The Iowa Economic Development Authority (IEDA) Board approved awards for two companies, which will assist in the creation of 123 jobs and result in over $29 million in new capital investment for the state. These projects are located in Camanche and Polk City. The board also approved innovation funding in support of two startups located in Ames. In addition, IEDA recently approved assistance from Iowa’s State Small Business Credit Initiative (SSBCI) Innovation Fund for two startups in Urbandale and West Des Moines.
Merrill Steel to expand in Camanche
Merrill Steel, a third-generation family business, is a leading supplier of complex structural steel and heavy plate fabrication. The company plans to expand structural steel fabrication operations into Camanche, where they currently lease space, with the purchase and redevelopment of an existing facility. The project represents a capital investment of $18.3 million and is expected to create 94 jobs incented at a qualifying wage of $19.57 per hour. The board awarded $800,000 in direct financial assistance through the High Quality Jobs (HQJ) program.
Ihle Fabrications to expand operations in Polk City
Ihle Fabrications, LLC manufactures combine wear parts for Case IH, John Deere and New Holland combines. The company plans to expand manufacturing and warehousing space in Polk City by 76,000 square feet and also purchase additional equipment. The board awarded the $10.9 million capital investment project tax benefits through the HQJ program. It is expected to create an additional 29 jobs, of which 27 are incented at a qualifying wage of $33.40 per hour.
Awards made to two startups
GeoVention, Inc., headquartered in Ames, designs products for the HVAC industry. Their three primary proprietary products are the FloVector, FloHelix and TerraLink, which address issues and costs with residential geothermal and air-to-air heat pump system installation. The company was awarded a $50,000 Proof of Commercial Relevance (POCR) loan for IP development and evaluation, market analysis, proof of concept work, product refinement, and market planning and entry activities.
Based in Ames, Salin 247, Inc. developed a platform for small-scale, lightweight, autonomous farm machinery for growing crops. The system navigates the field using various implements for crop production with a goal of increasing sustainability and profitability. The company was awarded a $50,000 POCR loan for feasibility and market analysis, key personnel and market planning and entry activities.
Award recommendations for these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.
SSBCI awards made to two startups
Urbandale’s ClinicNote is the leading provider of clinic management software for universities. The technology is used for 158 discipline programs across 96 universities, with plans to expand further into the private sector. The company was awarded a $250,000 Innovation Acceleration Launch Fund loan for market planning and entry activities.
Through the merger and expertise of Redshield Electronics and LSA Autonomy, Mach Acquisition, Inc. was established in West Des Moines to develop vehicle automation software and hardware for manufacturers. The self-driving systems are implemented by original equipment manufacturers for off-road autonomy in agriculture, construction and industrial applications. The company was awarded a $1 million Innovation Acceleration Expansion Fund loan for IP development and evaluation, competitive analysis, proof of concept work, product refinement, key personnel, equipment, construction and market 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 September 19, 2023, to review eligible applications.
Download a spreadsheet with today’s awards here.
For more information contact:
Kanan Kappelman
Iowa Economic Development Authority
515.348.6248
communications@iowaeda.com
