Monday, July 09, 2018 10:43 am
Verbatim: Clean-Tech Startup Picks Northeast Indiana For New Operations Center
The following was released on Monday July 9, 2018 by the Indiana Eonomic Development Corporation:
WABASH, Ind. (July 9, 2018) – 10X Engineered Materials LLC, a clean-tech science and engineering startup company, announced plans today to establish operations in Wabash County, creating 26 new, high-wage jobs by 2021.
10X, which will develop innovative material process technologies and products using industrial byproducts and other stranded or under-utilized resources, will invest more than $4 million to establish a 50,000-square-foot operations center at 1162 Manchester Ave. in Wabash, with plans to add another 22,000 square feet to accommodate its growth. The company, which was fueled by a financing round led by Ohio-based NCT Ventures, will work with insulation manufacturers in a complementary separation process to produce new material products from insulation byproducts. Construction on its facility is scheduled to begin this year.
“10X is proud to call Wabash home. As a fast growing clean-tech company it was important we invest in a location with pro-growth policies while also offering our company Midwestern values that align with our company's core values. 10X is playing an active role in securing a sustainable future through game-changing innovation, ” said Jacob Vaillancourt, officer of 10X. “The well-known “Hoosier Hospitality” has been refreshing and we are excited to become a contributing and cooperative member of the community. The industrial talent of Indiana’s workforce will be critical for us as we continue to develop and manufacture next-generation material products in Indiana and across the country.”
The IEDC has offered 10X up to $145,000 in conditional tax credits and up to $100,000 in training grants based on the company’s job creation plans. These incentives are performance-based, meaning that until Hoosiers are hired, the company is not eligible to claim incentives. The city of Wabash will consider additional incentives at the request of Grow Wabash County.
“This announcement by 10X Engineered Materials is welcomed, and is a culmination of months of work by the city of Wabash, Grow Wabash County, and many other local people," said Wabash Mayor Scott A. Long. "The jobs created will benefit our citizens, the manufacturing process will benefit our local industry and mitigate waste materials, turning them into a marketable product which helps our environment. We look forward to a long relationship with this company and its leadership team!”