Oxford, Mich.-based Lightning Technologies to use funding for expansion of current manufacturing facilities
BLOOMFIELD HILLS and OXFORD, Mich. — Lightning Technologies, based in Oxford, Mich., has received $11 million of expansion capital from Grow Michigan and Flagstar Bank, according to a joint announcement made today by Grow Michigan CEO Patrick O’Keefe and Lightning Technologies’ CEO and Founder Jeffrey Owen.
Lightning Technologies has designed and manufactures a virtually indestructible, lightweight, hygienic, and fire-retardant pallet. Lightning’s pallets use sustainable wood, coated with a polyurethane polyurea hybrid coating that makes them durable, easy to sanitize, anti-bacterial and antifungal. Each pallet also incorporates blockchain technology through an embedded Bluetooth low-energy beacon which can track and monitor location, temperature, humidity and impact.
“Grow Michigan is designed to help provide capital to businesses in Michigan seeking to expand their facilities and grow Michigan jobs,” said Grow Michigan’s CEO, Pat O’Keefe. “We are excited about the prospects of Lightning Technologies and their potential to be a major disruptor in a very big industry.”
Grow Michigan and Flagstar Bank loan $11 million to innovative pallet manufacturer, Lightning Technologies
Kevin Stanley, First Vice President, Flagstar Bank, said, “Flagstar is ready to finance commercial firms like Lightning Technologies, a Michigan manufacturer that is leveraging advanced technology to reinvent the pallet. We’re pleased and proud to be part of the team that helped make it happen.”
Lightning Technologies’ Owen said, “It means a great deal to our company to have the support of two such outstanding Michigan financial institutions that recognize the substantial growth prospects of Lightning Technologies in the state of Michigan and elsewhere.”