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PolyOne Corporation (NYSE: POL) and Zyvex Performance Materials today announced they are recipients of a $4.9 million grant from the Ohio Third Frontier Commission that will fund the further development and production of carbon-nanotube composites.
The highly-competitive Third Frontier grant program was created to increase Ohio's high-tech research capabilities by promoting collaborative innovation.
Dr. Cecil Chappelow, vice president, innovation, sustainability and chief innovation officer at PolyOne said, "We are honored by this award and confident that our development efforts will yield a significant portfolio of next-generation thermoplastic materials based on carbon nanotubes."
Funding will be used to support ongoing development work initiated several months ago under a joint development agreement between PolyOne and Zyvex Performance Materials to produce carbon nanotube-filled thermoplastics for structural and electrically conductive applications.
Lance Criscuolo, president of Zyvex Performance Materials explained, "This grant underscores both companies' commitment to the technology and our certainty that Zyvex Performance Materials and PolyOne have the expertise needed to drive thermoplastic nanocomposites to the next level of performance. It will also allow us to accelerate our hiring plans and more rapidly introduce our technology commercially."
About PolyOne Corporation
PolyOne Corporation, with 2008 annual revenues of $2.7 billion, is a premier provider of specialized polymer materials, services and solutions. Headquartered outside of Cleveland, Ohio USA, PolyOne has operations around the world. For additional information on PolyOne, visit our Web site at www.polyone.com.
About Zyvex Performance Materials
Based in Columbus, Ohio, Zyvex Performance Materials is focused on developing nanotechnology to improve the properties of composite materials. The company's patented technology allows composites to take advantage of the superior physical and chemical properties of carbon nanotubes by enabling even dispersion of carbon nanotubes in composites mixtures. Zyvex Performance Materials was the first company to provide carbon nanotubes-enhanced products to the marketplace. For additional information on Zyvex Performance Materials, visit our Web site at www.zyvexpro.com.
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