COLUMBUS Lieutenant Governor Lee Fisher announced that loans valued at more than $5.2 million have been recommended by the Development Financing Advisory Council to support three economic development projects. The funds, which are pending State Controlling Board approval, are expected to retain 198 positions and create 119 jobs.
Thin Battery Technologies, Inc., located in Westlake (Cuyahoga County), has been awarded an $825,000 Innovation Ohio Loan Fund loan at an interest rate of seven percent for a six year term for leasehold improvements and the purchase of machinery and equipment. Thin Battery Technologies is headquartered in Westlake and was founded in 2003 to develop and produce products based on a patent portfolio exclusively licensed from Eveready Battery Company. The company designs, develops and produces batteries based on carbon-zinc electrolyte technology that enables mass production of self-contained batteries into flexible, thin surfaces. The company proposes to make leasehold improvements to its facility and purchase new machinery and equipment to enable the expansion of research and development, marketing, sales, assembly and distribution capabilities. This $1.1 million investment is expected to create 24 positions and retain 13 jobs within the first three years of the project s initial operation.
Morgan County Improvement Corporation (CIC), located in McConnelsville (Morgan County), has been awarded a $3.5 million 166 Direct Loan for a 16 year term at an interest rate of zero percent for the first year, one percent for years two through six, and three percent for years seven through 16 . The loan will support the expansion of Miba s manufacturing facility. Miba Sinter Group is a leading European-based manufacturer of powder metal components, also called sinter parts. The company produces components used in car engines, transmissions, steering systems, brakes, and shock absorbers. Miba Sinter USA, LLC, a subsidiary of Miba Sinter Group, is part of the Miba AG family of companies. Miba AG is one of the leading strategic partners to the international engine and automotive industry. The CIC proposes to construct a 35,000 square-foot manufacturing facility adjacent to Miba AG s existing Miba Bearings US, LLC manufacturing facility. The project will establish a U.S. based manufacturing facility for the Miba Sinter Group. Ohio is in competition with Austria, China, and the State of Michigan for this $11 million project, which is expected to create 60 positions within the first three years of the project s initial operation.
BriskHeat Corporation, located in Columbus (Franklin County), has been awarded a $935,000 Innovation Ohio Loan Fund loan at an interest rate of seven percent for a seven-year term for the upgrade and development of the next generation of its product lines. BriskHeat was founded in 1949 to manufacture airplane wing deicers and today manufactures various heating related products including silicon heating elements, thermal jackets, temperature controls and composite repair products. The company will develop the next generation of its industry leading thermal controllers and advanced composite material repair system. BriskHeat will also purchase machinery and equipment and construct 30,000 square feet of manufacturing space at a second location to accommodate increased production and efficient operations. This more than $1.4 million investment is expected to create 35 positions and retain 185 jobs within the first three years of the project s initial operation.
The 166 Direct Loan program provides loans for land and building acquisition, expansion or renovation, and equipment purchase. The Innovation Ohio Loan Fund assists existing Ohio companies develop next generation products in industry sectors that include: advanced materials; instrument, controls and electronics; power and propulsion; biosciences; and information technology. The Development Financing Advisory Council approves all low interest, long term, fixed asset loans for companies considering expanding in or relocating to Ohio.