Commerce approves $50K Innovation Voucher for Warren manufacturer

PROVIDENCE – R.I. Commerce Corp.’s board of directors on Monday approved $50,000 to help a Warren-based manufacturer that makes magnetic seals expand its product into the electric transportation industry.

The funding though Commerce’s Innovation Voucher program will allow Magnetic Seal Corp. to research and develop a new design for its product that can be used in electric cars and helicopters, according to Nick Daggett, engineering manager for the company. The products the company makes now are used in a variety of industries, including industrial equipment, aerospace, automotive, train and marine sectors and nuclear power plants, according to its website.

The company intends to partner with the University of Rhode Island through its engineering department to work on the research and development of a redesigned product, Daggett said. The state school’s flagship engineering program offers the space and equipment needed, while Magnetic Seal’s partnership can in turn provide opportunities for students and graduates. 

The university and the company will sign their own, separate agreement regarding the partnership and intellectual property rights, according to Christine Smith, Commerce’s director of innovation programs.

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The funding is the 100th voucher issued through the state program, and the 30th to benefit a manufacturer, Smith said.