BOARD ACTION: Board Approves Awards to One Established and Five Startups
For more information contact:
Jacque Matsen, Iowa Economic Development Authority
Economic Development Board approves awards to one established and five startup companies
March 29, 2019 (DES MOINES) – Today, the Iowa Economic Development Authority (IEDA) Board awarded tax benefits to Iowa Fluid Power for a Cedar Rapids project that will create 12 jobs and result in a $2.7 million capital investment. The board also approved innovation funding for five startups located in Ames, Cedar Rapids, Iowa City and Prole.
Manufacturing companies to expand Cedar Rapids’ headquarters
Iowa Fluid Power (IFP) is a distributor of fluid power products such as, hydraulic and pneumatic valves, cylinders and pumps. IFP, together with its sister company, Electro-Hydraulic Automation (EHA), designs and integrates these products with electronic controls and its own software to manufacture specialized automated equipment for a wide variety of businesses.
IFP and EHA plan to build a 45,000-square-foot expansion at the Cedar Rapids’ headquarters location to house additional research and development of large-scale projects. The board awarded this $2.7 million capital investment tax benefits through the High Quality Jobs program. The project is expected to create 12 jobs, of which eight are incented at a qualifying wage of $21.61 per hour.
Awards made to five startups
Cedar Rapids-based technology company, Mobile M2M, created a product called Off Hours™, which allows users to limit the unwanted collection of personal data from smart home/connected devices. The company was awarded a $25,000 Proof of Commercial Relevance (POCR) loan. Mobile M2M will use these funds for product refinement and market planning.
Based in Ames, True360 Inc. creates immersive experiences by installing its 360-degree cameras in zoo habitats and aquariums and then, using proprietary software to analyze hours of recorded content, compiles the most exciting moments. The company was awarded a $25,000 POCR loan. True360 will use these funds for intellectual property development/evaluation and product refinement.
Based in Ames, SAFI-Tech is a startup company with a patent-pending technology that uses supercooled liquid metal particles to solder electronic components without heat. The liquid metal powder of these particles is their patented Liquital® 62 product the company is commercializing. The company was awarded a $100,000 Demonstration Fund loan for market planning and hiring of key personnel.
Aronson Woodworks, based in Prole, is a full-service woodworking company utilizing recycled urban lumber from affected ash trees and specializing in the application of the patented ClaizeTM process, which offers a modern aesthetic and functional durability. The company was awarded a $100,000 Demonstration Fund loan for the hiring of key personnel, equipment purchases and new commercial space to facilitate rapid growth and ramp up production in the United States and Canada.
Iowa City-based, FarrPro Inc., created a farrowing product called the Haven. This product is a semi-enclosed brood heater that creates a microenvironment to better serve piglets and hog operators. The company was awarded a $100,000 Demonstration Fund loan for the hiring of key personnel, equipment purchases and development of marketing materials.
Download a spreadsheet of today's awards: