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MEDC | Capital Access Success Story: Advanced Battery Concepts

Michigan Business Network
November 26, 2018 1:00 PM

MEDC-1MEDC's Capital Access Program is an innovative program designed to assist Michigan companies with securing the capital they need to help their business grow. 

So how does it work?

Similar to a loan loss reserve fund, the bank, the company and Michigan Strategic Fund (MSF) pay a small premium into a reserve that makes it possible for the company to receive fixed asset and working capital financing. CAP loans are available to most businesses located and legally authorized to do business in Michigan that satisfy the bank’s criteria. Click here for more information.

 

unnamed (7)Advanced Battery Concepts LLC is a global battery technology development company based in Clare, Mich. It is the first company to successfully design a bipolar lead acid battery and develop and implement a commercially viable manufacturing process for such batteries.

 

 

 

Advanced Battery Concepts is working with existing lead acid battery producers and engaging licensees to realize the commercial potential of its technology, as well as ongoing production of batteries and additional research from its Battery Research & Engineering Development Centre in Michigan to broaden its technology portfolio.

In 2017, MSF provided 49.9 percent collateral support to Chemical Bank, making a $3.9 million revolving line of credit possible for Advanced Battery Concepts.

download (4)“The MEDC’s collateral support program is a great help to a growing company such as ours. It allowed us to increase our production capabilities from 100 batteries a week to 100 batteries a day,” said Edward Shaffer, CEO of Advanced Battery Concepts (shown Right). “While that is important to fulfilling our existing licenses’ product demands, it also allowed us to implement our new processes at a scale that other existing lead battery manufacturers expect to see. Our new line also gives us the ability to showcase how automated and clean our process is for building batteries. It’s been a great asset for the growth of our company now and into the future.”

To visit the company’s website click here.

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Reporting Reminder

Annual reporting was due October 15 and lenders should have received an email containing instructions on completing it. If you have not yet done so, please complete this reporting as soon as possible. If you have any questions, contact Amber Marlatt at marlatta2@michigan.org or (517) 335-8385.

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Fiscal Year End Statistics

At the end of Fiscal Year 2018, MEDC Capital Access helped to create 473 jobs as well as $87,677,000 in private investment. A breakdown by program is listed below.

Collateral Support Program:

  • Jobs Created: 134
  • Private Investment: $77,425,000

Capital Access Program:

  • Jobs Created: 339
  • Private Investment: $10,252,000

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About Michigan Economic Development Corporation (MEDC) The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visitwww.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook,InstagramLinkedIn, and Twitter.

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