nanoRANCH, parent company of a group of nanotechnology businesses, will invest $700,000 to relocate its headquarters, design lab, research, and assembly operations to Lexington, Kentucky. The company plans to create 35 jobs.
“I am delighted to announce the relocation of nanoRANCH’s headquarters to Lexington from Texas. We will continue to attract exciting new companies, jobs and investments as Kentucky moves forward,” said Governor Matt Bevin. “With its research aimed at improving the quality of life for people across the world, I expect nanoRANCH to flourish in the Commonwealth as it continues its innovative work.They are a great example of the thought leaders that we are actively seeking in Kentucky.”
Company President Nalin Kumar attributes his decision to relocate nanoRANCH –and its primary company, UHV Technologies Inc. –to Lexington in large part to Kentucky’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds program. The grant program, begun in 2006, provides qualifying companies a match of up to 100 percent of federal SBIR/STTR awards they receive.
Commercial application of the company’s research includes low energy X-ray windows. Other functions include the National Institute of Health-funded development of online sensors to detect metallic contaminants during pharmaceutical manufacturing and technology for cancer diagnoses and cancer-progression tracking.
Additional matching funding received through Kentucky’s SBIR/STTR program would help nanoRANCH move proven concepts out of the prototype phase and into production and market-ready products, Kumar said.
UHV Technologies received matching funds in 2014. Out-of-state companies, such as UHV Technologies, are eligible for funding should they decide to relocate to Kentucky. The company is currently funded by the U.S. Department of Energy (DOE) through three grants and contracts. Projects include development of products for continuous monitoring of mercury emissions from coal power plants, which led to nanoRANCH Environmental Systems locating in Lexingtonin 2014.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved nanoRANCH for tax incentives up to $600,000 through the Kentucky Business Investment program. In addition, nanoRANCH is eligible to receive resources from the Kentucky Skills Network.
“Commerce Lexington is excited to welcome nanoRANCH to our technology and corporate headquarters community,” said Bob Quick, CCE/President/CEO of Commerce Lexington Inc. “Our team has enjoyed working with this innovative company and appreciate the jobs they are creating in our community.”