SCI Engineered Materials secures USD 2.1m loans to enhance solar operations

(ADPnews) - Dec 1, 2010 - US SCI Engineered Materials (OTC:SCIA), a maker of ceramics and metals for photonics or thin films, said Monday it had secured USD 2.1 million (EUR 1.6m) in loans from the state of Ohio, to support its growth in the solar sector.

The two seven-year loans bear interest rates of 3%. They have been approved by the Ohio Department of Development and the Ohio Air Quality Development Authority and are part of the Advanced Energy Job Stimulus programme.

The company will use the amount, combined with USD 900,000 of own resources, to bolster manufacturing capacity of transparent conductive oxide products. SCI Engineered Materials expects to triple its workforce in the coming three years and to expand its production facilities in order to meet the projected increase in solar product orders.

"We are actively involved in product trials with several solar customers and look forward to accelerating implementation of our growth strategy as we invest these funds in our business and convert additional product trials into orders," said Dan Rooney, president, chairman and CEO of SCI Engineered Materials.

(USD 1.0 = EUR 0.768)

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