SC Launch Portfolio Company to Increase Operations

CHARLESTON, SC – June 3, 2011 – MIT-RCF, a SC Launch portfolio company, today announced accelerated expansion to their operations in the coming months. MIT-RCF was formed by and is a wholly owned subsidiary of Materials Innovation Technologies (MIT), an advanced materials company focused on developing innovative technical solutions for the manufacture of composite parts. They received an investment from SC Launch, an SCRA affiliate, in November 2010.

The MIT-RCF manufacturing facility, located in Lake City, represents the commercialization of MIT’s proprietary 3-DEP™ technology, a revolutionary and disruptive process for molding pre-forms and manufactures finished parts. After considering multiple locations, MIT-RCF opened its Lake City facility in April, 2010. MIT-RCF has recently received additional funding and investments in addition to the SC Launch investment and other grant awards won late last year.  This funding will assist with increased production of advanced technologies and advanced materials to meet the needs of the automotive and aerospace industries.

MIT-RCF’s business foundation focuses on carbon fiber reclamation and they are currently collaborating with Boeing on a project with this focus.  MIT-RCF enjoys existing partnerships and collaborations with BMW and General Motors, among others. Their recent investments are expected to accelerate expansion with additional equipment and job increases at the Lake City Facility, including process engineers and other technical job openings.

We are looking forward to increased operations and expansion in our Lake City location, said MIT-RCF CEO Jim Stike. The additional investments received will help to further commercialize our technologies and collaborate with Boeing and other major companies in the United States while creating high-quality, technical jobs in South Carolina. We are looking forward to continued partnerships that will advance lightweight materials.

SCRA is pleased to assist in MIT-RCF’s expansion and is great news for South Carolina. This is further proof of the good work being done by SC Launch, said SCRA CEO Bill Mahoney (pictured left). The company is proving to be a leader in state-of-the-art recycling technology and carbon reclamation. MIT-RCF has advanced South Carolina’s Knowledge Economy by bringing high paying, technological jobs to the Lake City area, and I look forward to their continued successes and expansion.

Since its inception by SCRA in 2006, and with initial funding of $12 million in SCRA earnings, SC Launch has supported and funded 188 companies in SC, helped draw 11 landing parties to the state, provided business services to 230 early stage companies in SC through a powerful Resource Network and helped position emerging South Carolina companies to secure more than $104 million in follow-on funding from angel, venture and other private capital sources. SC Launch has been recognized regionally, nationally and internationally for leadership in entrepreneurial support and technology-based economic development.

About SCRA
SCRA is a global leader in applied research and commercialization services with its headquarters in South Carolina. SCRA has a dual mission:

To advance the Knowledge Economy – SCRA affiliate SC Launch is an economic development program that helps early-stage companies to commercialize innovations and create jobs.