IEDA Board approves assistance for four established companies
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Ms. Kanan Kappelman
515.348.6248
communications@iowaeda.com
IEDA Board approves assistance for four established companies
SSBCI innovation funding awarded to four startups
March 22, 2024 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved awards for four companies, which will assist in the creation of 252 jobs and result in $612 million in new capital investment for the state. These projects are located in Cedar Rapids, Knoxville and Marshalltown. IEDA also recently approved assistance from Iowa’s State Small Business Credit Initiative (SSBCI) Innovation Fund for four startups in Coralville, Nora Springs, Templeton and West Des Moines.
Google to expand presence with data center in Cedar Rapids
Google LLC is a multinational technology company that focuses on search engine technology, online advertising, cloud computing, computer software, quantum computing, e-commerce, artificial intelligence and consumer electronics. The company plans to construct a data center in Cedar Rapids that powers many internet-related products. The project represents a $576 million capital investment and is expected to create 31 jobs incented at a qualifying wage of $31.44 per hour. The board granted the community of Cedar Rapids the ability to utilize the High Quality Jobs (HQJ) program provision for value-added property tax exemption for this project.
International Flavors & Fragrances to construct steam plant in Cedar Rapids
Danisco, Inc., a subsidiary of International Flavors & Fragrances, manufactures enzymes for biofuels production, to be used in food, animal nutrition and household products. The company plans to construct a new facility in Cedar Rapids for a steam generation plant, which will use natural gas as fuel. The board awarded the $17.5 million capital investment project tax benefits through the HQJ program. The project is expected to create at least two jobs incented at a qualifying wage of $31.44 per hour.
Weiler to expand facility in Knoxville
Weiler is a family-owned business that manufactures equipment for the asphalt paving market. The company plans to build a 16,100-square-foot expansion to its facility in Knoxville and invest in additional machinery and equipment, allowing for additional capacity to produce more parts in house. The project represents a $16.8 million capital investment and is expected to create 171 jobs, of which 89 are incented at a qualifying wage of $25.86 per hour. The board awarded the company a $400,000 forgivable loan and tax benefits through the HQJ program.
CO2 Refrigeration Systems to establish operations in Marshalltown
CO2 Refrigeration Systems is a manufacturer of natural refrigeration systems, an alternative to Freon- and Ammonia-based refrigeration. The company plans to establish its U.S. manufacturing presence with the purchase of an existing 34,000-square-foot facility in Marshalltown. The board awarded the $1.5 million capital investment project a $100,000 forgivable loan and tax benefits through the HQJ program. It is expected to create 48 jobs incented at a qualifying wage of $22.17 per hour.
SSBCI awards made to four startups
Coralville’s Cellular Engineering Technologies, Inc. (CET) is a biotech company developing optimized reagents and human cell lines for next-generation cell-based therapies. Their proprietary cell therapy technology and production of stem cell lines and high-value growth factor protein products are used by stem cell therapy research scientists and developers. The company was awarded a $250,000 Innovation Acceleration Launch Fund award for key personnel and equipment.
ReEnvision Ag in Nora Springs created a planter row system for farmers with SeedSpike technology, which uses precision seed placement. The technology injects the seed with low soil disturbance to optimize soil health and maximize soil carbon sequestration. The company was awarded a $175,000 Demonstration Fund loan for IP development and evaluation, proof of concept work, market planning and entry activities, key personnel and equipment.
PigEasy, a family-owned company in Templeton, develops products that simplify daily tasks on the farm to improve productivity and efficiency and reduce costs. Their products include the AI Saddle for artificially inseminating sows and MealMeter for monitoring sow feeding and drinking activity with a mobile app. The company was awarded a $175,000 Demonstration Fund loan for product refinement, key personnel and market planning and entry activities.
MakuSafe Corp., located in West Des Moines, aims to improve worker health, safety and productivity while reducing worker compensation claims and mitigating workplace risks. The proprietary wearable technology gathers real-time environmental and ergonomic data from workers to identify high-risk trends in a facility. The company was awarded a $500,000 Innovation Acceleration Propel Fund loan for market and competitive analysis, product refinement, key personnel and marketing planning and entry activities.
The SSBCI program’s Innovation Fund increases assistance available through Iowa’s innovation continuum to support entrepreneurs through concept, launch and expansion. Award recommendations for these funds are made by the SSBCI Review Committee to the IEDA director for approval. The committee met on March 5, 2024, to review eligible applications.
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Download a spreadsheet with today's awards here.
