FARMINGTON HILLS – Manoj Bhargava, CEO of Living Essentials, maker of the popular 5-Hour Energy drink, is reportedly the money behind the new $100 million Stage 2 Innovations Fund announced last week.
This report was published Wednesday by Crain?s Detroit. Stage 2 Innovations President Simon Boag had declined last week to tell MITechNews.Com Editor Mike Brennan who the investor is. Boag did not respond Thursday for comment on the Crain?s Detroit story.
But a member of the team told Crain?s Detroit the fund is setting up a technology park in Farmington Hills that will house companies seeded by the Stage 2 as well as Bhargava’s existing Lifeline Ventures LLC fund and ETC Capital LLC fund.
Boag is also COO of Hybrid 60 LLC, one of several companies created by the Living Essentials in-house legal team Oakland Law Group PLLC. Hybrid 60 operates from the same building as Stage 2, at 26700 Haggerty; its headquarters in its articles of incorporation is the same as Living Essentials, 38955 Hills Tech Drive.
The Stage 2 fund is designed to bring in advanced manufacturing companies that could also assist Bhargava’s other projects in the West Tech Park — a nine-building, 278,000-square-foot portfolio east of Haggerty Road north of I-696 that ETC Capital bought in August for $8.5 million in cash, according to Washington, D.C.-based CoStar Group. Already in the park are Bhargava’s Ultralinq Healthcare Solutions LLC, MicroDose Life Sciences and Hybrid 60.
a>>
