ANN ARBOR – Adaptive Materials, purchased last month by a United Kingdom-based company, said in a press release that it has repaid the $6.27 million awarded the company in 2007 from the Michigan 21st Century Jobs Fund to commercialize its portable fuel cells six years early. The award is the largest investment made to date by the Michigan Economic Development Corp.
Adaptive Materials, which has been awarded more than $45 million in US defense research contracts, was acquired by United Kingdom-based Ultra Electronics Holdings for an undisclosed sum. In a press release, Adaptive Materials said it will continue to develop and manufacture its propane-powered fuel cell systems in Ann Arbor.
AMI?s 21st Century Jobs Fund award was still in its grace period when the company repaid the award, including $250,000 in interest. The award repayment was due in May 2017.
?Michigan supported AMI?s transition from a research and development start-up through its successful acquisition by a global defense contractor,? said Michelle Crumm, chief business officer, AMI. ?Combined with the wealth of engineering talent in the Ann Arbor region, MEDC resources were a catalyst for the company?s continued growth.?
AMI worked with the MEDC throughout its evolution, including securing a MEGA tax credit for its move to its current Ann Arbor manufacturing facility. AMI also worked with MEDC to secure workforce training resources as well as a Center of Energy Excellence award.
?AMI is a great story of entrepreneurial success, thanks to its focused leadership and state support at a critical early point in their lifecycle,? said Michael Finney, president and CEO, MEDC. ?Our help and confidence in the company?s technology enabled AMI to secure state and local funding, training and other assistance. This success story demonstrates MEDC?s broad-ranging capabilities and commitment to helping businesses grow in Michigan.?
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