e2e Materials Secures $400K Loan From Ontario County Economic Development Corp.

april 23 2012

e2e Materials, an innovative clean technology spinoff of Cornell University that develops advanced biocomposite materials used in a wide array of products for the furniture and automotive industries, apprised about the closing of a low-interest $400,000 loan from the Ontario County Economic Development Corp (OCEDC) in support of a new manufacturing facility slated to open in Geneva, NY. In addition, the Town of Geneva and the New York State Office of Community Renewal (OCR) recently finalized the award of a $750,000 community development block grant for e2e. The loan and grant are part of an incentive package to attract e2e to its new 100,000 square foot production facility that is projected to support up to 200 green jobs over the next five years.

e2e will apply the OCEDC loan and OCR grant to purchase capital equipment and expand production capacity for the manufacturing of a variety of environmentally friendly products based on the company's zero formaldehyde biocomposite materials developed through 15 years of research at Cornell University.

e2e's proprietary biocomposites, featuring 28 pending patents, are made from plentiful feedstock that includes soy flour and natural grass fiber such as jute, flax and kenaf. e2e's advantages include up to an 81 percent reduction in energy consumption in the production of its biocomposites that also eliminate the use of formaldehyde or any toxic chemicals.

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