March 18, 2022 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved awards for three companies, which will assist in the creation of 56 jobs and result in over $76 million in new capital investment for the state. These projects are located in Ames, Peosta and Underwood. The board also approved innovation funding in support of five startups located in Coralville, Des Moines, Riverside, Waukee and Wayland.
Awards made to five startups
FBB Biomed, doing business in Coralville, is a biotech company with a mission to expand the reimbursable diagnostics market to brain diseases. The company plans to demonstrate the performance of its prototype in a laboratory setting on patients with multiple sclerosis, Parkinson’s disease and Alzheimer’s disease. The company was awarded a $125,000 Demonstration Fund loan for additional testing and hiring of key personnel.
Riverside-based Harvest Increase Agriculture develops a series of fertilizer additives, called SUPRGrow, to increase corn yields. They continue to investigate the chemical and physical properties of the fertilizer, application rates to achieve the most effective results, and the application itself to save farmers time and money without having the need to make an extra pass over their fields. The company was awarded a $25,000 Proof of Commercial Relevance loan for product refinement.
Des Moines’ Dhakai is a clothing sourcing marketplace that connects small to midsize fashion brands and retailers directly to compliant and verified apparel manufacturers. The technology platform allows buyers to find the perfect fit with regard to materials used, minimum quantity requirements, and sustainability and social welfare practices, which removes the often-inefficient middlemen and significantly saves costs. The company was awarded a $100,000 Demonstration Fund loan for product refinement, market planning and entry activities, key personnel, and equipment.
Bristola, based in Waukee, is a renewable energy technology services company. Their patent pending anaerobic digester technology, known as the Submersible Robotic Cleaning System (SRCS), allows the cleaning and inspection of tanks and covered lagoons. The SRCS does not require a disruption in operations nor human entry, providing a more efficient and cost-effective solution that improves the overall operation and offers significant environmental benefits. The company was awarded a $25,000 Proof of Commercial Relevance loan for product refinement.
Headquartered in Wayland, ChopLocal provides an alternative meat supply chain through an online marketplace that connects consumers to butcher shops, meat processors and farmers. With more consumers purchasing meat online, it is hard for the smaller operations to provide that benefit, so the ChopLocal platform offers those suppliers with easy access to create an online storefront, manage orders and organize information. The company was awarded a $25,000 Proof of Commercial Relevance loan for IP development and evaluation and market analysis.
Award recommendations for these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.
Berdex locates U.S. headquarters in Ames
Berdex USA manufactures livestock trailers with a focus on biosecurity measures and animal well-being. The company plans to locate its U.S. headquarters at an existing facility in Ames where it will manufacture three different livestock trailers for swine and cattle producers. The project represents a capital investment of just over $1 million and is expected to create 20 jobs at a qualifying wage of $28.87 per hour. The board awarded tax benefits through the High Quality Jobs (HQJ) program.
Camso expands product line in Peosta
A subsidiary of Camso Holdings USA and thus a subsidiary of Michelin North America, Camso Manufacturing USA designs, develops and manufactures specialized components, subsystems and assemblies for original equipment manufacturers. The company plans to rework its facility in Peosta with new equipment to implement a new line. The board awarded this $20 million capital investment project tax benefits through the HQJ program. It is expected to create 33 jobs, of which 17 are incented at a qualifying wage of $21.13 per hour.
Link Snacks expands facility in Underwood
Link Snacks, Inc. is a manufacturer of meat snacks operating in the U.S. and internationally. The facility in Underwood serves as a national distribution hub and the company plans to expand it, approximately doubling the current capacity. They also plan to purchase an automated storage and retrieval system. The project is expected to create three jobs at a qualifying wage of $22.94 per hour and was awarded tax benefits through the HQJ program. It represents a capital investment of just over $55 million.
