Author: Delaware Prosperity Partnership

Ally Chooses To Grow Fair Square In Delaware

Ally Plans Wilmington Credit Business Expansion

28 September 2022  | Delaware Business Times

ally financial growing fair square financial in Delaware

WILMINGTON, Del. – Fresh off of its acquisition of fintech startup Fair Square Financial, the auto lending giant Ally is now planning an expansion in Wilmington that will add up to 150 highly paid positions.

Founded six years ago by a handful of banking veterans from Bank of America, JPMorgan Chase, Capital One, Citigroup and elsewhere, Fair Square launched its sub- and near-prime credit card Ollo in 2017.

Led by CEO Rob Habgood, the startup quickly landed the support of notable investors, securing $300 million from investment firms. Supported by a $779,000 state taxpayer-backed Strategic Fund grant in 2017, Fair Square expanded its offices at the Brandywine Building in downtown Wilmington and hired additional staff to manage its data analytics, data mining, marketing and credit underwriting.

In December, Detroit-based Ally acquired Fair Square for $750 million and has since been considering how to further grow the business.

While Ally would have options to potentially move the credit operations – it has a number of offices spread across the country – the company has chosen to invest in an expansion of Fair Square in Wilmington. It will invest $520,000 to renovate 22,000 square feet of Brandywine Building offices and increase employment by up to 200% over the next few years. The average salary for the new positions would be $170,000 and include analysts, managers and directors, according to Habgood.

“Ally has the ability to significantly accelerate the growth of our credit card business to support this higher growth opportunity,” Habgood said. “We originally chose Wilmington to start a business because it provided access to a deep reservoir of credit card talent.”

In supporting that expansion, the state’s investment board, the Council on Development Finance, unanimously approved Monday a $20,000 capital grant and a $2.64 million job performance grant to create the new jobs over the next three years. Ally currently employs 75 people in Delaware and a handful more out of state.

While the council members questioned whether any of the roles could eventually be turned remote and moved out of state, state officials assured them that grant terms require the created roles to file Delaware income taxes. They also noted that Fair Square more than fulfilled the terms of its first grant.

Habgood explained that Fair Square employees are currently working a hybrid schedule after the pandemic, but in-person communication remains a valued part of their culture.

“Our goal is to get as many people as possible and we as a business have been successful because of the integrated nature of getting all people together and working through the problems,” he said.

Ollo – a name with no specific meaning but chosen for its easy-to-pronounce name – offers two different cards, one with no annual fee and one with unlimited cash back on purchases. It worked with Wilmington-based design firm Bounteous on the products, adding to its local commitment.

Like other near- or subprime credit lenders, Fair Square goes beyond traditional credit report metrics to identify good customers, including reviewing length of residencies, long-term credit history and other data to determine if they would reliably repay debts. To date, Fair Square has about 1 million customers holding loans worth about $1 billion.

In 2020, it successfully securitized $300 million in credit card debts, with favorable ratings from credit rating agencies, showing that its modeling had produced reliable clients.

This article was originally posted in the Delaware Business Times at: https://delawarebusinesstimes.com/news/ally-plans-wilmington-credit-business-expansion/

Kurt Foreman

PRESIDENT & CEO

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Delaware’s Top Bond Ratings Reaffirmed

Governor Carney Announces High Ratings from Moody’s Investors Service, Standard & Poor

29 August, 2022  | State of Delaware

DelDOT Maintains Strong Credit Position, Delaware’s AAA Rating Also Reaffirmed


(WILMINGTON, Del.) – Governor John Carney recently announced that Moody’s Investors Service has assigned an Aa1 rating to the Delaware Transportation Authority Series 2022 transportation system senior revenue bonds and Standard & Poor’s assigned its ‘AA+’ long-term rating to Delaware Transportation for the 2022 revenue bonds series. Both rating agencies affirmed credit ratings of Aa1 (Moody’s) and AA+ (S&P) for the Authority’s transportation system senior revenue bonds series outstanding, both agencies issued a stable outlook for the transportation system revenue bonds. Moody’s has also reaffirmed the State’s AAA rating, the highest rating available for any state.

“Delaware continues to receive high marks for fiscal management which allows us to sustain the important investments we’ve made in our schools, our infrastructure, our communities, and our economy, including efforts to address the impacts of COVID-19 and future public health crises,” said Governor Carney. “All Delawareans can be proud of the work we’ve done with the General Assembly to boost the State’s finances prior to COVID-19, and the sustainable budget we passed this legislative session. These steps will help ensure Delaware is the best place to live, work, and raise a family.”

The Moody’s opinion lists other strengths including “lower business costs and cost of living relative to neighboring states” and the recently enacted FY23 budget that increases State reserves, improves funding of post-retirement healthcare benefits, and “directs a large share of expected revenue to non-recurring items such as capital investments.”

Moody’s Investors Service and Standard & Poor’s provide independent rating opinions on the credit worthiness of public agencies and private organizations. These ratings are established to provide investors with information before the purchase of bonds from these public and private entities. The Delaware Transportation Authority (DTA) is the legal and financial authority under which the Department of Transportation issues its debt.

“We greatly appreciate the recognition of the Department’s strong financial and operational management particularly throughout the pandemic,” said Secretary of Transportation Nicole Majeski. “We will continue to work diligently to be good stewards of taxpayer dollars and use these savings to further invest in our state’s transportation system. The excellent work done by our finance team, led by Lanie Clymer, ensures our financial standing remains strong as we support the largest capital program in the Department’s history.”

DelDOT’s current Capital Transportation Program will invest more than $4.5 billion in infrastructure maintenance and projects over the next six years.

“Moody’s reaffirmation of the State’s Triple A rating recognizes continuing efforts of our Governor and General Assembly to build upon the sound fiscal practices that have served our State so well,” said Secretary of Finance Rick Geisenberger.  “Ultimately, these efforts benefit all citizens and taxpayers by providing the State with access to the lowest possible cost of capital.”

Kurt Foreman

PRESIDENT & CEO

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Profiles in Innovation: Incyte

Profiles in Innovation: Incyte

Profiles in Innovation – Meet Global Biopharma Leader Incyte


In this series, Delaware leaders noted for innovation share insights on innovation. Incyte, the Delaware-based global biopharma leader, has experienced significant growth and expansion over the last two decades in its work to discover, develop and deliver breakthrough medicines for cancer, inflammatory, and autoimmunity diseases. President, Chief Executive Officer, and Chair of the Board Hervé Hoppenot shares what makes Delaware the ideal place for innovation. He also reflects on the importance of resilience, tenacity, and collaboration, especially when it comes to creating a dynamic environment that breeds innovations.

1. Why is Delaware a great state to be an innovator?

HH: At Incyte, we are happy to call Delaware home. Our roots go back to 2002 when we were founded by a small group of scientists who believed Delaware was the right place for drug discovery and development. Over the last two decades, we have received significant support from local leaders, which has helped facilitate our continued growth and expansion in the region, including a new state-of-the-art research facility that was opened this year. As the community in Delaware meaningfully embraces our work, we continue to innovate and are discovering and developing new medicines for patients right here in Wilmington. We are also driven to give back to this community that has given so much to us, and we are proud to have recently announced a five-year extension of the Incyte Cancer Care Assistance Fund for Delaware, which has provided financial assistance for Delaware cancer patients, their caregivers and family members since its inception in 2018.

2. In your view, what qualities should a successful innovator have?

HH: We believe the most powerful innovation comes from resiliency, tenacity and collaboration around a shared purpose. At Incyte, we exist to find meaningful, new solutions for patients around the world living with serious unmet medical needs. Everyone here – the Executive Team, scientists and administrators – all play a role in advancing our ability to find new solutions that can positively affect these patients’ lives. Beyond this, we believe successful innovation requires the sharing of ideas. Innovation happens when people mix. Our exceptional team of biologists and chemists work side-by-side in our labs each day and are just steps away from colleagues who help ensure our medicines get to patients who need them. This dynamic environment allows our employees to listen to and engage with one another, which helps us all breed innovation.

3. What advice would you give innovators just starting?

HH: Innovators must realize that challenges will come – there will be bad days and setbacks. However, breakthroughs take time and require patience. It is important to always keep the end goal in mind – approaching each day with resiliency and tenacity while seeking to make the world a better place. Additionally, innovators must surround themselves with inspiration and whatever tools are needed to achieve their goals. Innovation does not happen in a vacuum. At Incyte, we try to provide the environment innovators need to succeed. Oftentimes, it requires working cohesively with others toward a common goal.

Hervé Hoppenot, Chairman, President and Chief Executive Officer


Hervé Hoppenot joined Incyte in 2014 as President and Chief Executive Officer and was appointed Chairman of the Board of Directors in 2015.

During Mr. Hoppenot’s tenure, the company has tripled the number of clinical candidates in its portfolio, expanding beyond Oncology to include research and development in Inflammation & Autoimmunity. Under his leadership, revenue has increased by nearly 600%. With a goal to deliver medicines to patients worldwide, Incyte has expanded geographically and has operations in North America, Europe and Asia.

Prior to joining the global biopharma leader Incyte, Mr. Hoppenot was the President of Novartis Oncology. Before joining Novartis in 2003, Mr. Hoppenot started his career in 1983 with Rhone Poulenc, later known as Aventis, where he served in several senior roles of increasing responsibility, including Vice President of Oncology and Head of the U.S. Oncology business unit. Mr. Hoppenot holds a diploma from ESSEC Business School.

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DuPont Expanding in Newark, Delaware

DuPont Chooses Delaware for Expansion of Semiconductor Materials Production


WILMINGTON, Del. (August 22, 2022) – DuPont Semiconductor Technologies, a business unit of DuPont Electronics & Industrial, and a leading producer of specialty materials used in the production of semiconductors, has chosen Glasgow, Delaware, for a $50 million expansion in response to growing industry demand.

Following an extensive site search throughout Northern Delaware and Maryland, DuPont Electronics & Industrial decided to expand its Semiconductor Technologies manufacturing operations into a new 385,000-square-foot facility near its existing Newark, Delaware, location. The new semiconductor manufacturing facility is planned to become the primary work site for more than 70 existing workers and create about 10 new positions in Delaware.

“The DuPont Company has been part of Delaware’s DNA for 220 years. With this expansion of their semiconductor division, the company is showing their commitment to our state and workforce,” said Governor John Carney. “This site will bring with it a new 385,000-square-foot facility and 10 new jobs close to its existing Newark campus at a time when semiconductors are needed more than ever. Thank you to DuPont Electronics & Industrial for continuing to make Delaware a part of the DuPont story.”

DuPont and its innovative technologies have played a key role in Delaware’s economy for over 220 years. Today, DuPont is a premier multi-industrial leader with technology-based materials and solutions that help transform industries and everyday life.

DuPont Semiconductor Manufacturing Ready to Serve  Growing Demand

DuPont Semiconductor Technologies delivers enabling materials for semiconductor fabrication, packaging and assembly. In Delaware, the Semiconductor Technologies team manufactures key materials used in chemical mechanical planarization (CMP), an essential step in modern semiconductor fabrication processes.

Semiconductors are vital parts of the technologies people depend upon daily around the world. Demand for semiconductor chips continues to grow, driven by global trends such as surges in data storage, 5G and other wireless communications, and automotive electronics. Increased reliance on digital technologies for online collaboration and cloud computing also highlight how critical semiconductor chips are to the global economy.

Poised for a decade of growth, the semiconductor industry is projected to become a trillion-dollar industry by 2030. With its latest investment, DuPont will be well positioned to serve customers in this growing industry from its Delaware facilities.

Supporting DuPont Electronics & Industrial’s investment of $50 million in equipment and fit out costs for the new site are a Jobs Performance Grant of $65,550 and a Capital of Expenditure Grant of $1,578,000 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund is dependent on the company meeting commitments as outlined to Delaware’s Council on Development Finance, which reviewed and approved the company’s request for up to $1,643,550 in total grant funding.

“DuPont materials for chemical mechanical planarization are an essential part of the semiconductor supply chain, used by customers around the world in highly sensitive semiconductor chip fabrication,” said John Singer, Vice President, Integrated Operations, DuPont Electronics & Industrial. “As we expand to meet industry growth, we’re pleased to have identified a new facility near our existing CMP manufacturing operations in Delaware, where we can continue to have close collaboration with our experienced colleagues in operations, engineering, quality and other interconnected teams.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About DuPont Electronics & Industrial

DuPont Electronics & Industrial is a global supplier of new technologies and performance materials serving the semiconductor, circuit board, display, digital and flexographic printing, healthcare, aerospace, industrial and transportation industries. From advanced technology centers worldwide, teams of talented research scientists and application experts work closely with customers, providing solutions, products and technical service to enable next-generation technologies.

About DuPont

DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.

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Royale Group Expanding to 2nd Delaware Site

Royale Group Expanding to Second Delaware Location

Company adding Royale Pigments & Chemicals site in Seaford to AWSM Solutions Delaware site in Bear, doubling its Delaware presence in just two years.


(WILMINGTON, Del.) – Royale Pigments & Chemicals, part of The Royale Group collection of specialty chemical companies, has chosen Seaford, Delaware, as the site for a $2.35 million expansion that will double The Royale Group’s Delaware presence since it relocated from New Jersey two years ago.

Royale’s investment in Sussex County includes purchase of the former BASF Polymer Plant at 100 Industrial Park Boulevard that is now owned by Delmarva Central Railroad. DCR operates a transloading facility at the on-site rail spur located there, but the building itself is underutilized with no active operations at present.

“The chemical industry has long been part of Delaware’s economy. Over the next three years, The Royale Group plans to purchase an underutilized site in Seaford, bringing new jobs and economic growth to Sussex County,” said Governor John Carney. “This will be Royale’s second facility in the state, showing their commitment to growing their business here. This campus is only possible because of Delaware’s world-class innovative workforce. Thank you to The Royale Group, the town of Seaford, the Delaware Prosperity Partnership and everyone else who made this acquisition possible.”

In 2020, Delaware Prosperity Partnership began working with The Royale Group as it made its first investment in Delaware by acquiring IMS Chemblend and the IMS facility at 400 Carson Drive in Bear, changing the operation’s name to AWSM Solutions Delaware and relocating Royale’s corporate headquarters from New Jersey to the New Castle County property. The company’s $1 million investment included adding 17 new jobs, and AWSM already has surpassed its job-growth projections with 30 active employees.

While continuing to invest and grow its Northern Delaware operations, Royale’s expansion to a second Delaware location with on-site rail access will allow it to better serve a growing roster of customers and secure new contracts with leading companies throughout the region. Royale’s Southern Delaware investment includes creating 29 new jobs – including chemical operator, maintenance/warehouse and manager/supervisor positions – over the next three years. 

Royale officials presented an application to Delaware’s Council on Development Finance for a Jobs Performance Grant of $177,930 and a Capital Expenditure Grant of $70,500 from the Delaware Strategic Fund to support the company’s investment of more than $2.35 million. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Royale’s request for up to $248,430 in total grant funding.

 “We are very excited to welcome Royale Pigments & Chemicals to Seaford, Delaware,” said Seaford Mayor David Genshaw. “Our city has seen an incredible wave of revitalization with the help of Delaware Prosperity Partnership, and we are grateful for their support and for Royale Pigments & Chemicals for choosing Seaford.” 

The Royale Group was drawn to establish operations in Delaware by the state’s educated workforce, lower cost of living and business-friendly government. Royale has quickly become an important part of Delaware’s chemical manufacturing and distribution sector, and its decision to invest in a second Delaware facility demonstrates its continued commitment to growing here.

“Delaware has been a great place to do business! There are many valuable resources to help start or move a business to the state,” said Royale Group CEO John Logue. “These resources range from the Delaware Prosperity Partnership to a dedicated and assigned omnibus person from the Delaware Department of Natural Resources and Environmental Control, providing assistance with Delaware’s regulatory agency. We are excited with the expansion of our manufacturing operation in Delaware.”

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 About Delaware Prosperity Partnership

Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support  employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

 About The Royale Group

The Royale Group, recipient of the 2019 National Association of Chemical Distributors’ prestigious Distributor of the Year award, is a collection of specialty chemical companies that manufactures, formulates and distributes chemicals. Specifically, Royale Pigments & Chemicals distributes specialty colorants into the paint, coatings and fire retardants markets. Shorechem distributes and manufactures specialty chemicals into the pharma, metals, aerospace and automotive markets. AWSM Industries distributes and manufactures specialty chemicals into the chip fabrication, automotive and gas markets. Most recently acquired in 2020, AWSM Solutions toll manufactures, blends, formulates, breaks bulk packages and provides labels for products in the following markets: organic agrochem, pharma, electronics, cleaners, aerospace, marine and construction.

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WuXi STA Breaks Ground on Delaware Site

WuXi STA Breaks Ground for New Pharmaceutical Manufacturing Facility in Middletown, Delaware

16 AUGUST, 2022 | WuXi News

WuXi STA new pharmaceutical manufacturing facility in Delaware

MIDDLETOWN, Delaware, August 16, 2022 – WuXi STA, a leading Contract Research, Development, and Manufacturing Organization (CRDMO), is pleased to announce the groundbreaking for its new 190-acre pharmaceutical manufacturing site in Middletown, Delaware. First announced in June 2021, this site will be WuXi STA’s second facility in the United States, offering expanded capacity and greater flexibility to meet customers’ needs in the U.S. and worldwide.

The WuXi STA Middletown site is located in the Middletown Business Center at 1091 Industrial Drive, and the new state-of-the-art facility will create approximately 500 full-time jobs by 2026. Phase I of the new campus will provide formulation development, clinical and commercial drug product manufacturing services for a variety of oral and injectable dosage forms, as well as packaging, labeling, storage, and distribution services for clinical trial materials and commercial drug products.

WuXi STA has 12 sites across the U.S., Europe, and Asia that offer a range of services and meet or exceed all regulatory standards. Together with three other drug product manufacturing sites in Couvet (Switzerland), Wuxi City (China), and Shanghai (China), this new facility will further enhance the company’s global drug production capacity and capabilities. 

World Leader in Pharmaceutical Manufacturing and Research

“The biopharmaceutical industry is part of Delaware’s DNA,” said Delaware Governor John Carney. “Over the next five years, WuXi STA plans to build a state-of-the-art pharmaceutical manufacturing site in one of Delaware’s fastest-growing communities, bringing with it good jobs and economic growth. This campus is only possible because of Delaware’s world-class, innovative workforce. Thank you to WuXi STA, Middletown Mayor Kenny Branner and everyone who made this project possible.”

“The First State continues to be a first-rate destination for businesses looking to innovate and grow,” said Senator Tom Carper. “This investment by WuXi STA helps position Delaware as a continued global leader in biopharmaceuticals, further cementing the manufacturing might of one of our fastest growing communities. Delaware’s workforce is ready to help build the future of our life-saving pharmaceuticals. This state-of-the-art campus will create good jobs and help fortify our supply chains here at home.”

“This biopharmaceutical manufacturing site is one most significant private sector investment ever in the Middletown region,” said Senator Chris Coons. “I am excited about WuXi STA’s decision to choose Middletown for one of their new manufacturing facilities. This isn’t just the largest private-sector investment in Middletown’s history – it’s a defining moment that will bring many more good-paying jobs to Delaware and will further cement the First State as a world leader in biopharmaceutical research and manufacturing. Thanks are due to everyone from Middletown to Dover to Washington who helped us get to this point, whether by making continued investments in NIIMBL, improving our education system from kindergarten to our universities, or ensuring that Delaware workers have the skills manufacturers like WuXi AppTec are looking for.”

“As the First State, Delaware has always had a spirit of innovation – constantly seeking new opportunities and ventures that will strengthen our economy and our state as a whole,” said Rep. Lisa Blunt Rochester. “Today’s groundbreaking of the WuXi STA pharmaceutical manufacturing plant represents another step in that spirit of innovation – bringing good-paying jobs to Middletown and strengthening communities throughout Delaware. The state-of-the-art facility will bring 500 full-time jobs over the next several years, growing our state’s workforce and allowing us to manufacture more goods domestically – enhancing our economic competitiveness on the global stage.”

“We are truly looking forward to our partnership with WuXi STA, as the groundbreaking today marks the kick-off to them making their new home in Middletown, Delaware. WuXi STA will be joining our bustling industrial area, just steps away from Clarios, Datwyler, Amazon and Breakthru Beverage, just some of the companies that have invested in Middletown. When asked by WuXi STA about our business-friendly attitude, these businesses expressed their wholehearted support for how we do business and we couldn’t be more excited about WuXi STA wanting to join them, and the Town of Middletown, in our journey together,” said Middletown Mayor Ken Branner. Branner added he was thankful for the support of Gov. John Carney and the Delaware Prosperity Partnership.

“I would like to thank our federal, state and local partners in Delaware for their continued support in the establishment of this site,” said Dr. Minzhang Chen, co-CEO of WuXi AppTec and CEO of WuXi STA. “WuXi STA continues to increase our capabilities and capacities to better serve our customers through a more robust and reliable supply chain. With our integrated Contract Research, Development, and Manufacturing Organization (CRDMO) platform and proven quality system, we look forward to working with our customers to swiftly deliver their innovative therapies to market in order to save lives and improve healthcare for patients.”

The WuXi STA Middletown facility is expected to begin operations in 2025.

About WuXi STA

WuXi STA (stapharma.com), a subsidiary of WuXi AppTec (wuxiapptec.com), is a leading pharmaceutical development and manufacturing capability and technology platform company serving the life sciences industry with global operations. As a premier Contract Research, Development, and Manufacturing Organization (CRDMO), WuXi STA offers its worldwide partners efficient, flexible and high-quality solutions for integrated chemical, manufacturing and controls (CMC) from preclinical to commercial uses, including the development and manufacturing of small molecule, oligonucleotide, peptide and various complex chemical conjugate. For more information, please visit: http://www.STApharma.com

About WuXi AppTec

As a global company with operations across Asia, Europe, and North America, WuXi AppTec provides a broad portfolio of R&D and manufacturing services that enable the global pharmaceutical and healthcare industry to advance discoveries and deliver groundbreaking treatments to patients. Through its unique business models, WuXi AppTec’s integrated, end-to-end services include chemistry drug CRDMO (Contract Research, Development and Manufacturing Organization), biology discovery, preclinical testing and clinical research services, cell and gene therapies CTDMO (Contract Testing, Development and Manufacturing Organization), helping customers improve the productivity of advancing healthcare products through cost-effective and efficient solutions. WuXi AppTec received AA ESG rating from MSCI in 2021 and its open-access platform is enabling more than 5,850 collaborators from over 30 countries to improve the health of those in need – and to realize the vision that “every drug can be made and every disease can be treated.” Please visit: http://www.wuxiapptec.com

Media Contact:

Davy Wu

mediainquiries@wuxiapptec.com

This article was originally posted at https://www.wuxiapptec.com/news/wuxi-news/5174.

Kurt Foreman

PRESIDENT & CEO

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Versogen Chooses Delaware for Expansion

WILMINGTON, Del. – Versogen, an industry-leading green energy startup, has chosen Delaware as the site for a $4.8 million expansion that includes moving its operations from The Innovation Space in Wilmington, Delaware, to larger, upgraded facilities at FMC Stine Research Center in Newark, Delaware.

Versogen targets deep decarbonization of the sectors of our economy that are not possible by green electricity. The startup is focused on anion-exchange membranes (AEMs) and AEM based electrolyzers to produce low-cost green hydrogen at scale. The company’s systems are engineered to make green hydrogen affordable and sustainable – from the materials used in manufacturing through to the costs of operations.

“Delaware has been a hub for innovation for decades. Versogen is the latest success out of Delaware’s Innovation Space and a great example of the collaborative environment we have for economic development in our state,” said Governor John Carney. “We are excited for Versogen’s expansion, bringing new jobs and important technologies to New Castle County.”

Versogen’s investment includes renovating Stine Building 115 and creating additional lab space at the site, which will be fully operational by 2024. The company’s relocation will accommodate its next level of operations, which includes adding forty-nine new jobs over the next three years to the 16 positions currently staffing the company.

“New Castle County is the ideal place for startup companies like Versogen to create innovative green technologies,” said New Castle County Executive Matt Meyer. “We are proud to welcome Versogen and know that it will find the first-rate talent for employees and further growth.”

Officials from FMC agreed.

“At the FMC Stine Research Center, we work hard to change the world for the better,” said Dr. Kathleen Shelton, FMC executive vice president and chief technology officer. “We are excited to welcome Versogen and applaud them for developing industry-leading green energy technologies. We appreciate Delaware Prosperity Partnership for the continued collaboration and actively building a strong entrepreneurial and innovation ecosystem in the State of Delaware.”

Versogen officials presented today to Delaware’s Council on Development Finance the company’s application for a Delaware Lab Space Grant of $450,380 and a Jobs Performance Grant of $151,343 from the Delaware Strategic Fund to support the company’s investment of more than $4.8 million. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Versogen’s request for up to $601,723 in total grant funding.

“Versogen has been strongly supported by the State of Delaware directly or indirectly from its inception,” said Yushan Yan, Versogen co-founder and CEO. “The grants approved today for Versogen from the Delaware Strategic Fund demonstrate Delaware’s unwavering commitment to building a vibrant entrepreneurial environment for startups and to providing critically needed facilities grants for them to grow.”

Versogen began with research conducted in Yan’s lab in his role as Henry B. du Pont Chair of Chemical and Biomolecular Engineering at the University of Delaware. As Yan said, Delaware recognized the startup’s promise right away. So did entities throughout the United States, with numerous supporting the company’s work to bring to market a new class of polymer membranes that will make green hydrogen and fuel cells more economical.

Originally branded as W7 Energy and rebranded as Versogen in 2021, the company has been supported by more than $5 million in grants. These include the prestigious BIRD Project grant in 2020 and selection as one of three startups for the fourth cohort of the Shell GameChanger Accelerator (GCxN) program in 2021.

Earlier this year, Versogen closed a Series A funding round that raised $14.5 million. This investment allows the company to scale development of its low-cost green hydrogen electrolyzer stacks.

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About Versogen

Versogen is an industry-leading green energy startup founded by Yushan Yan, the Henry B. du Pont Chair of Chemical and Biomolecular Engineering at the University of Delaware and a member of the National Academy of Engineering. The company’s focus is decarbonizing heavy, hard-to-abate carbon by producing low-cost green hydrogen with its zero-emission AEM electrolyzer that uses natural materials, water and renewable energy to produce hydrogen at scale. Versogen systems are engineered to make green hydrogen affordable and sustainable – from the materials used in manufacturing right through to the costs of operations.

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Zoom Prospector Site Location Tool

WILMINGTON, Del. – Location, location, location – it’s a key factor in a business’s decision about where to locate or grow. But it doesn’t stop with location. Companies also need information on labor force, demographics, infrastructure stats and more. Key information about the benefits of doing business in Delaware is just a few clicks away with Delaware Prosperity Partnership’s innovative Zoom Prospector site location tool.

Powered by geographic information system (GIS) technology, http://delaware.zoomprospector.com is a game-changer for site selectors representing local, national and international companies who are doing preliminary exploration online.

“With more than 97% of site selection research done online, Zoom Prospector allows developers to see aerial and street-level views of locations and offers valuable information about workforce training, community amenities and customer spending patterns,” said Becky Harrington, vice president of Business Development for Delaware Prosperity Partnership.

The tool allows site selectors and companies to scout for office and industrial space and for sites available in Delaware for both sale or lease. It provides important data on whether sites are brownfields, waiting to be redeveloped or completely undeveloped. Zoom Prospector also offers key data on:

  • Demographics and occupational data
  • Transportation network and drive times
  • Utility and broadband availability
  • Brownfields, Opportunity Zones, New Market Tax Credit areas
  • Environmental information

“The tool allows developers to compare available sites within the state and to compare Delaware sites to those elsewhere,” said Harrington. “When employers have ready access to the data and can see Delaware’s value proposition as a global magnet for leading-edge technologies, talent and investment, it makes the business of deciding to locate here a lot easier.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees, highlighting Delaware as a great place to work, live and play through its LiveLoveDelaware website. In partnership with economic development partners throughout the state, the DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

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Nemser Team Tackles Carbon-Capture in Plants

Delaware Firm Focuses on Low-cost Carbon Capture Technology


When people talk about climate change, they usually focus on behavior change, clean electricity, driving electric cars and using wind and solar power. But Compact Membrane Systems (CMS) CEO Erica Nemser focuses on carbon capture — reducing emissions from the production of things that we want and need: steel for buildings; plastic production for cars, buildings, and medical equipment; and cement for roads.

A pioneer in separations technology, New Castle-based CMS has launched a long-awaited pilot demonstration of its proprietary Optiperm membrane technology at Braskem’s Marcus Hook petrochemicals facility, laying the groundwork for broader application of its low-cost carbon-capture technology.

“I tell people I work in the planet-friendly, sustainable chemistry space,” Nemser says. “It’s really difficult to move production of the things we depend on every day to clean electricity, so we’re capturing the CO2 (carbon dioxide) produced from those processes before it leaves the smokestack. We’re concentrating that CO2 so that it can be used or sequestered underground, leading to more products and fewer emissions.”

“I don’t think anyone really wants a solution where we have to say no to steel and cement and some of the things that enable us to live the kind of lives we live and develop the medicines and the healthcare and other materials that we use,” she says.

That’s her pitch to the layman, but when Nemser talks to prospective investors or users of her carbon-capturing membranes, they understand the benefits for hard-to-abate industries but want to know what makes CMS special.

The company’s Optiperm technology uses membranes to separate the gases used to create plastics (olefins) from fuels (paraffins). Industry journals have described CMS’s efforts to develop membranes with commercial applications as a process improvement that could “change the world [and] reap great global benefits” through heightened energy efficiency.

Nemser says CMS is a leader in offering membrane technologies for carbon capture.

“There’s an existing commercial technology for carbon capture now; it’s just expensive and difficult to use in a range of applications,” she says. “Many new developments are still [in the lab] and face many technology risks. We’re far, far ahead of those. We believe Optiperm offers benefits from a cost and ease-of-use standpoint and can address the needs of customers that want a carbon capture system — steam methane reformers, plants making blue hydrogen, and steel plants and cement plants.

“At the end of the day, keeping the cost low is important because the CO2 is essentially an emission stream that nobody wants, so they want to do it as inexpensively as possible. We can make applications of all sizes under their operating conditions. Others in our business can’t say that.”

Nemser says CMS has two customers — manufacturing plants…and the planet. Optiperm will help manufacturers meet goals tied to the Paris accords (and others) to reduce their greenhouse gas emissions and reduce their CO2 footprint over different timelines ranging from 2025 to 2050. Other prospective partners already have underground carbon-capture facilities and need partners like CMS to serve those customers at a more reasonable price.

As for the planet, she says “every molecule of CO2 that we take out of a smokestack and avoid going into the environment is a net gain.”

The Optiperm project with Braskem is the largest demonstration yet of its membrane doing a separation. A scaled-down version of the commercial system that CMS can deliver today, it’s a 500-day project that is already generating data that has the CMS team excited about hitting all its goals.

“We’ll get a lot of data over the next 18 months or so, but we believe we’ll be able to prove what our technology can offer well before that,” Nemser says. “This is not a science project confined to a lab. It’s a significant technology validation and proof point for investors and partners. We’ll be showing them this technology works at a commercial scale and will remove megatons of carbon from the environment.”

The primary metric that determines success is the cost of capture on a per-ton basis.

“The world expects us to be able to capture at least 90% of the CO2 that’s being emitted in a stream and get it to a 95% concentration. We can do that, and we use those as our benchmarks for performance,” she says.

The next step is putting more demonstrations into the field. Nemser remains tight-lipped about timing and locations beyond saying Optiperm can be quickly deployed anywhere.

“We’re looking at a range of different applications in different industries, with the common denominator being that they all have flue gas streams,” she says. “Think of it like the furnace system in your house with a flue that releases the CO2 nitrogen mix out into the atmosphere.”

Carbon Capture Technology in Delaware

Nemser says Delaware is an excellent place for scientific research and development.

“We’re doing cutting-edge work in climate technology,” she says. “Delaware’s history in chemicals has created a baseline and core competency. We’ve seen the evolution to clean chemicals, and now we’re seeing chemicals as energy, hydrogen fuels, solar power, electrolysis, and a variety of other chemical-based technologies. Delaware has a lot to contribute to the future of chemistry being the future of energy and clean energy, and the talent here is second to none in developing this.”

When Nemser joined the company her father Stuart founded in 1993 after leaving DuPont, she started moving it from a domestic science-driven R&D lab to a global commercial organization that constantly generates new intellectual property.

“I thought [our future] would be in petrochemicals and then broadly in industry and carbon capture but probably 10 years later than we’re seeing now,” she says. “In many ways, we see an acceleration in the interest in carbon capture.”

Her father, Nemser says, “thinks it’s amazing that membranes are having their day in the sun. Dad’s vision was always that technologists needed to find a way to stop separations from being one of the largest energy hogs on the planet as they produce the products that we want and prevent them from creating the emissions profile that they now have.”

Nemser says that modular systems like the CMS membrane can be used in both large plants like you see dotting the American landscape as well as new greenfield applications, and even small installations as the world moves towards more decentralized processes and plants.

Nemser says she’s proud of what CMS has accomplished but concedes she always says, ‘let’s do it faster.’ I’m always looking ahead, not behind, at the next mountain to climb.”

“It’s one thing to prove it out in a chemical plant, but the whole point is how do we expand these use cases so that we’re really talking about the next generation of deployments in carbon capture,” she says.

Nemser says Braskem is only the launching point, adding it makes sense that a Delaware company is at the brink of innovation like this.

“The future of chemicals is energy and a clean planet,” she says. “It’s not where we were. It’s where we’re going.”

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Aqua Science Making a Global Splash

In just two years, the Newark, Delaware, water and soil testing company has sent ripples around the world


The growing need for stricter environmental compliance around the world – and a desire for a more progressive workplace culture – provided the perfect foundation for the creation of Newark, Delaware-based Aqua Science LLC.

The basis of Aqua Science’s business lies in water and soil toxicity testing using bioluminescent reagents that the company manufactures and sells, along with sales of their proprietary luminometer for use alongside its reagent products.

But owner and chief executive officer Iwona Evans notes that her background isn’t in science – environmental or otherwise. It’s in finance, with her undergraduate business degree from Goldey-Beacom College, her MBA from the University of Delaware and a second master’s from Goldey-Beacom in business and management. She was, however, putting those degrees to work for biotech companies and saw, in February 2020, an opportunity to start her own venture with a few fellow employees following along.

“It’s been really sort of unexpected with my finance background,” she said. “I had to learn a lot about science, but it’s been great.”

Aqua Science’s products use a bioluminescent bacteria native to the Pacific Ocean that, during the production process, are freeze-dried to allow for storage and transportation. By reconstituting the bacteria, customers essentially bring it back to life. The healthier the environment, the more light the bacteria give off. The luminometer measures the level of light emitted, gauging the level of toxicity by how much the light output diminishes.

Among the changes Evans and her team have made to the process were to create more stable bacteria, which was a significant improvement, particularly considering the pandemic’s effects on international shipping, she said.

“Shipping suddenly took a lot longer, and the product has to be frozen and shipped in a cooler, so the transit time cannot be too long,” she said. “Our scientists did some additional work, and we were able to make it more stable so the bacteria would survive a longer transit time.”

The new venture bore some similarity to what Evans’ team had been doing at their previous employer. “We saw really great opportunities in the market,” she said, “and we felt they were unfulfilled, that there were changes that could be made.”

Those changes happened fast, and after some initial research and development, the Aqua Science team had a product to market six months after starting the business and at the height of the COVID-19 pandemic.

“Because of the scientists we have here and their knowledge, our customers told us that really this is the best thing they’ve seen in 20 years,” Evans said. “We have the highest quality of bacteria reagents in the world now.”

In designing their new luminometer, the Aqua Science team’s goal was to take widely used but outdated technology and update it for the 21st century. “We thought we could use the cutting-edge technology that’s available right now to make this process easier and better and at the same time keep our environment – our water and soil – safer,” she said. Evans noted that her engineer husband, who doesn’t work for the company or in a related field, contributed to the design of “an incredibly simple and fully custom user interface” for the device. “It’s something I know he’s proud of, and we’re excited that we got his input.”

From its Newark headquarters, Aqua Science operates internationally. The company provides much of its product and technology to markets in Europe and Mexico, where environmental regulations are tighter than those in the U.S. and water and soil toxicity standards much more stringent.

“We see this technology as a great screening tool that could be used here in the U.S., and we really hope with our new luminometer coming out we’ll be able to reach customers in the U.S. who can use it to do a quick field test and be able to say, ‘Yes, there’s a problem,’ or ‘No, we’re good,’” Evans said. “For us, the passion is really the clean water and soil, so we would like to grow our R&D department and come up with new solutions to the problems not only here in Delaware but that people around the world are facing.”

Delaware Integral to Aqua Science’s Success

Delaware’s strong business foundation has been integral in Aqua Science’s success, she said, not just by providing a home base and a reservoir of talent, but also through direct support like grants and through organizations like Delaware Prosperity Partnership. The company won a Delaware Division of Small Business EDGE Grant in 2021, which Evans said was a crucial turning point in the company’s success.

“It really sort of brought the team together. Everybody was working on it, and we were all excited when we won,” she said. “It was a huge help, especially for a startup company during a pandemic.”

Additionally, the Small Business Development Center helped the firm get a grant for marketing and write a grant proposal for its PFAS project. In view of the environmental challenges being faced globally related to perfluoroalkyl and polyfluoroalkyl substances (PFAS) in soil and water, especially in the United States, Aqua Science will be developing a new technology to monitor these “forever chemicals.” PFAS are found in a wide array of manufactured chemicals used in the creation of nonstick coatings, stain-resistant carpets and firefighting foam, among many others, and are detrimental to human health.

Other help came from Export Delaware, which provided assistance working with trade missions to promote Aqua Science’s products globally. As she’s built the company, Evans has benefitted from an almost entirely female team, a marked departure from her other workplaces.

“It’s very important and refreshing at the same time because in my previous career it was exactly the room full of men and I was the only woman, and it wasn’t always the greatest experience,” she said. “This is different, and I like it. I think it’s a different way of thinking.”

Currently, the Aqua Science team of six includes Evans, a native of Poland, and two women who are first-generation immigrants from India and Colombia. This also adds strength to the company, she said.

“To me it’s such a valuable thing having a diverse workforce,” she said. “It’s that the ideas are coming from different perspectives, it’s the different ways we look at problems. It’s really beneficial to the business.”

The team’s structure also allows Aqua Science to break free from old-fashioned corporate practices less suited for both a 21st century and pandemic-era workplace, she said.

“We spend a lot of time at work, and we all have families, we have lives. And one thing I will always tell employees is family comes first,” Evans said. “If something’s going on at home, let me know, take some time, we’ll figure it out. Take care of whatever you need to take care of. And this is something that my employees have expressed many times, that it’s so nice to come to work not having to worry if something happens.”

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WilmU Leading in Cybersecurity

Speed, Adaptability are Hallmarks of WilmU’s ‘Cream of the Crop’ Cybersecurity Programs in Delaware


A recent LinkedIn search turned up 125,000 cybersecurity open jobs – with nearly 5,000 of them in Delaware alone, including remote positions.

That shouldn’t be a surprise. Regular news reports about security breaches at high-profile retailers and businesses highlight the critical need for cybersecurity professionals in corporate America, as well as in government, law enforcement, military, intelligence and nonprofits.

Over the last decade, Wilmington University’s Bachelor of Science in Cybersecurity (BSC) has been approved as a National Center for Academic Excellence (CAE) for Information Assurance and Cybersecurity by the U.S. Department of Homeland Security and the National Security Agency (NSA).

WilmU’s College of Technology offers cybersecurity degrees at the associate, bachelor’s and master’s level, a master of science in information systems technology with a concentration in information assurance and five five-course certificate programs: Digital Evidence Discovery, Digital Evidence Investigation, Cloud Practitioner, Amazon Web Services (AWS) and Supervisory Control and Data Acquisition (SCADA). In total, over 1,500 students are enrolled in the various programs, making it one of WilmU’s biggest program areas. Students can earn their AWS and SCADA certifications in six months and their master’s degrees in two years.

The master’s program now has more than 400 students and will be adding 200 more soon, says Dr. James Fraley, chair of WilmU’s MSIST-Information Assurance program. He’s spent more than three decades in IT defense with McAfee, Northrop Grumman, DuPont and the U.S. Army Signal Corps, among other organizations, and participates in a number of NSA working groups and with the National Institute for Cyber Education.

“We need to find the people to fill these jobs, and the CAE designation establishes us as the cream of the crop among the over 300 schools nationwide offering cybersecurity classes,” says Fraley. “Employers are worried about new attacks – on software and supply chains – and about securing data, desktops, intellectual property and the cloud, given how business has changed during the pandemic.”

Cybersecurity Programs in Delaware Prepare Students for High Paying Jobs

WilmU is preparing students – many already in the workforce – for higher-paying jobs in the fast-growing cyber-security sector. Many of those students are being sent to WilmU by employers like Amazon, Walmart and Disney, who provide them with free tuition and the opportunity to improve their career opportunities.

“What makes our program unique is that we teach from a practitioner’s point of view,” Fraley said. “We can walk into the classroom and talk about what’s happening in the real world.”

About half of the students in the cybersecurity program are classified as “adult learners” looking for new career challenges and who want to network directly with experts in the field. While many of WilmU’s students take classes online, Fraley says he has more than 10 sections of classes with 20-plus local students in each who want the face-to-face experience. Those classes are full – with waiting lists – for day and evening sessions.

Wilmington University’s strength in this area is nimbleness.

“Virtually all universities have academic advisory committees that include members from outside organizations who provide input on what is needed in the marketplace,” says Dr. Mark Hufe, director of cybersecurity education at WilmU. “But that’s only helpful if the university can act on it. With input from our Center for Cyber Security Education Academic Advisory Committee and our adjunct instructor subject-matter experts who work in the field and have firsthand knowledge of industry trends, our agility enables us to put these new ideas into practice quickly.”

The WilmU’s new associate of science in cybersecurity was created in less than six months – a lightning pace for most academic institutions. The U.S. Navy reached out to WilmU in early 2021, the curriculum was created and vetted through the College of Technology, the Academic Council, the Curriculum Committee, the Faculty Senate and the State of Delaware in about three months, and the new program launched last September.

“To get a new degree program on the books in this short of a time frame is by anyone’s measure truly remarkable,” Hufe said, explaining that a similar process elsewhere could take 18 to 24 months. “As fast as technology changes, having the ability to respond to emerging needs quickly is essential.”

Fraley adds that the school refreshes its cybersecurity content on a regular basis because of the constant rate of change.

“The cloud is impacting all we’re doing,” Fraley said. “I teach an operating system security class that I’m rewriting. Since the pandemic, we’ve developed a virtual desktop infrastructure class and a ‘Desktop as a Service’ class because (businesses are concerned about) all the people who are working from home.”

WilmU’s undergraduate Certified Cloud Practitioner Certificate prepares students to sit for the AWS Cloud Practitioner (CCP) Exam. People who earn this certification set themselves up for jobs that come with six-figure salaries. The idea to offer the certificate came from one of WilmU’s Academic Advisory Committee members who works for a large Delaware bank.

The university also offers an Accelerated Graduate Certificate in Supervisory Control and Data Acquisition (SCADA) Cybersecurity. In this context, “accelerated” refers to how undergraduate students in the BSC program can take the SCADA graduate courses for credit in both the undergraduate degree and the graduate SCADA certificate – and get a jump start on completing the master of science in cybersecurity, SCADA concentration,” Hufe said.

Students who complete the SCADA certificate while in the BSC program are 15 credits closer to completing their master’s degree, reducing their cost and time to graduate, he said.

“I think our early adoption of the online modality in 2020 constitutes another innovation,” Hufe said. “When the pandemic hit, we were able to deal with it seamlessly because our courses were already set up to be taught online, even when taught face to face. We basically just had to flip a switch.”

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12 Ventures Sharing $170K in Startup302 Funds

12 Ventures With Underrepresented Founders Share More Than $170,000 in STARTUP302 Grant Prizes

May 27, 2022 (WILMINGTON, Del.) – Twelve tech-enabled startups with at least one team member from an underrepresented demographic are sharing more than $170,000 in funding from Delaware’s second Startup302 competition, which was organized by Delaware Prosperity Partnership (DPP) and local partners.

The 12 finalists competed in four primary categories and represented multiple industries in the final pitching round on May 25. The funding contest launched in February and attracted 125 overall competitors from throughout Delaware, the Philadelphia region, the United States and countries including Canada, Brazil, Colombia, Italy, Nigeria, Uganda and Bangladesh.

As part of its mission, DPP supports Delaware’s efforts to build a stronger entrepreneurial and innovation ecosystem throughout the state, the region and beyond. DPP and its partners also aim to advance a culture of innovation in Delaware.

Working with innovators and startups, DPP spotlights and celebrates their successes and connects them with the resources they need to succeed. According to DPP Director of Innovation Noah Olson, who coordinated the competition, Startup302 was created to do all of those things while focusing attention and funding toward groups typically underrepresented and underfunded in the startup arena.

2022 Winners of Startup302 Grant Prizes


New this year, all of the finalists in each category received a monetary award. These winning ventures are as follows:

  • ChemTech (Sponsored by The Innovation Space, DuPont and Delaware Prosperity Partnership)
    • 1st: Carbon Reform of Wilmington, Delaware – $15,000 plus Delaware Innovator Bonus of $11,250
    • 2nd: Globally Unified Air Quality (GUAQ) of Washington, D.C. – $10,000
    • 3rd: Muse Engine of New Orleans – $5,000
  • Open Innovation (Sponsored by Discover and JPMorgan Chase & Co.)
    • 1st: BestFit Inc. of New York City – $20,000
    • 2nd: OmniPotential Energy of Wilmington, Delaware – $10,000 plus Delaware Innovator Bonus of $7,500
    • 3rd: PodPal of Atlanta – $5,000
  • Early Stage (Sponsored by First Founders, Delaware State University, JPMorgan Chase & Co. and Delaware Prosperity Partnership)
    • 1st: Feather Health of Cambridge, Massachusetts – $8,500
    • 2nd: Tylmen Tech of Chicago – $4,000
    • 3rd: Empact Data Solutions of Philadelphia – $2,500
  • Life Sciences (Sponsored by FMC, Highmark Delaware, Labware, Delaware BioScience Association and ChristianaCare)
    • 1st: Resonate Forward of Newark, Delaware – $25,000 plus Delaware Innovator Bonus of $18,250
    • 2nd: PopCheck Technologies of Memphis, Tennessee – $10,000
    • 3rd: BioCurie of Wilmington, Delaware – $5,000 plus Delaware Innovator Bonus of $3,750

 All finalists with University of Delaware-affiliated founders also were considered for the Blue Hen Prize, which was sponsored by Horn Entrepreneurship at the University of Delaware. Winners were as follows:

    • 1st: Carbon Reform – $12,500
    • 2nd: Resonate Forward – $7,500
    • 3rd: OmniPotential Energy – $5,000

“These founders, while ‘underrepresented’ statistically, are poised to be another generation of business leaders, both in Delaware and beyond,” Olson said. “It’s an honor to play a small role in supporting their growth along the way.”

Joining Olson as principal coordinators of the event were Garry Johnson III, founder and executive director of First Founders Inc., and Mike Rinkunas, associate director, Commercialization Programs, at Horn Entrepreneurship.

The Startup302 finals were conducted virtually. Dr. Michael Casson, dean of the Delaware State University College of Business, delivered the event keynote, and Johnson and Mac Conwell, managing partner at RareBreed Ventures, held a fireside chat.

Also part of the program were educational sessions for the competitors. These included “Prospecting for Investors,” led by Andrew Ackerman of Dreamit Ventures; “Team Building,” led by Troy C. Farmer of the Garage Maker Space at Delaware State University; “IP Considerations from a Business Perspective,” led by Gordon McGregor of Horn Entrepreneurship; and “Value Pricing,” led by Dora Cheatham of the Delaware Sustainable Chemistry Alliance. 

In addition to Rinkunas, judges for Startup302 included Crystal Callahan, venture capitalist and mentor; Myungee Geerts, Geerts Advisory; Ariel Gruswitz, Facility Logix; Denita Henderson, Delaware Small Business Development Center; Dina Hollingsworth, Highmark Delaware; Frank Klemmens, Big Idea Ventures; James Massaquoi, Osage Venture Partners; Regina Mitchell, Delaware Division of Small Business; Pedro Moore, entrepreneur and venture capital analyst and advisor; Sara Olson, FMC Ventures; Peter Payne, Labware; Jac Rivers, JPMorgan Chase & Co.; Jae Sly, investor and Delaware Bioscience Association Board; Dr. Rani Singh-Patel, ChristianaCare; Tamara Smith, JPMorgan Chase & Co.; Deb Travers, The Innovation Space; Amy Walls, Discover; Shavonne White, Delaware Office of Supplier Diversity; and Joe Zilcosky, Delaware Division of Small Business.

Additional Startup302 organizers and supporters included Alysse Bortolotto and the New Castle County Chamber of CommerceLillie Crawford and DSU’s Delaware Center for Enterprise DevelopmentDan Freeman of Horn Entrepreneurshipthe Delaware Sustainable Chemistry Alliance, the Delaware Small Business Development Center, the State of Delaware, the Delaware Division of Small Business and the Office of New Castle County Executive Matt Meyer. 

“Our community coming together to organize, fund and host an event like Startup302,” Olson said, “is a testament to the nature of doing business in Delaware.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem, and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

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