NOHM Technology Invests More Than $5.3 Million To Establish Lexington, Kentucky, Development Center
Area Development Online News Desk (09/04/2013)
NOHMs Technologies Inc. will invest more than $5.3 million to locate its state-of-the-art research, manufacturing and product development facility for military, cell phone and electric vehicle lithium-ion batteries, in Lexington, Kentucky.
The company, which plans to create up to 162 jobs, will utilize the Kentucky-Argonne Battery Manufacturing Research and Development Center and the University of Kentucky’s Spindletop Administration Building. The Kentucky-Argonne Center is a partnership between the Commonwealth of Kentucky, University of Kentucky, University of Louisville and Argonne National Laboratory.
“We are thrilled to now be a member of the Kentucky business community,” said Nathan Ball, CEO of NOHMs. “This move will enable our company to take the next step fully to develop and commercialize our products across a variety of markets. We chose Kentucky because of the state’s reputation for manufacturing and a talented workforce, strong support from the state for the battery and automotive industry and the facilities at KY-Argonne. The capabilities that exist here and that are being installed as the center continues to grow are unparalleled in this country outside of a big company or a national lab. We also benefit from a close relationship with the University of Kentucky’s Center for Applied Energy Research, which has a long history in developing technology across many energy sectors.”
Dr. Tony Hancock, executive director of the Kentucky Argonne Center said; “NOHMs has a game-changing technology in the battery industry, and by using the world-class facilities and equipment at Kentucky-Argonne, NOHMs will be able to produce prototype quantities for testing this new technology. We are actively recruiting other companies such as NOHMs to move to Kentucky, use this facility and help make Kentucky the center for battery technology.”
To encourage the investment and job creation in Lexington, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $2.1 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
NOHMs is also a recipient of the Bluegrass Business Development Partnership’s Rent Subsidy Program. The program is designed to recruit emerging technological companies and provide a rent subsidy up to $10,000 the first year in Lexington. The program is available to companies who have received a Small Business Innovation Research matching grant from the Commonwealth of Kentucky, which NOHMs did earlier this year.
“The Bluegrass Business Development Partnership is delighted about NOHMs Technologies’ decision to locate in Lexington,” said Bob Quick, President and CEO of Commerce Lexington Inc. “Clean, renewable energy is one of Lexington’s targeted industries, and we are happy there are many resources available to NOHMs in this field. We are excited to see NOHMs join this growing niche industry in our region.”