Pixelligent Technologies Moving from College Park to Baltimore
Posted May 25, 2011
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Pixelligent Technologies, LLC, which manufactures proprietary nanocrystal additives for the electronics and semiconductor markets, is moving from College Park to 10,500 square feet at 6411 Beckley St. in Baltimore with the assistance of a loan from the Baltimore Development Corporation.
UGL Equis represented Pixelligent in this transaction. CB Richard Ellis represented the landlord. Baltimore Mayor Rawlings-Blake said Wednesday the Baltimore Board of Estimates approved the loan agreement that allowed for the headquarters relocation.
Pixelligent, formed in 2000, has been named a Maryland Incubator Company of the Year. The company has invested almost 6 years and more than $9 million in research and development for its nanocomposite technology, for which it has 10 issued and 10 pending patents. Over the past 4 years, Pixelligent has been awarded over $11 million in federal projects, and since February 2009, it has raised approximately $4.6 million in equity financing.
As part of the project, the Baltimore Development Corporation is proposing a loan for the amount of $200,000 at 5% for five years with monthly principal and interest payments to assist with Pixelligent's relocation from College Park to 6411 Beckley Street, which is located in the Holabird Business Park.
Pixelligent plans to employ 25 individuals by the end of the year and 150 by the end of 2015.
"After nearly a decade of research and development, Pixelligent is excited to establish its manufacturing operations in the city of Baltimore to begin supplying current customer demand," said Craig Bandes, President & CEO of Pixelligent in a statement.
In a release announcing the move, Mayor Rawlings-Blake said she is proposing an increase in funding for the Emerging Technology Center (ETC), an incubator program in Baltimore where companies have received over $1 billion in funding and issued over 200 patents.
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