SwampFox

SCRA’s SC Launch Invests $200,000 in MIT-RCF, Presents Knowledge Economist Award and Leads Regional Panel Discussion

FLORENCE, SC – November 2, 2010 – Several awards were presented by SCRA on behalf of its SC Launch program during a “big check” event hosted by SCRA and Florence County Economic Development Partnership at the Southeastern Institute for Manufacturing and Technology (SIMT). MIT-RCF, a Lake City-based carbon fiber technology company that uses sustainable composite technology to manufacture finished parts, received an investment Tuesday afternoon. SCRA also presented a Knowledge Economist Award to the President of Francis Marion University Dr. L. Fred Carter, and led a panel discussion to explore future technology development opportunities and challenges in the region.

SC Launch Investment

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. The MIT-RCF manufacturing facility which is located in Lake City represents the commercialization of MIT’s proprietary 3-DEP™ technology, a revolutionary and disruptive process for molding that pre-forms and manufactures finished parts. After considering multiple locations, MIT-RCF opened its Lake City facility earlier this year in April.

“We reviewed several location options before deciding to locate in Lake City. The close proximity to sources of materials, distribution networks, access to resources such as SIMT and SC Launch, and incentives from Florence County and the State of South Carolina were instrumental in our decision process,” said Stike. “The economic development efforts and incentives were far superior to other states that were under consideration. We are thankful to SCRA and SC Launch for their support and their role in bringing MIT-RCF to South Carolina.”
Materials Innovation Technologies chose Lake City because of its proximity to sources of materials, distribution networks, access to SIMT (Southeastern Institute of Manufacturing and Technology), and the incentives offered by the State of South Carolina and Florence County.

“MIT-RCF is essentially creating a new industry based on their state-of-the-art recycling technology and composite manufacturing of carbon fibers,” said SCRA CEO Bill Mahoney. “The company shows tremendous promise to not only be an industry leader by filling a current carbon fiber technology gap, but to also bring economic impact to this region with quality, high-tech job creation.”

SCRA has provided funding and support, through its SC Launch program for 188 qualified entities since its inception in 2006. The SC Launch program has attracted more than $104 million in add-on, private equity investment funding in South Carolina companies.

Joe W. King, Executive Director of the Florence County Economic Development Partnership stated, “Florence County has the team of committed leadership and resources that companies like MIT-RCF recognize in choosing a location. With statewide programs like SC Launch, we will continue to attract similar successes and growth to Florence County.”

Panel Discussion

The investment award was presented prior to a technology and economic development focused panel discussion during the event. The panel included Vice Chair of the Florence County Economic Development Partnership Mr. Frank James, Vice President of Workforce Development and Director of SIMT Mr. Jack Roach, CEO of MIT-RCF Mr. Jim Stike, Senior Vice President of Emerging Markets at Advanced Technology International (ATI) Mr. Ambrose Schwallie, and CEO of SCRA Mr. Bill Mahoney. The panel discussion Moderator was Mr. Greg Hillman, Zone Manager with the SC Launch program.

Knowledge Economist Award Presentation

Also during the event, SCRA presented a Knowledge Economist Award to Dr. L. Fred Carter for his individual efforts that support the development of the Knowledge Economy in South Carolina.
Dr. Carter has served in many roles that have all contributed to the Knowledge Economy of South Carolina. He currently serves as the President of Francis Marion University. The University is vital resource in the region, offering curricula in 49 academic disciplines and programs to approximately 4,000 area students. Dr. Carter has also served as the Chief of Staff to South Carolina Governor Mark Sanford, as the Executive Director of the South Carolina Budget and Control Board, as the Senior Executive Assistant to South Carolina Governor Carroll Campbell, as a faculty member and the chairman of the political science department at the College of Charleston, and in our military.

Dr. Carter serves on numerous boards and has been recognized for his leadership with the South Carolina Order of the Palmetto, the Public Official of the Year Award from the S.C. Regional Councils of Government, and honorary doctoral degrees from the College of Charleston, Lander University and the Citadel. In 1999, he received the Distinguished State Executive Award from the National Governors' Association, and was appointed by President Bush to the Presidential Commission on White House Fellowships in 2001, where he served until 2004. The South Carolina Chamber of Commerce recognized him as the recipient of its 2003 State Public Servant of the Year Award, and in 2004 the International Federation of German-American Clubs presented him the prestigious General Lucius Clay Medal. Most recently, the Humanities Council of South Carolina awarded him its annual Governor's Award in the Humanities (2004) and the Pee Dee Boys and Girls Clubs honored him with their annual Champion of Youth Award (2005).

“We are so pleased to have the opportunity to recognize Dr. Carter for his leadership and constant efforts to improve the lives of South Carolinians and the Knowledge Economy,” said Mr. Mahoney. “This region has wonderful partners and resources that will help to strengthen South Carolina’s Knowledge Economy. The panel discussion today demonstrated the kind of activity and capabilities that are in this area. The joint efforts of private industry, government, economic development, education, and research are all a part of building the Knowledge Economy. Companies like MIT-RCF are the example of what our partnerships can bring and will continue to bring to fruition.”