WILMINGTON, Mass., January 11, 2013 — MassDevelopment has provided a $2 million term loan from the emerging technology fund to TeraDiode Inc., a Wilmington, Mass., company working on new technology that makes ultra-high brightness direct diode lasers for industrial applications, including steel cutting and welding. In 2012, the company, which plans to create high-technology manufacturing jobs in the next few years, began leasing a 25,000-square-foot facility on Upton Drive in Wilmington. To outfit the building, TeraDiode is creating 15,000 square feet of manufacturing floor space, most of which requires a clean room environment and specialty alignment equipment. TeraDiode will use loan proceeds to buy equipment for assembly, testing, laboratory and office uses, laboratory construction and working capital for assembling lasers.
“TeraDiode’s breakthroughs in laser technology embody the collaborative, cutting-edge quality of the Massachusetts high-tech industry,” said MassDevelopment pPresident and CEO Marty Jones. “We’re pleased to leverage this loan from the Emerging Technology Fund to help the company’s expansion in Wilmington.”
TeraDiode was founded in 2009 to commercialize wavelength beam combining direct diode laser technology, which is the third generation of kilowatt class high brightness industrial lasers. Direct diode is inherently the lowest cost, most compact and highest-efficiency industrial laser; when used with wavelength beam combining, the laser also has the brightness previously provided only by larger, higher cost and more power consuming CO2, disk and fiber, lasers. Wavelength beam combining was invented and patented by the Massachusetts Institute of Technology and is exclusively licensed to TeraDiode.
Parviz Tayebati, PhD, CEO, of TeraDiode said, “Wavelength beam combining direct diode is a disruptive force in the industrial laser market. The loan from the Emerging Technology Fund is instrumental in scaling our operation so that more customers can benefit from the breakthrough productivity advantages inherent in our technology. The faster we scale, the more jobs we generate in the Commonwealth.”
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