The Iowa Economic Development Authority (IEDA) board has approved financial assistance for seven companies that will make $71 million in new capital investments in the state, leading to creation of 323 new jobs and retention of 214 existing jobs.
“Today’s action by the board shows strong and steady movement towards our job creation goals,” said IEDA director Debi Durham. “We continue to see companies choosing Iowa as the place to grow their business.”
Iowa Governor Terry Branstad added that, “Companies that received awards today represent not only successful and established businesses within the state but also new companies exploring innovative technologies.”
The seven companies getting the IEDA awards for making investments and creating jobs are:-
- Clow Valve Company, Oskaloosa – $7.9 million
- Curwood, Inc., Polk County – $24 million
- Digga North America, LLC , Dyersville – $2.2 million
- Expense Reduction Analysts, Inc., Cedar Rapids – N/A
- Martin Brothers Distribution, Inc., Cedar Falls Industrial Park – $5.9 million
- Retail Acquisition and Development, Urbandale – $5 million
- Sabre Communications Corporation, Sioux City – $25 million
The “innovative technologies” referred to above by Gov. Branstad is about assistance provided to two other companies under the Demonstration Fund. The fund provides up to $150,000 to encourage commercialization of high technology prototype products and services in the advanced manufacturing, biosciences and information technology industries.
It is seed funding meant to enable these high-tech businesses to get off the ground and into a position where they can attract later-stage, private-sector funding. One of the companies chosen was Avello Bioenergy, based in Boone. It is commercializing technology to convert renewable feed-stocks into materials, chemicals and fuels. Avello is getting the full $150,000 allowed under the Demonstration Fund.
The second company is Iowa Green Brick, which is commercializing a patented process for producing bricks from fly ash – the waste material that results from the burning of coal in power plants. They plan to use an idle plant in Waterloo, and were awarded a $44,000 grant via i6 project funds under Demonstration Fund guidelines. The i6 project is a $1 million grant awarded by the U.S. EDA to Iowa State University and the IEDA.