For Immediate Release
Thursday, May 10, 2012
Plastomer Lighting Technologies gets $50K boost from accelerator fund
Sterling Heights, Mich. – With application assistance from the Macomb-Oakland University INCubator, its client company Plastomer Lighting Technologies has been awarded $50,000 from the Business Accelerator Fund of the Michigan Small Business and Technology Development Center.
The ambient lighting technology company, located in Rochester, Mich., will use the funding to enhance its financial infrastructure, human resources and TS 16949 certification and process mapping.
Mike Brennan, Macomb-OU INCubator's business commercialization and capital investment advisor, said PLT founder and president Mark Licatovich leads a team that has worked tirelessly to position the company for institutional funding assistance.
"The Business Accelerator Fund is essential to the company's ability to meet the required milestones necessary to position the company appropriately," Brennan explained. "It's truly wonderful to have these unique tools in place to help a company like PLT get to the next level, gain real traction and grow for our community."
Since its inception in 2010, PLT has created patent-pending ambient lighting designs and assemblies so unique and cost-effective that the company achieved Tier 1 designation for GM within 12 months. As a result, the company has been awarded highly visible, still-plate lighting business for both the 2013 XTS and 2014 Cadillac Escalade.
The Business Accelerator Fund is helping the Macomb-OU INCubator provide specialized business acceleration services to companies commercializing advanced technology. It is a 21st Century Jobs Fund Program managed by the MI-SBTDC in partnership with the Michigan Economic Development Corporation and Michigan's network of business accelerators.
# # #
Oakland University is a doctoral, research-intensive university located in Oakland County, Michigan. The university has 133 bachelor's degree programs and 128 graduate degree and certificate programs. Dedicated to delivering a distinctive undergraduate experience that is complemented by the strength of its graduate offerings and research accomplishments, Oakland University is organized into the College of Arts and Sciences, the Oakland University William Beaumont School of Medicine and the Schools of Business Administration, Education and Human Services, Engineering and Computer Science, Health Sciences, Nursing and The Honors College. Visit Oakland University on the Web at oakland.edu.