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BOARD ACTION: IEDA Board Approves Financial Assistance for Five Companies

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Tina Hoffman, Iowa Economic Development Authority

Phone: 515.725.3150 or Cell: 515.783.8225

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Iowa Economic Development Authority Board Approves Financial Assistance for Five Companies

July 20, 2012 (DES MOINES, IA) - The Iowa Economic Development Authority (IEDA) board today awarded financial assistance to five companies for job creation, expansion and small business development projects.

"Iowa's economy continues to grow because of the competitive nature of our existing companies and their commitment to expand in Iowa," said Governor Terry Branstad. "We are also proud to be able to support some of our innovative, high-tech companies today, positioning them for growth in our state for years to come."

The board approved assistance for planned or proposed projects located in Manchester, Harlan, Johnston, Coralville and Des Moines.

“This month’s activity demonstrates the strength of the state’s entrepreneurial climate,” stated IEDA director Debi Durham.  “Supporting and encouraging the growth of small businesses is part of the IEDA's focus and I am pleased to see so many benefitting from the state’s financial assistance programs.”

Exide Technologies to expand in Manchester

The board awarded Exide Technologies $360,000 in direct financial assistance to invest in its current plant located in Manchester.  The company, a global leader in stored electrical energy solutions and one of the largest manufacturers and suppliers of lead acid batteries for transportation and industrial applications, plans to purchase new equipment to increase capacity and production output in hopes of expanding its current customer base and improving overall competitiveness.   The project is expected to create 45 jobs, of which 36 are incented, and represents a $4 million capital investment.

Proliant receives award for expansion project

Proliant Meat Ingredients manufactures ingredients for use in the food industry worldwide.  The company plans to construct a new 28,000 square foot manufacturing facility in Harlan to accommodate capacity for its stocks and broths product line.  The board approved tax benefits for the company for this $12.3 million project which is expected to create 13 jobs, of which one will be incented.

Demonstration Fund and Innovation Acceleration Fund awards made to three start-ups

 

The Demonstration Fund provides financial and technical assistance to encourage high technology prototype and concept development activities that have a clear potential to lead to commercially-viable products or services within a reasonable period of time.

The fund provides up to $150,000 to encourage commercialization activities by small and medium-sized Iowa companies in the advanced manufacturing, biosciences and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later-stage, private-sector funding. 

 

The Iowa Innovation Acceleration Fund, one of several funds established under the State Small Business Credit Initiative (SSBCI), promotes the formation and growth of businesses that engage in the transfer of technology into competitive, profitable companies that create high paying jobs. The funds are designed to support commercializing research, launching new start-ups and accelerating private investment and industrial expansion efforts that result in significant capital investment.   

Award recommendations for both the Demonstration Fund and Iowa Innovation Acceleration Fund are made by the Technology and Commercialization Committee to the IEDA Board for approval.

 

Energy Independence Partners Inc. (EIP), located in Johnston, was awarded a $500,000 loan by the board via the Iowa Innovation Acceleration Fund.   The company was formed to commercialize technology solutions that address key growth areas in the environmental market with an initial focus on wastewater treatment.  Working with technology solution provider ItN, a German company that has developed the core technology, EIP has secured exclusive rights to the intellectual property for the U.S. market and is working to develop that market with a number of partners who will provide engineering, business development, manufacturing and service.  Funds awarded today will be used towards the commercialization of ItN’s MBBR Filtration Container in the U.S. – a modular system that provides complete wastewater treatment solutions for small and/or decentralized wastewater systems.

Green Team Technologies is a software development company located in Coralville and focused on providing solutions to the independent automotive parts and accessories industry.  The board awarded the company a $250,000 loan from the Iowa Innovation Acceleration Fund to assist the company in reaching the next level, which will involve increased marketing, enhanced support of customers, conversion of prospects to customers, and expanding functionality of its cloud-based software Fuse5.  Fuse5 is tailored specifically for the automotive parts and accessories market. 

Formed in 2011 and located in Des Moines, ReWall converts whole beverage cartons and their components into building materials. The building materials are the result of a process that utilizes advanced technology and processes that minimize and mitigate environmental and public health impacts over the product lifecycle by converting polycoated beverage cartons and its components into structural, moisture resistant building materials using a low energy process that uses no water.   The company was awarded a $50,000 grant by the board via i6 project funds to evaluate, select and optimize the use of these building materials and a bio-based adhesive.

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Download a spreadsheet of today's awards: https://www.iowaeconomicdevelopment.com/downloads/july12awards.pdf  

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Iowa Economic Development Authority
200 East Grand Avenue
Des Moines, Iowa 50309
Phone: 1.515.348.6200
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