NuSun, a maker of solar panels, is investing $8.9 million in a Columbus, Indiana, facility that will serve as its first manufacturing and assembly center. The startup company will create up to 240 jobs by 2014.
"We are confident that Columbus will offer us a competitive cost environment and productive work force," said Ryan Stout, NuSun founder and CEO. "As we plan our launch of this exciting new venture in Indiana, the support we have received from the local community and the state has been tremendous."
Bartholomew County and the Columbus Redevelopment Commission will contribute $325,000 in combined Economic Development Income Tax (EDIT) and Tax Increment Fund (TIF) financing, and the city will also extend a $500,000 grant from the Lawrenceburg Regional Economic Development grant program. The Indiana Economic Development Corporation has offered NuSun up to $2.25 million in performance-based tax credits and up to $100,000 in training grants. The Indiana Office of Community and Rural Development (OCRA) will consider an application from the city of Columbus for a $600,000 grant towards equipment.
NuSun produces nano-coated, high-efficiency photovoltaic solar panels for a global market. It expects to begin production in Columbus by the middle of 2011.