The Electro-Optics Center (EOC) in Kittanning introduced Pittsburgh Gateways Corporation to a world-class researcher in Silicon Carbide (SiC) technology who wanted to launch a company—Olle Kordina. Dr. Kordina will use his unique strengths in SiC materials and devices to manufacture large scale wafers and design semiconductor devices. The material will be processed by device foundries specializing in volume processing of semiconductor devices, with the processed devices to be sold through large semiconductor manufacturers and through direct marketing. The potential market for SiC devices is approaching $10 billion. |
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Dr. Kordina had developed an impressive business plan, but did not have experience in company formation, fundraising, or local contacts. The fundraising task was formidable, with more than $7 million required over a 2-year period. There was a potential for significant State involvement because of the proposed creation of 200-300 jobs within 5 years and Dr. Kordina’s interest in locating in Ford City, PA. There was also the potential for significant Federal involvement because of the defense applications of SiC devices.
High Temperature Chemical
Vapor Deposition (HTCVD)
Reactor that grows SiC boules
which are then sliced into wafers
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Pittsburgh Gateways Corporation assembled a professional team with expertise in law, financing, physical facilities, and real estate to advise Dr. Kordina. Gateways structured a comprehensive financial package of $7.3 million that included private equity and debt, but also significant State and Federal support. Gateways then proceeded with a project management approach toward problem solving and fundraising, with weekly meetings, assignments and follow through.
4- inch SiC wafers to be
manufactured by Caracal
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Caracal, Inc was launched in the Spring of 2003, and has aggressively pursued its fundraising strategy. Funding commitments have been secured from the Pittsburgh Digital Greenhouse, public sector programs, and angel investors. Caracal is well-positioned to secure its financial package, and launch into its research and development work plan at the Ford City Technology and Heritage Park. The anticipated opening date for the new Caracal facility is in Spring of 2004. |
