Less than a year after spinning off from Waterloo Engineering, Innovative Processing Technologies (IPT) has been recognized by the Ontario government for its breakthrough Multiple Memory Material (MMM) technology, known for making smart materials smarter. IPT and a Waterloo Engineering team led by mechanical and mechatronics professor Norman Zhou have been awarded market readiness funding by the Ontario Centres of Excellence. Valued at $130,000, this fund will support development and qualification of prototypes specifically for automotive applications.
OCE also awarded Ibraheem Khan, co-founder of IPT and a Waterloo mechanical engineering alumnus and researcher, the Martin Walmsley Fellowship for Technological Entrepreneurship. The one-year fellowship is valued at $50,000 and supports the transition of OCE-funded university-based research into innovative business ventures.”
Smart materials have also been identified as a top candidate for clean energy solutions that can secure energy security and efficiency. [complete news release]