Marx Group on behalf of Promethient
(248) 230-8006 Ext. 402
- French automotive supplier, Faurecia, invests in Promethient
- Thermavance, developed by Promethient, enables energy efficient cooling and heating of seats
- Promethient and Traverse City-based investors make commitment to Northern Michigan region
Traverse City, Mich. – (May 29, 2018) – Traverse City-based Promethient, with the support of local seed investment firm, Boomerang Catapult, LLC, is developing world-class technology in Northern Michigan.
Last week, Faurecia, a global automotive supplier, became a strategic partner of Promethient. In conjunction with their investment, Faurecia announced that Nik Endrud, Vice President for Strategy and Innovation, will join Promethient’s Board of Directors. Faurecia is one of the top 10 largest automotive suppliers in the world with annual revenues of approximately $20 Billion.
“Thermavance is an innovative technology that has broad appeal in a broad range of global markets. Boomerang Catapult is pleased to have a role in bringing this to reality in Traverse City,” said Casey Cowell, Principal, Boomerang Catapult, LLC. “Our mission is to help build a vibrant, thriving Traverse City area with high paying jobs and our investment in
In December of 2017, the Northern Michigan Angels invested in
In December 2017, Scott Kunselman invested in
“Our Company is delighted to receive votes of confidence from Faurecia and from Mr. Kunselman. We are appreciative of the early support of Boomerang Catapult followed by the Northern Michigan Angels who recognized our potential and helped us get to this point,” said Bill Myers, CEO of
About Boomerang Catapult
Activist investment firm Boomerang Catapult, LLC (BC) led by Casey Cowell (technology pioneer —US Robotics) and Lowell “Jep” Gruman (corporate finance and governance specialist —Oak Tree Capital, Citibank, HJ Heinz), invests in early-stage enterprises in Northwest Lower Michigan with high value growth potential, primarily in the intellectual property and technology sectors. With a growing base of global-level portfolio companies and a passion for activating community prosperity, Boomerang Catapult is focused on bringing high-value jobs to the Grand Traverse area
About Northern Michigan Angels
Northern Michigan Angels is an organization of local volunteer members focused on private sector economic development. The group’s primary interest is in working with scalable entrepreneurial companies whose potential success will have an impact on the quality of life in Michigan, especially in northwestern lower Michigan. Northern Michigan Angels is a member of the Angel Capital Association (ACA) and the Michigan Venture Capital Association (MVCA).
Founded in 2012 by Charles Cauchy,