Applied Nanotech Inc., an Austin-based nanotechnology company, received a $1.6 million federal clean technology grant Wednesday to help build a local manufacturing facility.
Applied Nanotech was one of 33 companies across the nation to receive grants, which are administered by the federal Department of Energy as part of the Small Business Phase III Xlerator program. The program is funded in part by the $787 billion federal stimulus bill that Congress passed in February 2009.
Applied Nanotech will use the grant to create a facility to make and develop metallic inks to be used in the manufacturing of silicon solar cells, according to a news release from the office of U.S. Rep. Lloyd Doggett, D-Austin, who announced the award.
Applied Nanotech doesn’t plan to commission a new building at this point, and it will incorporate the new facility into its headquarters in North Austin and lease additional space as needed, CEO Zvi Yaniv said.
The initiative will result in five to 10 new jobs, Yaniv said. The company has about 30 employees, he said.
Yaniv said the company at the end of last year decided to expand from research and development into commercialization of nanotechnology.
“This is perfect. It will be our first implementation of commercialization, and it is coming naturally from our research,” Yaniv said. “This type of a commercialization approach will make the company very successful in 2011.”
Applied Nanotech is a research and development company that develops applications for nanoparticles including carbon nanotubes, metalized nanoparticles, silicon nanocrystals and nanowires. The company is a subsidiary of Applied Nanotech Holdings Inc., which was founded in 1987.
In 2009, Applied Nanotech had revenue of about $4 million and posted a loss of about $2.1 million, according to filings with the Securities and Exchange Commission. Yaniv said Wednesday that he expects revenue for 2010 will be about $6 million and hopes this year will be the company’s first to end with a profit.
Applied Nanotech’s stock, which is traded in the over-the-counter market, closed at 28 cents per share Wednesday, unchanged from the previous day’s close.