The funding is coming in the form of a $450,000 loan for five years at 7% interest from the New Jersey EDA, as well as a $250,000 grant from the New Jersey Commission on Science and Technology. The company plans to use the money to improve its new building and for working capital.
In explaining the new technology, company founder and president A.J. Phillips notes that "locomotive engines and diesel engines used in trucks are very prone to being contaminated by water. The real-time sensor technologies we're bringing to market work to detect these conditions before they become obvious, which can allow repairs and changes to be made before the problem becomes critical or catastrophic."
Since it was established in 1974, the NJ EDA has arranged more than $15 billion in financing.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.