A groundbreaking advancement in electric vehicle (EV) charging technology is set to transform the industry as Greenville-based startup, Advanced Power & Energy, secures a significant investment of $500,000 from the Mercer County Innovation Fund, in collaboration with Ben Franklin Technology Partners of Central & Northern Pennsylvania.
This investment will support the development of innovative, safer EV charging stations. Traditionally, EV charging stations have relied on lithium batteries, which have raised concerns regarding fire hazards. Advanced Power & Energy is set to change the game by manufacturing charging stations with advanced zinc nickel batteries, ensuring a safer and more economically sustainable solution while alleviating stress on the power grid.
George Bulick, President of Advanced Power & Energy, expressed gratitude for the support received from Ben Franklin Technology Partners, stating, “Ben Franklin has already been a valued resource for Advanced Power & Energy, and this $500,000 investment will help our company grow, create jobs of the future, and contribute to the development of the entrepreneurial ecosystem and small business environment in Mercer County and specifically in Greenville, PA.”
This investment from the Mercer County Innovation Fund is seen as a pivotal moment in stimulating innovation and growth in the Mercer County area. The fund, generously supported by key partners including Penn-Northwest Development Corporation, the City of Hermitage, the Shenango Valley Enterprise Zone Corporation, and the Greenville Area Economic Development Corporation, aspires to nurture an entrepreneurial ecosystem that acts as a catalyst for small business expansion and innovation.
Brian Slawin, Portfolio Manager for the Ben Franklin Technology Partners of Central & Northern Pennsylvania, expressed his enthusiasm about the partnership: “Ben Franklin’s partnership with the Mercer County Innovation Fund will help provide capital, mentorship, and support for innovative startup, technology, and manufacturers within Mercer County. We’re thrilled that this partnership has created this first – of soon to be many – investments.”
Rod Wilt, Executive Director of Penn-Northwest Development Corp, affirmed the commitment to fostering innovation in Mercer County, noting, “The Mercer County Innovation Fund is a testament to our dedication to supporting startups and accelerating technology and manufacturing companies in our region. We are excited about the possibilities this fund unlocks for Mercer County.”
As Advanced Power & Energy embarks on this exciting journey, the Mercer County Innovation Fund, in conjunction with Ben Franklin Technology Partners, is set to play a pivotal role in realizing a future where safer and more efficient EV charging solutions become the new standard.
Startups and accelerating technology and manufacturing companies in Mercer County, PA, looking to benefit from the Mercer County Innovation Fund can find more information here.