High-Tech Heats up Kentucky
Learn more about the projects, programs, and incentives that make technology thrive, in exclusive conversations with Deborah L. Clayton, Commissioner, Department of Commercialization and Innovation, Kentucky Cabinet for Economic Development.
Southern Tech Sites 2008
A. Renewable energy is big in Kentucky. For example, Wind Energy Corp., a high-tech startup, recently announced that it will locate its manufacturing facility in Morgantown. The company will develop, manufacture, and sell unique, next-generation wind turbines to the "middle wind" market. Wind Energy's project will create 260 full-time jobs and represents an investment of more than $6.1 million in the south-central Kentucky region. We also have several biofuels projects in the works.
Another dynamic research and development area in Kentucky is biotechnology. Our Cabinet exhibited at the annual Biotechnology Industry Organization conference in San Diego, where we featured six biotech startup companies. These companies are all at the leading-edge of biotech research - for instance, two are involved in developing diagnostics and therapeutics for Alzheimer's-related proteins.
Q. What are two of the most exciting technology projects in Kentucky that were recently announced?
A. The University of Louisville (UofL) has announced plans for developing its NUCLEUS health-science campus, which will have an economic impact of over $2 billion and eventually create over 8,000 jobs in the area. With the support of the state and others, UofL is creating the region's next big life sciences center and will be at the leading edge of research and development in the health sciences for a long time to come.
One of Kentucky's largest biotech companies, Alltech, has just received $30 million from the U.S. Department of Energy to be used towards developing an advanced biorefinery. The plant will be located in the rural community of Springfield and will employ 93 people when operating at full capacity. Alltech's biorefinery will be one of the nation's first to utilize cellulose - such as switch grass, corn cobs, and corn stover - at raw material levels of up to 30 percent. This will be converted into ethanol and other value-added products.
Q. What new incentives are targeted specifically toward encouraging technology development in Kentucky?
A. The Kentucky New Energy Ventures Fund is a $5 million state program that invests in promising renewable and alternative energy companies in the commonwealth. The investments will target high-growth, early-stage Kentucky-based companies developing and commercializing alternative fuel and/or renewable energy technologies. Funds will be provided in the form of relatively small "seed" grants and, primarily, through equity investments of varying amounts.
Project Announcements
Canfor Expands Fulton, Alabama, Production Operations
04/22/2024
Tucker Door & Trim Plans Henrico County, Virginia, Operations
04/19/2024
Zekelman Industries Expands Blytheville, Arkansas, Operations
04/19/2024
Fibrebond Corporation Expands Webster Parish, Louisiana, Operations
04/19/2024
Master Steel Expands Hardeeville, South Carolina, Operations
04/19/2024
L3Harris Technologies Expands Orange County, Virginia, Operations
04/18/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024