Novolyte Technologies Marks First Anniversary, Opens New Research Facility To Develop Next-generation Lithium Ion Electrolytes for Electric Vehicle Batteries
INDEPENDENCE, OH – OCT. 26, 2009 – Novolyte Technologies, Inc. caps its first year by opening a new research facility to develop electrolytes to extend life and improve safety of rechargeable lithium-ion batteries for hybrid-electric vehicles, ultracapacitors, and power tools. The facility will be dedicated Wed., Nov. 4 from 5:00 to 7:00 p.m. at the Company's headquarters location in Independence, OH.
As a result of the Company's growth initiatives, Novolyte has hired several employees in 2009, adding $561,000 its local payroll and bucking the layoff trend that most companies have been going through during this economic downturn. Spun off a year ago from the fine chemical business of the Ferro Corporation, the 22 members of the business leadership and technical teams valued their ties here, but also considered other options. "We looked at several locations and assessed many elements, and felt that the Cleveland area offered the best total solution for our team," says president and CEO Ed Frindt. "We have a good quality of life, good airline connections and access to our customers, as well as universities to support our technical activities. Independence, where we decided to build our new headquarters, is a central location for our employees, and the city also offers a cooperative business environment." Novolyte has paid nearly $200,000 year-to-date in Ohio State Income Tax and about $30,000 in income tax to the City of Independence.
Novolyte Technologies is a world leading manufacturer and supplier of specialty electrolyte materials for lithium batteries, high performance solvents, and other specialty materials.
The Company's products are used in a wide array of demanding applications around the world. Electrolyte solutions are used in both disposable and rechargeable lithium batteries that go into a variety of devices including pacemakers, portable electronic devices, and newly developing electric and hybrid electric vehicles. Specialty solvents are used in everything from making cancer treatment drugs to gold recovery. Novolyte's new green line of solvents are replacing less environmentally friendly solvents in applications such as printer inks, coatings, and cleaning materials. The Company also makes additives that improve the strength of Nylon airbags in automobiles or increase the color fastness of carpets.
Novolyte serves the needs of its diverse, international customers through two state-of-the-art, ISO-certified manufacturing facilities located in Baton Rouge, LA and Suzhou, China and technical centers located in Suzhou, China and Independence, OH.
A dedicated R&D team will work in the new 6,500 sq. ft. lab, which provides space for development of electrolytes for lithium batteries and battery performance testing. Electrolytes are mixtures of solvents and conductive salts that make up the liquid part of the battery and allow the charge to move from the positive end to the negative end of the battery. Research focus will be on improving the performance of the battery such as cycle life, operating temperature range, or safety. In the expanding lithium-ion battery market, the Company's low moisture, high purity, proprietary and custom formulations provide enhanced functional performance for energy storage devices which are critical for demanding applications.
About Novolyte Technologies, Inc.
Novolyte Technologies is a world leading manufacturer and supplier of specialty electrolyte materials, high performance solvents, aryl phosphorus derivatives and technically demanding custom manufactured products. Novolyte, previously Ferro Fine Chemicals Division, is headquartered in Independence, OH.