Governor M. Jodi Rell today announced that the state is investing a total of $700,000 to help LiQuifix Inc., a Stamford-based maker of a non-toxic, environmentally friendly spray lubricant keep and grow 56 jobs over the next three years.
LiQuifix expects to invest $1 million to expand its headquarters, building out its research and development facility. The company makes a “green,” non-aerosol spray lubricant that protects and extends the life of industrial equipment. The long-lasting lubricant helps industrial customers such as Ford Motor Co. and the U.S. military keep equipment in top form.
LiQuifix is also rated safe by the USDA for use around food and kitchen equipment and can be used on boats, garden tools, recreational equipment and in many other applications.
“Our assistance to this company creates jobs here and ensuring that a small company continues to invest and grow in Connecticut,” Governor Rell said. “The national economy remains uncertain at best and projects such as this keep small businesses – the real heart of the state’s economic engine – running smoothly.”
Under the state’s assistance package, the Department of Economic and Community Development (DECD) is providing a $200,000 loan at 3.5 percent interest for 10 years. The funds will be used for the purchase of machinery and equipment, inventory and leasehold improvements.
Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, is making a $500,000 equity investment in the company through the Connecticut Clean Tech Fund. A partnership between CI, DECD and the Connecticut Clean Energy Fund, the Connecticut Clean Tech Fund makes investments in seed- and early stage companies focused on innovations that conserve energy and resources, protect the environment or eliminate harmful waste.
“Investments in the area of clean technology are key to the new economy,” said Joan McDonald, chair of CI and commissioner of DECD. “LiQuifix and companies like it that are making strides in clean tech development will help lead the state out of this difficult economic period.”
John R. Cullinane, President and CEO of LiQuifix, welcomed the state’s backing.
“State support will help accelerate the growth of LiQuifix and ensure our ability to meet increased demand for our patented product,” Cullinane said. “This is a terrific shot in the arm and comes at an optimal time as we evolve from a start-up stage to steady growth and sustainability. We are very grateful to Governor Rell and to DECD and CI for their confidence in our business.”