CAP Technologies has announced it will invest $8.1 million to fully renovate and construct 1 50,000-sq.-ft. metal coatings facility in Denham Springs. The project will create more than 100 new jobs in the Capital Region: 43 direct jobs with an average salary of $52,000 a year (plus benefits), and an estimated 60 new indirect jobs. Hiring begins this fall, while commercial production starts around December.
CAP Technologies' environmentally friendly process uses electricity and benign electrolytes to clean and coat metals; it replaces the use of harsh acids that can cause hazardous storage and disposal issues at conventional metal-coating businesses. The firm's technology is patented in 21 nations (additional patents are pending).
Founder/President Edward Daigle launched the company in 2001, and incubated the concept at LSU's Louisiana Business & Technology Center (LBTC). The Center named CAP Technologies "Tenant of the Year" in 2004. Five years later, the firm was recognized as LBTC's "Graduate of the Year."
Adam Knapp, president and CEO of the Baton Rouge Area Chamber (BRAC), said CAP Technologies is a "great regional success story..A key strategy for our growth is to see university innovations lead to private-sector job creation. This exemplifies the Creative Capital of the South."
To secure the expansion project, Louisiana Economic Development committed a customized workforce package from Louisiana FastStart. CAP Technologies is expected to use the state's R&D tax credit, quality jobs, and industrial tax exemption incentive programs.
CAP Technologies is "exactly the type of company we want to help cultivate in Louisiana [to] diversify our economy and create more jobs for our people so they don't have to leave home to pursue their dreams," said Gov. Bobby Jindal. "With the help of our research and development tax credit and business-friendly environment, CAP Technologies has literally grown from an idea at a university to a company that is now creating good-paying jobs for our people."