Date: Apr 14, 2020 Source: Prnewswire (
click here to go to the source)
DALLAS, April 14, 2020 /PRNewswire/ -- Peak Nanosystems, the parent company of Peak Nano Optics and Peak Nano Films, has closed a $25mm investment from Squadron Capital to fund the acquisition of Cleveland, Ohio-based PolymerPlus. Additionally, the company will use proceeds to expand in-house optical product development.
Prior to the acquisition, Peak Nanosystems had partnered with PolymerPlus to scale production of nanolayered films for high performance gradient refractive index "GRIN" lenses to market through Peak Nano Optics to great success. "We began our partnership with PolymerPlus in 2016 to build a company that would commercialize GRIN optics," said Jim Welsh, CEO of Peak Nanosystems." "This acquisition is the follow through on that effort and opens up the capacitor market for our thin film technology."
Peak Nano Optics is currently building a $30mm production facility in Cleveland, Ohio that will come online in Q2 2020 and will be the most advanced optical design and manufacturing facility in the world when it opens.
Through this acquisition, Peak Nanosystems acquires exclusive rights on broad nanolayered film intellectual property developed at Case Western Reserve University as well as in-house technology developed by PolymerPlus. for both optics and film capacitors. "These capacitors are ready for broad scale launch so we are building new production lines in Cleveland to support the 2021 product launches," said Chad Lewis, president of Peak Nanosystems.
"We have a great relationship with the Case Western Reserve University tech transfer office," said Lewis. "We worked closely with their team on past deals and again now with the acquisition of PolymerPlus. We are also thankful for the team at Squadron Capital. We met with a large number of potential institutional partners due to our success in optics over the past year. Squadron's unwavering commitment to our long term success combined with their steady in the storm mentality is certainly rare and we are excited about the growth they will enable," said Lewis.
"Squadron is excited to provide support and partner with the team at Peak. We are confident their technical expertise and manufacturing processes will lead to the much broader use of this technology in both optical and electrical capacitance applications. It is also likely there are significant possibilities to integrate this technology into medical devices," said Dave Pelizzon, president of Squadron Capital.
