Kyma Technologies to Expand with Debt Financing from Neuse River Development Authority
Raleigh, NC -– Kyma Technologies, Inc., a leading supplier of ultra-high purity crystalline gallium nitride (GaN) and aluminum nitride (AlN) materials and related products and services, today announced their expansion plans along with new financing provided by Neuse River Development Authority (NRDA).
Kyma has doubled its staff over the past two years and is running out of expansion space in its current facility on Midway West Road in Raleigh, NC. A second facility which is located within a mile of Kyma’s headquarters was recently leased by the company and will be used to house the company’s backend processing line.
This will free-up space in the company’s current facility for the addition of several new crystal growth tools, which in turn will support increased production of several current products as well as the development of new product lines.
Kyma’s expansion will be supported by new financing which the company closed on last week and which is available through NRDA.
Guy Williams, President of NRDA, commented: “We are pleased and excited to be able to work with Kyma on this expansion.”
Keith Evans, Kyma President & CEO, stated: “Kyma is grateful for the support and the vision of NRDA; we are hopeful that this is the beginning of a long and mutually satisfying relationship with them. Also, we are grateful to our local economic development community, including Bernard Torain of the NC Department of Commerce, Adrienne Cole at the City of Raleigh (Greater Raleigh Chamber), and George Vital of the USDA, for taking the time to understand our needs and ultimately for connecting us to the people at NRDA.”
Heather Splawn, Kyma Director of Business Development, added: “We are excited to begin our physical expansion. This will allow us not only to add new equipment, it also allows us to rethink our overall layout and to reallocate existing space so that we are better positioned to execute on our plans.”
Kyma is also looking at further growth opportunities, including a large manufacturing facility at a location yet to be determined.
About Neuse River Development Authority (NRDA)
NRDA is a non-profit small business lender located in New Bern serving a 10-county region in eastern North Carolina. Offering seven different loan programs, NRDA's goals are job creation coupled with sustainable economic growth. Since its beginning in 1979, NRDA has loaned over $30 million to business owners throughout eastern North Carolina.
For more information about NRDA, visit http://www.nrda.org/.
About Kyma Technologies
Kyma is a leading supplier of crystalline gallium nitride (GaN) and aluminum nitride (AlN) materials for a broad range of high performance nitride semiconductor device applications.
The market for nitride semiconductor devices is expected to surpass $30 billion over the next decade. The combined addressable market for GaN and AlN substrates is expected to surpass $500M in 2010.
For more information about Kyma Technologies, visit www.kymatech.com, e-mail email@example.com , or call the company directly at 919.789.8880.
Kyma is a registered trademark of Kyma Technologies, Inc.
Dr. Heather Splawn Director of Business Development Phone: 919-789-8880