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| New Age Blast Media is manufactured from 100% recycled bottle glass, which contains virtually no free silica, the manufacturer says. |
“New Age Blast Media has proven that customers can buy green while still being cost competitive,” said Novetas president Paul Mellon Jr. “All our products are made in America and directly benefit the environment by using recycled glass that often would wind up in a landfill."
SBA-Backed Investment
The Ben Franklin awards followed that organization’s receipt of $1 million from the U.S. Small Business Administration’s new Intermediary Lending Pilot (ILP) Program.
The ILP program provides up to $1 million in direct loans—initially, to 20 community lending organizations nationwide—for start-ups, established and growing businesses. The program is designed to help finance small businesses, mostly in underserved markets.
Expansion Plans
“Novetas is clearly excited to once again have the opportunity to partner with BFTP, and now the federal SBA, to help us continue to grow our business and add new jobs by creating products that deliver on performance while protecting human health and the environment,” said Mellon.
Since 1982, Ben Franklin has invested more than $145 million in more than 1,700 regional enterprises in all areas of technology. Since 2001, the group has committed more than $50 million to about 400 early-stage companies that have raised more than $1 billion in follow-on investment.
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