Niowave Invests $79 Million To Establish Radioisotope Production Facility In Lansing, Michigan
Area Development Online News Desk (11/21/2013)
A global leader in superconducting accelerator technology, Niowave will invest at least $79 million to expand its production facility in Lansing, Michigan. The company, which specializes in commercializing superconducting particle accelerators, plans to open a radioisotope production facility in Lansing, creating a projected 120 new jobs in the region.
“Today the United States produces only a small fraction of the medical radioisotopes, primarily importing from Canada and Europe. We are grateful for the support of the City of Lansing, LEAP, MEDC, the Airport Authority, and the Port Lansing Next Michigan Development Corporation that allows us to create a domestic radioisotope industry right here in Michigan,” said Dr. Terry Grimm, President of Niowave.
“Once the radioisotope facility is operational, we will export radiopharmaceuticals and industrial radioisotopes across the country as well as overseas. In addition, radiopharmaceutical and biomedical research and development will be made possible right here in mid-Michigan with universities and large multi-national corporations,” he added.
“Niowave is a global leader in superconducting accelerator technology and its commitment to Lansing is a strong signal that Michigan's highly competitive business climate and tremendous workforce capabilities mean real opportunities for leading-edge businesses,” said Gov. Rick Snyder. “Niowave’s significant investment here will help diversify Michigan’s economy and provide additional high paying jobs for years to come.”
As an incentive, the Michigan Business Development Program is contributing to this project through a $3 million performance-based grant with repayment terms. In addition, The Port Lansing Next Michigan Development Corporation has offered support to the project in the form of a property tax abatement.
“This is an enormously important announcement for Lansing, our region and the state of Michigan,” said Lansing Mayor Virg Bernero. “Niowave is a global innovator in the particle acceleration industry and we are fortunate indeed to have them growing and thriving right here in Lansing. Their presence in our region will act as a magnet for additional high-tech investment and help us attract and retain the young talent that is key to creating the next economy.”
“The fact is that if the Next Michigan Development Corporation and the PA425 Agreement were not in place to give us the tools to support Niowave, the company would have located out of state as most of their clients are outside of Michigan,” said Bob Trezise, President and CEO of LEAP. “The programs that were put in place in the past have led to a great success for our region through community cooperation. All of the efforts by so many partners, adds up to a world class company and industry growing right here.”