FAIRMONT, W.Va. — A combined loan totaling $1 million will help high tech sensor manufacturer Berkeley Springs Instruments (BSI), LLC to open a research and development facility in Morgan County and ready its newest sensor for market.
The company’s research center is expected to create two to five jobs.
INNOVA and the West Virginia Jobs Investment Trust (WVJIT) each invested $500,000. INNOVA is an initiative of the West Virginia High Technology Consortium Foundation. WVJIT is the state’s venture capital firm.
The agreement was finalized March 19 with a signing ceremony in Fairmont.
“Berkeley Springs Instruments is the type of high tech company that we love to help grow in West Virginia,” said Keith Burdette, cabinet secretary for the West Virginia Department of Commerce. “The announcement today is a great example of how the state has matched multiple programs, such as WVJIT and INNOVA, utilizing the West Virginia Capital Access Program to meet their needs and encourage their growth.”
BSI specializes in the fabrication of innovative ultrasonic sensors and multi-parameter sensor networks for monitoring the mechanical integrity of tanks, pressure vessels and pipelines.
In addition to supporting the R&D center, BSI will use the funds to commercialize its new Eagle Array Sensor. The sensor is designed to operate underground, under water or on the surface to monitor the integrity of petroleum and gas pipelines and tanks. The wireless Eagle Array Sensor can be easily accessed through the Internet. The sensor power options include solar, direct AC/DC, Ethernet and battery.
The INNOVA and WVJIT collaborative loans used funding provided by the Appalachian Regional Commission, the Claude Worthington Benedum Foundation and the West Virginia Capital Access Program (WVCAP). The WVCAP program, administered by WVJIT, is designed to give small businesses more access to capital and credit and create jobs.