Tuesday, July 8, 2008

MysticsMD adds $50K grant to better lithium battery building

By Mass High Tech Staff

A Connecticut Small Business Incubator Program grant, worth $50,000, will help Groton,, Conn.-based materials company MysticsMD Inc. develop lighter, cheaper lithium ion batteries.

The grant was awarded by the Connecticut Center for Advanced Technology Inc.

MysticsMD intends specifically to apply the funding to the purchase and installation of battery making and testing equipment. The company, which is located on the campus of the University of Connecticut Avery Point campus, has a material portfolio that includes its Nanolite conductive polymer used in lithium ion batteries.

In March 2007, MysticsMD announced its receipt of a $65,000 grant from the Connecticut Small Business Innovation Research (SBIR) Office to specialize in carbon nanotube-based conductive coatings for use in medical devices.