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Paradigm Power Systems updates council on fundraising, seeks development-agreement amendment
Summary
Paradigm Power Systems representatives told the council they have raised $7 million and are pursuing a $15 million private equity round to advance a graphene production project at Montana Connections; the council placed the development-agreement amendment on file while commissioners raised questions about repeated extensions.
The council received Communication 2026-222 from the economic development office regarding an amendment to a development agreement with Paradigm (Faradyne/Paradigm Power Systems) for a graphene-production facility at Montana Connections.
Kayla Lappin, economic development coordinator, summarized the agreement history and noted the company had purchased the property and needed additional time to finalize development plans. Blaine Nichols, Paradigm’s cofounder and chief operating officer, told commissioners the company has raised $7 million to date and is in its fourth round of private equity fundraising to reach a $15 million target to proceed with site-specific engineering and permitting. Nichols described a pyrolysis process using woody biomass to produce graphene and said the company has locked in a European partner for a conductive-ink product.
Commissioners expressed concern about repeated extensions and long fundraising timelines, citing prior projects that have extended for years. Nichols said prior funds went to engineering, equipment procurement and upgrading a pilot site in Tennessee and that a financing close for the next round is expected within weeks. The council concurred and placed Communication 2026-222 on file (12-0).
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