Business Xpansion Journal: February 2025 - March 2025
MICHIGAN: Make It in Michigan
INDUSTRY OUTLOOK: Advanced Manufacturing’s Digital Evolution Speeds Up
From MES systems to AI-driven robotics, advanced manufacturing expands rapidly, projected to grow to $535 billion by 2030 By
David Hodes
INNOVATION AND STRATEGIES: Life Sciences Surge: New Frontiers Explored From space research to gene editing technology to unprecedented weight loss breakthroughs, innovation thrives
By David Hodes
INDUSTRY INSIGHT: Innovative Energy Solutions Seek Sustainability Amid Fossil Fuel Reliance Electric vehicles, fusion power, and wind-assist systems are offering promising paths to cleaner energy By David
Hodes
19 22
INDIANA: For the Bold
NORTH CAROLINA: The North Carolina Advantage
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The National Electrical Manufacturers Association (NEMA) advanced manufacturing work is supported by a partnership with the International Trade Administration. Picture courtesy NEMA.
Advanced Manufacturing’s Digital Evolution Speeds Up
BY: DAVID HODES
From MES systems to AI-driven robotics, advanced manufacturing expands rapidly, projected to grow to $535 billion by 2030
As artificial intelligence (AI) machine learning (ML) and augmented reality (AR) continue to make inroads into advanced manufacturing, more development is projected and more funding research has cropped up.
There is much to implement in a fast-growing industry.
The global advanced manufacturing market was listed at $151 billion in 2023, projected to expand to $535 billion by 2030, according to the Future Data Stats, a market research company.
Over the last 10-20 years, companies have been making the digital transformation into more advanced manufacturing applications, despite barriers in cost to do the digital transition and retrain workforce, while focusing on the economic efficiencies of digitalization.
When advanced manufacturing was in its early stages, managers were told that quality leadership and empowering workers would provide one of the keys for the potential of advanced manufacturing. “Investments in advanced manufacturing technologies do not incrementally raise the bar in respect to infrastructural investments,”
a 1997 article in the Journal of Operations Management determined. “Instead they require a quantum leap. Managers cannot incrementally buy advanced manufacturing technologies, then follow up at a later date with investments in training, leadership, and empowerment. These investments must be made in a concurrent, not an evolutionary, manner.”
DIGITAL EFFICIENCIES
One of the digital efficiencies to manufacturing is the development of the manufacturing execution systems (MES).
An MES is described by IBM as softwarebased solution used in manufacturing to
monitor and control production processes on the shop floor. “In manufacturing operations management, an MES serves as a bridge between the planning and control systems of an enterprise, such as an enterprise resource planning (ERP) system, and the actual manufacturing operations,” according to IBM.
An MES tracks and documents the transformation of raw materials into finished products in real time. It captures data from various sources, including machines, sensors and operators, to provide accurate and up-to-date information about the status of production activities.
As described by Aveva, a software developer based in the U.K., the software of MES applies quality-data sampling requirements according to the quality specification defined for producing a product and related process operations. It automatically generates sampling plans when a production operation or job starts, and dynamically maintains them in alignment with the production progress and job execution.
It can trigger additional quality-data samples for specified process conditions – or trigger them spontaneously in response to unplanned events.
The software enforces manual-entry sample-data requests, triggers data collection workflows, and automates direct data sampling from connected plant equipment and devices.
MES BUILDUP BEGINS
Rockwell Automation bought Plex Systems, an MES provider, for $2.1 billion in September, 2021.
Infor, an industry cloud company, acquired Lighthouse Systems, an MES software developer for smart manufacturing, in October, 2021, to help Infor address a critical customer requirement of 24x7 manufacturing operations, according to a press release announcing the acquisition.
Other examples of MES systems include Siemens SIMATIC IT, an MES portfolio linking ERP, product lifecycle management (PLM) and other enterprise systems to the shop floor. Northvolt, a large customizable lithium battery manufacturer based in Sweden, will use the manufacturing operations software of Swiss-based ABB, an electrical and automation
company, in their battery manufacturing industrial operations to integrate robotics, machine and factory automation.
ACADEMIA DEEP DIVING
With advanced manufacturing evolving faster each year, academia is adding more firepower to the possibilities that it presents.
One example of academy taking a deeper dive to real applications of advanced manufacturing is the Manufacturing Futures Institute at Carnegie Mellon University, partnering with the Advanced Robotics for Manufacturing (ARM) Institute, a consortium created in 2017 through a Department of Defense grant won by Carnegie Mellon, and Catalyst Connection, with increasing focus on the use of AI, machine learning, data, virtualization, and spatial computing that is advancing digital twin applications. Scientists there believe these processes promise greater efficiencies in U.S. factories.
Another university project, Carnegie Mellon’s Machine Learning-Based Rapid Robot Training project, funded by the National Institute of Standards and Technology (NIST), will bring together engineers and scientists working to develop and deploy ML techniques that can rapidly train robots to perform manufacturing tasks.
The NIST robot training project led to the university’s involvement in the National Artificial Intelligence Data Foundry for Robotics, a national center that collects and aggregates data from manufacturing robots, to work on developing a set of software tools to enhance the availability and application of data to deploy AI and ML for the manufacturing and robotics industries.
Carnegie Mellon researchers will also join a multi-institutional collaboration to launch Human Augmentation via Dexterity (HAND) to build dexterous robot hands with the ability to assist humans with manufacturing, caregiving, handling precious or dangerous materials, and more.
SOUNDING THE ALARM
There are other institutions of higher education involved in advanced manufacturing technology developments.
The impetus for this renewed activity and focus in part comes from a 2022 report
from the subcommittee on the Advanced Manufacturing Committee on Technology of the National Science Technology Council, sounding the alarm about the country’s readiness: “The United States remains a leader in advanced technologies,” the report stated. “However, production and employment in several high-technology manufacturing industries have fallen sharply in the 21st century. To address global competition, the United States has taken steps to revitalize the manufacturing sector, increase the resilience of U.S. supply chains and national security, invest in R&D, and train Americans for jobs of the future.”
The report also went one step further, making the connection between advanced manufacturing and life science, specifically medical devices. “By combining life science discoveries with advanced technologies such as those in smart manufacturing, the United States can make extensive leaps forward in the creation of high-quality bio-based products,” the report states. “To continue improving food safety, and food accessibility, and food supply chain resilience, advanced manufacturing processes must fully leverage new technologies and accelerate new fields such as cellular agriculture, alternative proteins, and personalized nutrition. Steps should be taken to create more opportunities to further pursue lab-to-market biotechnologies and develop manufacturing scale-up and scale-out of emerging products.”
ADVANCED BIO-MANUFACTURING
Philip LeDuc, the director of the Center for Mechanics and Engineering of Cellular Systems at Carnegie Mellon, works at the intersection of mechanical engineering and biology. “What if we could make things that are organ like?,” he told BXJ. “So we could take cells of yours that were from your lungs and we could grow them on a chip. We could test different types of chemotherapeutics on it, and find out that a certain kind of chemotherapeutic will work better than other chemotherapeutics,” he said. “We’re taking these from your own body so that we actually know what might work. That’s an idea to basically be able to avoid lots of human testing and animal testing to be able to get more accurate things.”
Where advanced manufacturing comes into play is manufacturing these bio-systems in personalized medicine, a developing field
The Advanced Robotics for Manufacturing (ARM) Institute demonstrates and facilitates early adoption of robotics solutions, leveraging artificial intelligence, autonomy, 3-D printing and other emerging technologies. Pic courtesy ARM
of research. “You can make an organ out of human tissue, but how can you get blood into that organ? How can we use advanced manufacturing to make this vascular structure?” LeDuc said. “So how could you actually 3d print vasculature structure to actual tissue? This is an area in biomanufacturing that people have been working in, including ourselves,” he says.
His team 3d prints ice, as tiny as a human hair, then puts collagen in, which is like tissue with cells around it. The ice melts out, leaving vascular networks inside. “So this is a direction that we and others are actually working in, which is this whole idea of manufacturing to create both organs on chips and artificial organs.”
He’s also is working on 400 million year old fossils from paleontologists. “They can get these massively detailed 3d scans of them. So we actually took this fossil, the 3d scan, and we turned around and 3d printed up the organism that had been extinct for 400 million years and actually created a functional moving system,” LeDuc said. “Now for the first time, paleontologists can actually see them and touch them. They’re not the exact same, but they’re functionally very similar to them. You can see the way they move.”
That work that is helping evolve robot development, he said. “So if you think about the robotic motion where we tend to try to
emulate humans, and then there are the dog robots that are really popular. We’re trying to emulate the motions of things that we can see that are currently alive on this earth. So what this (work with fossils) is doing is starting to look at different motions and different ways of moving and actuating systems that have been extinct off the earth for hundreds of millions of years. So it’s starting to give us this idea of different ways of developing different robotic movements. This learning actually helps us figure out how to develop new types of robotic systems in the long run.”
He said that there will be more access to AI technologies for advanced manufacturing because of the evolution of the technology over the last few years. “AI does not take a PhD at a super high level in machine learning to actually start to use it. I’m talking about AI at the lower level. The basics of neural networks and things are pretty well worked out,” LeDuc said. “I think you’re going to see that in manufacturing, where there’s going to be multiple levels of jobs, and there’s going to be the people who run it who are your new factory workers. They may or may not have a college degree, because their job is to run it and to monitor it and make sure everything goes okay. When something goes wrong, they’re not the ones that are brought in to fix it. They have a team of people whose job is to go around fixing it.” X
Indian River County CENTRAL TO WHERE YOUR BUSINESS NEEDS
TO BE
Indian River County – Vero Beach, Sebastian, Fellsmere - strikes a perfect balance between business and pleasure. Those who live, work or visit the area find that the local communities are safe and loaded with ecological, cultural, educational and technological amenities. Many corporate-level executives have located their companies to the area because of the executive’s positive vacation experience, or perhaps they own a winter home on Vero’s barrier island.
Located on Florida’s east coast, midway between West Palm Beach and Cape Canaveral, Indian River County is within three hours of over 17 million consumers, or 90% of Florida’s population. It has easy access to markets but is far from urban sprawl, traffic and congestion. Visitors from other parts of Florida are amazed, and pleasantly surprised, at the county’s lack of traffic. The area is rich in history and natural resources, with 26 miles of unspoiled beaches and scenic lakes, plus some of the best bass fishing available in Blue Cypress Lake. It is also the center of the world famous Indian River Citrus District.
Indian River County is a cost-competitive location for new or expanding businesses. It has hundreds of acres of low-cost land available for development, much of it located near I-95, a major north-south transportation route along the east coast. The county
offers competitive property tax rates, and Florida has no state income tax.
The Opportunity Zone initiative offers investors an even greater reason to consider Indian River County, FL. All properties west of I-95 in Indian River County are designated as an Opportunity Zone and zoned for industrial use, including two shovel-ready industrial parks. State and local incentives are also available to relocating and expanding companies, including property tax abatement, tax refunds, and job training grants.
An available and trainable workforce of approximately 638,000 within an hour’s drive time adds to the county’s appeal as a desirable location. Indian River State College (IRSC) has five campuses located throughout the region, offering 2-year and 4-year degrees as well as several industrial and technical certifications. IRSC is very successful in securing training grants for local employers. They can develop specially-designed training programs in a matter of weeks rather than months. Because location is central to success, Indian River County isn’t just where you want to be – it’s central to where your business ought to be. It has the perfect blend of everything the Sunshine State has to offer.
For more information on locating your company to Indian River County, Florida, contact Helene Caseltine, Economic Development Director with the Indian River Chamber of Commerce, at 772-5673491 or helenec@indianrivered.com. Or, visit their website at www.indianrivered.com .
• Located along Florida’s Central East Coast – within 3 hours of 19+ million consumers
• Easy access to highways, rail and ports – with a new interchange under construction at I-95
• Workforce of 630,000 within a 50-mile radius
• Tropical climate means no weather delays or downtime in production
• Cost competitive business environment – local incentives available
• Superb quality of life attracts innovative businesses and talented professionals
Life Sciences Surge: New Frontiers Explored
BY: DAVID HODES
From space research to gene editing technology to unprecedented weight loss breakthroughs, innovation thrives
There are many new entries in the field of life sciences, emerging as researchers dig deeper into natural plant-based products to treat pain and prolong wellness, while bringing new technology to bear in drug research and discovery.
Ongoing studies into the therapeutic use of cannabinoids have been discovered as help for PTSD and other mental health conditions.
Researchers in 2021 found that the bark of a flowering shrub, conolidine, can be beneficial for the management of chronic pain.
Some research is even out of this world.
In October, 2024, NASA announced that their Space Biology Program will be doing research across a wide spectrum of biological organization and model systems to look for underlying mechanisms by which organisms acclimate to
stressors encountered during space exploration (including microgravity, ionizing radiation, and elevated concentrations of carbon dioxide).
The NASA research involves more than just the health and welfare of astronauts, but could result in breakthroughs on diseases such as cancer and neurodegenerative disorders to help protect humanity down on the ground, according to a NASA press release on the topic.
LIFE SCIENCES BUSINESS BOOMING
Life science is a hot business development area, that got hotter in 2023 but appears to have cooled off recently.
Life sciences acquisition deals include Affinivax, a clinical-stage biopharmaceutical company based in Cambridge,
acquired for $2 billion by biopharma company GSK in August, 2022; Affera, a cardiac mapping and navigation platform, acquired by healthcare tech company Medtronic, also in August, 2022, for $1 billion; Chord Therapeutics, a biopharmaceutical company developing drugs for rare neuroinflammatory diseases, was acquired by Merck, a pharmacy science and tech company, in 2022 (the amount of the deal was not disclosed); Reviral, a clinical-stage biopharmaceutical company focusing on discovering, developing, and commercializing novel antiviral therapeutics, was acquired by Pfizer in June, 2022, for $525 million; and Vividion Therapeutics, working on therapeutics for cancer and immune disorders, was acquired by Bayer in August, 2021 for $1.5 billion.
More recently, in 2024, Shockwave Medical, makers of one of the first commercially available intravascular platforms for coronary artery and peripheral artery disease, was acquired by Johnson and Johnson in May for a reported $13.9 billion; Morphic, a biopharmaceutical company developing oral therapies for serious chronic diseases, was acquired by Eli Lilly in August for $3.2 billion; and MorphoSys, a global biopharmaceutical company developing innovative medicines in oncology, was acquired by Novartis in May for $2.9 billion.
A report by Price Waterhouse Coopers, an accounting, auditing, and business consulting service, found that the volume of mergers and acquisitions activity in the pharmaceutical and life sciences industry in 2024 was healthy compared to historical levels, but companies have largely been active with smaller deals driving overall deal values down. “We expect transactions between $5 billion and $15 billion to see sustained activity while recognizing geopolitical factors that could bring headwinds,” the study concluded.
INNOVATIONS ON THE HORIZON
The Innovative Genomics Institute (IGI) has promoted clustered regularly interspaced short palindromic repeats (CRISPR) based technologies as one of the more amazing life science discoveries of the last few years.
CRISPR is a gene-editing technology used to alter the genome to treat genetic diseases.
The first-ever approval of CRISPR-based medicine happened in 2023: Casgevy, a treatment and potential cure for sickle cell disease. The path from CRISPR discovery to approval of the drug took ten years, considered by some researchers to be remarkable. “The IGI has tracked the progress of CRISPR clinical trials since they first began, and this milestone has been anticipated for some time, but its speed is still noteworthy,” according to a researcher with the IGI.
There are still serious challenges with CRISPR. For example, Casgevy costs around $2 million per patient, and the treatment is still a challenge to manufacture and deliver. But it holds great promise in treating chronic bacterial infection and cardiac disease, among other afflictions according to the IGI.
THE WEIGHT LOSS PHENOMENON
One of the fastest developing topics in life sciences centers around weight loss drugs, more specifically two: Wegovy, designed specifically for weight loss, and Ozempic, originally designed for treating diabetes but subsequently found to help with weight loss as well.
Commercials about both drugs are bombarding television programs and online streams. Celebrities are talking about great and rapid weight loss using one of the drugs.
In June, 2021, the U.S. Food and Drug Administration approved Wegovy (semaglutide) injection (2.4 mg once weekly), for chronic weight management in adults with obesity or overweight with at least one weight-related condition (such as high blood pressure, type 2 diabetes, or high cholesterol).
It’s an under-the-skin injection that is the first approved drug for chronic weight management in adults with general obesity, or overweight since 2014. In approving the drug, the FDA stated that approximately 70% of American adults are obese or overweight, which is a health issue associated with some leading causes of death, including heart disease, stroke and diabetes. “Losing 5% to 10% of body weight through diet and exercise has been associated with a reduced risk of cardiovascular disease in adult patients with obesity or overweight issues,” according to the FDA press release announcing the approval.
Wegovy works by mimicking a hormone called glucagon-like
peptide-1 (GLP-1) that targets areas of the brain that regulate appetite and food intake.
Wegovy’s safety and efficacy were studied in four 68-week trials monitored by the FDA. Three were randomized, doubleblind, placebo-controlled trials (including 16 weeks of dose increases) and one was a double-blind, placebo-controlled, randomized withdrawal trial in which patients receiving Wegovy either continued with the treatment or switched to a placebo.
More than 2,600 patients received Wegovy in these four studies, and more than 1,500 patients received placebo.
The study’s lead author, Dr. Mikhail Kosiborod, a cardiologist at Saint Luke’s Mid America Heart Institute, reported in a profile of his work that cardiometabolic disease is by far the biggest health threat today, fueled by the rise in the prevalence of obesity and diabetes. “But the exciting part is that we’re also in the middle of the biggest renaissance of new exciting treatments that can have a transformational impact on how long patients live and how well they feel. It will eventually prolong life and improve the quality of life for millions of patients.”
The drug has taken off among people around the world. The number of prescriptions filled for semaglutide (both Wegovy and Ozempic) has increased substantially, reaching 2.6 million prescriptions filled at retail pharmacies by December 2023, according to a research letter published by the Journal for American Medical Association.
One of the wonder weight loss drugs to get FDA approval is proving to be effective not just for weight loss but for cardiac health. Picture courtesy David Hodes.
Both treatments are expensive. Wegovy can cost $1,300 for one month supply; Ozempic around $900, but there have been pricing adjustments for some patients.
Increases in demand beginning in 2022 are causing shortages, as reported by the FDA.
Science magazine named Wegovy and other similar drugs their Breakthrough of the Year, not just because of weight loss. Clinical trials found that the drugs also cut symptoms of heart failure and the risk of heart attacks and strokes, which is the most compelling evidence yet that the drugs have major benefits beyond weight loss itself, according to the magazine. And it’s easier to use, the magazine reported. “Unlike its forerunners, semaglutide required an injection weekly rather than once or twice a day. And in a pivotal trial, people taking it lost an unprecedented 15% of their body weight over about 16 months.”
Semaglutide 2.4 mg once-weekly also significantly reduced heart failure-related symptoms and physical limitations, improved exercise function, and led to greater weight loss than did the placebo used in the clinical trial.
But there are still lingering doubts. “Whether semaglutide can also reduce the risk of cardiovascular death and worsening heart failure..has not been established,” researchers concluded.
According to a Gallup Poll, close to two-thirds of Americans who have taken weight loss injections (64%) say the drugs have been either “extremely effective” or “effective” at helping them lose weight.
There are also clinical trials underway for treating other uses for GLP-1 drugs, such as drug addiction. One clinical trial conducted in 2022 and reported in the British Journal of Pharmacology found that rodents and non‐human primates have a reduction in intake of alcohol and drugs of abuse, concluding that “the stage is set for further basic research and for large‐scale clinical trials to go ahead and bring to fruition the promising results from preliminary clinical studies and basic research.”
Science magazine also reported on clinical trials testing GLP-1 drugs to treat Alzheimer’s and Parkinson’s diseases, based in part on evidence that they target brain inflammation.
As the excitement builds about these weight loss drugs, the FDA has identified a number of red flags.
They have received multiple reports of adverse events, some requiring hospitalization, that may be related to dosing errors associated with compounded injectable semaglutide products. These dosing errors resulted from patients measuring and self-administering incorrect doses of the drug, and in some cases, health care professionals miscalculating doses of the drug.
The FDA agency has received reports that patients may have been prescribed compounded semaglutide products in doses beyond what is in the FDA-approved drug label. This could mean using more product in a single dose, taking doses more frequently or increasing the amount more quickly.
Call it a learning curve, or simply patient/doctor misunderstandings, but the weight loss genie is out of the bottle. Now it’s time to better control access and use. X
Innovative Energy Solutions Seek Sustainability Amid Fossil Fuel Reliance
BY: DAVID HODES
Electric vehicles, fusion power, and wind-assist systems are offering promising paths to cleaner energy
Energy use and development in the world has thousands of moving parts, with new ideas emerging constantly about how to find more energy, use more energy, and create different forms of energy. ...............................................................................................................................
All of these developments have a singular focus of embracing the need for sustainable ways of making energy while keeping the environment clean.
To be sure, fossil fuels are still the predominant source of energy. According to the Environmental and Energy Study Institute, fossil fuels, including coal, oil, and natural gas have been powering economies for over 150 years, and currently supply about 80 percent of the world’s energy.
The transportation sector is one of the largest contributors to U.S. greenhouse gas (GHG) emissions. According to the Inventory of U.S. Greenhouse Gas Emissions and
A Berge bulk carrier, shown with four wind wings, which allow it to reduce CO2 emissions by 19.5 tonnes per wind wing per day. Photo courtesy Bar Technologies.
Sinks 1990–2022, transportation accounted for the largest portion (28%) of total U.S. GHG emissions in 2022. Cars, trucks, commercial aircraft, and railroads, among other sources, all contribute to transportation end-use sector emissions.
CLEAN ENERGY BIT BY BIT
But bit by bit, more uses of clean energy are becoming available. The Experian Automotive Market Trends report from the fourth quarter of 2023 found that there were about 3.3 million electric cars on the road in the U.S., up from 2 million electric vehicles in 2022 and 1.3 million in 2021. None of them produce greenhouse gas emissions.
One example of new ideas in finding energy sources comes from the University of Nebraska–Lincoln (UNL) where researchers are studying the 1,200-mile MidContinent Rift that runs from beneath Lake Superior through parts of Minnesota, Michigan, Wisconsin, Iowa, Nebraska and Kansas. There may be huge amounts of natural hydrogen for clean energy use in that area.
Researchers believe that hydrogen is potentially a key player to reduce reliance on fossil fuels, because it has no carbon emissions and is constantly being renewed underground when water interacts with volcanic rock.
The U.S. Geological Survey estimates between tens of millions and tens of billions of megatons of hydrogen are in Earth’s crust, and that there might be enough accessible natural hydrogen under the Earth’s surface to meet global energy needs for thousands of years.
But much of that would be inaccessible to humans because it is either too deep or too far offshore, or present in amounts too small to exploit, according to Seunghee Kim, the associate professor of civil engineering and one of the UNL project’s principal investigators.
Accessibility is what makes the Midcontinent Rift so important, because it is 3,000 to 5,000 feet underground. Other subsurface rifts in the world — located in France, Germany, Russia and the African continent — could also produce hydrogen, Kim said.
Hydrogen Applications
Toyota has been researching hydrogen since 1991. Toyota recently launched the
In September, 2024, a Berge bulk carrier became the first vessel to be fitted with four WindWings. Photo courtesy Berge.
The 1.1 billion year old Mid-Continent Rift that runs beneath Lake Superior (shown here) through parts of Minnesota, Michigan, Wisconsin, Iowa, Nebraska and Kansas may hold many mega tons of hydrogen. Picture courtesy Parks Service.
Mirai, a fuel cell electric vehicle, where hydrogen from the fuel tank and air entering from the intake grill combine in the fuel cell stack.
There, a chemical reaction involving the oxygen in the air and hydrogen creates electricity, powering Mirai. The car’s only byproduct is water.
Earlier, in 2022, Toyota showed the H2 Corolla, a race car that runs on liquid
hydrogen fuel. The car demonstrated the possibility of using hydrogen combustion engines and their applicability under aggressive conditions such as those in the Super Taikyu Fuji 24-hour Race.
THE FUSION FACTOR
There is a new energy project to create hundreds of watts of fusion power to be directly available on Virginia’s energy grid.
SRP-Power to Grow Phoenix
SRP has a long and rich history of supporting the economic development of the Phoenix metropolitan area and Arizona. From building Theodore Roosevelt Dam to exploring alternative fuels, SRP has helped improve life in the Valley for more than 100 years. Today, SRP is one of the largest public power entities in the nation. They are there to assist you as you consider locating or relocating your business to the Phoenix metropolitan area. They specifically focus on businesses whose power demand will be 1 megawatt or greater.
With more than 100 years of experience operating in the Phoenix metropolitan area, they have access to a vast array of resources to help ease your decision-making process.
SRP, itself, is two entities: the Salt River Project Agricultural Improvement and Power District, a political subdivision of the State of Arizona; and the Salt River Valley Water User’s Association, a private corporation.
The District provides electricity to 2 million people living in central Arizona. It operates or participates in 12 major power plants and numerous other generating stations, including coal, nuclear, natural gas, and renewable sources, such as hydroelectric, solar, wind and geothermal.
The Association delivers nearly 1 million acre-feet of water annually to a service area in central Arizona. The Association maintains and operates an extensive water delivery system which includes reservoirs, wells, canals and irrigation laterals.
Their Strategic Economic Services department looks forward to working with you to discuss economic development in the Phoenix metropolitan area. For more information, please visit www. powertogrowphx.com or call Karla Moran at 602-236-2396 or email karla.moran@srpnet.com .
It’ll be the first time commercially available fusion power will be available on any power grid.
As explained by the U.S. Department of Energy, fusion energy represents an energy source based on controlled fusion. Fusion occurs when two nuclei combine to form a new nucleus. Creating conditions for fusion involves generating and sustaining a plasma. Plasmas are gases that are so hot that electrons are freed from atomic nuclei. Researchers use electric and magnetic fields to control the resulting collection of ions and electrons because they have electrical charges. At sufficiently high temperatures, ions can overcome repulsive electrostatic forces and fuse together. This
process—fusion—releases energy.
Fusion offers a potential long-term energy source that uses abundant fuel supplies and does not produce greenhouse gases or long-lived radioactive waste, according to the U.S. Department of Energy.
The Virginia fusion energy project, announced in December, 2024, is being developed by Commonwealth Fusion Systems based in Devens, Massachusetts. This will be their first fusion energy power plant, called ARC, to be built in Chesterfield County, Virginia, near Richmond, and is expected to be operational by the early 2030s.
The energy project development is the result of a new focus on clean and productive fusion power, a technology which began in the early 1900s when scientists were first postulating how the sun worked.
“Fusion is inherently the same process as the sun,” Ben Byboth, director of business development and strategy for Commonwealth, told BXJ. “The first devices on how to make fusion happen were actually built in the 1950s.”
The fusion devices being built today are called tokamaks. In the world, there have been over 150 of tokamak machines built. And those devices are capable of doing fusion right now. “But up to this point, they have been unable to produce more power that has gone in to run the experiments, which makes for great some experiments, but not great power plants,” Byboth said. “You always want to get more power out of a power plant.”
Commonwealth is taking a look at a new class of superconductors that makes a new type of magnet. “Basically our fusion devices, these tokamaks, are magnetic bottles that hold the conditions for fusion to take place inside of these magnetic fields,” Byboth said. “And so the idea that we could build a new, stronger magnet is the breakthrough that’s going to be necessary to move this tokamak architecture, which everybody understands really well, into the next space.”
That means moving their updated technology to a commercially relevant architecture at a size and cost that can make it economically effective in the future, Byboth said.
They are getting ready to build their first ARC power plant in Virginia that is expected to make 400 megawatts of clean power. “It’s not our first device,” he said. “We’re currently building a machine called SPARC, a tokamak that’ll demonstrate net fusion energy. It is the demonstration product that integrates our magnets and shows that we can make the fusion happen and get more power out than in,” Byboth said.
SPARC is currently under construction. As they build SPARC, they are also working in parallel on the groundwork for ARC. “SPARC development is getting the work started on the ARC site, picking that site, working to identify customers for that, the power from that, and getting everything we need in place so that once we feel comfortable that SPARC is on a good trajectory, we can move seamlessly into the ARC phase of the company,” Byboth said.
Once that first fusion power plant is built, “that’ll be a massive proof point to the world that we can now have a new arrow in our quiver for providing the energy that the regions need,” he said. “From
there, it’s a matter of scaling as rapidly as spossible. We can see a space where fusion can potentially be the most affordable form of clean power in the coming decades.”
Fusion technology has attracted a group of serious investors, led by Commonwealth’s nearly $2 billion investment in developing the technology.
In 2022, Tae Technologies, based in Foothill Ranch, California, had invested $1.2 billion by 2022, and recently demonstrated real-time control of plasma with its fusion research reactor, Norman.
Tae has secured funding for the construction of its next research reactor, Copernicus.
Shine Technologies, based in Janesville, Wisconsin, raised $70 million in 2023 which will enable the company to finish the commercialization and scale-up of the company’s applications of fusion technology used in the industrial, defense, and healthcare markets.
RE-INVENTING SAILS
Wind+Wing Technologies (WWT), based in Napa, California, has developed a wind-assist system for boats that would harness the wind combined with traditional diesel or other efficient new propulsion in a hybrid system called Wind Drive.
Wind wings are rigid composite structures that rotate to follow changing wind direction.
Researchers at WWT found that the addition of sail power creates a 40% decrease in fuel consumption and pollution generation, and can save at least $100,000 on annual fuel costs per vessel.
The California Air Resources Board (ARB) sponsored a demonstration of wind wing technology for San Francisco Bay ferries in 2014. The demonstration used a 42-foot trimaran equipped with a diesel engine. The study was conducted by operating the ship at a steady cruising speed with engine power replaced by wind wing power. The study demonstrated that the wind wing could replace 26-44% of the engine power (measured as percent reduction in fuel flow rate) depending on wind speed and direction relative to the vessel’s direction of travel. Maximum fuel savings were obtained with
wind coming at an 80-90 degree angle to the direction of travel.
GOING FORWARD
A 2024 analysis by the International Energy Agency sums up the current state of energy development today: “The tensions and trade-offs between the goals of energy and industrial policies mean that getting policy measures right is essential for
clean energy transitions. Trade measures – including both tariffs and non-tariff measures – already increase the cost of clean technologies. Trade policies need to be designed with a view to their role in the new clean energy economy and what they mean for industrial competitiveness today. There is no single recipe to follow for these policies.” X
Powering Montana’s Business Community
NorthWestern Energy is proud to have a rich heritage of providing utility services that contribute to the growth and economic prosperity in our communities. The mission of our Economic Development team is to help retain existing jobs, promote business expansion, and recruit new businesses in the communities we serve. We are your partner in growth, development and success. To find out how NorthWestern Energy can assist your business, visit our website or call us at (888) 467-2669.
Gov. Whitmer’s FY26 Budget Further Supports MEDC’s ‘Make It in Michigan’ economic development strategy
The governor’s FY26 executive budget recommendation includes small business support, workforce development and talent retention and attraction efforts critical to growing the state’s economy. On Feb. 5, Gov. Whitmer released her seventh executive budget recommendation, which aims to benefit all Michiganders by investing in pocketbook issues and growing the state’s economy.
The proposed budget aligns with the Michigan Economic Development Corporation’s (MEDC) ‘Make It in Michigan’ economic development strategy, from supporting small businesses and creating jobs to attracting and retaining talent.
“I continue to be grateful to Governor Whitmer for her forward-looking approach to ensuring everyone can ‘Make It in Michigan’ by providing strategic and comprehensive investments in our People, Places, and Projects,” said MEDC CEO Quentin L. Messer, Jr. “Whether it’s local government, small business, entrepreneurship and innovation, defense
MICHIGAN
PURE OPPORTUNITY ®
As the #1 state for energy-sector job growth and climate preparedness, Michigan is the ideal location for businesses looking to maximize sustainability. Join the ranks of top companies that are taking advantage of clean energy initiatives as we lead the charge toward carbon neutrality by 2050. Seize your opportunity at MICHIGANBUSINESS.ORG
and aerospace, talent attraction and retention, or mobility by air, land, and water, Michigan succeeds when we confidently convey our strengths to those interested in calling Michigan home, both personally and professionally. My colleagues and I look forward to working with Governor Whitmer and the bipartisan state legislature to develop a budget focused on helping more Michiganders manage household costs, have more job and entrepreneurial opportunities, and enjoy greater lifelong learning opportunities to realize not only their economic dreams but also the aspirations for future Michiganders.”
Small Business and Workforce Support
To help provide Michigan’s small businesses with the resources they need to succeed, the FY26 budget recommendation includes $10 million for Small Business Entrepreneurial Support Hubs to enhance a statewide network of service providers that offer comprehensive resources and critical support to Michigan’s small businesses.
It also includes $10 million for the MEDC Talent Action Team to partner with employers to help meet their unique talent needs in industries like advanced mobility, semiconductor, aerospace defense and life science to attract, retain and connect talent with good-paying jobs.
The budget recommendation also includes $10 million for growing the state’s population through retaining and attracting talent with strategic pilots and public engagement efforts. Michigan is experiencing one of the biggest swings in demographic trends among its 25 to 44-year-old population. Support from the governor’s FY26 budget recommendation will help continue that momentum.
“Governor Whitmer is committed to growing our population and shared prosperity over the long-term as demonstrated by her 2026
executive budget recommendations,” said Hilary Doe, chief growth officer for the State of Michigan. “Our positive momentum is undeniable. Data released in the last month alone shows that Michigan has experienced the fifth-largest acceleration in growth among its younger adult population, narrowed the gap between those leaving and arriving in our state and garnered over 21,000 sign-ups from people across the country interested in living and working here. We will continue building on policy wins, program launches, and marketing successes to move Michigan forward. There’s more reason than ever to keep going and I’m confident that if we work together, we’ll be able to reach even bigger goals in the year to come. Let’s grow, Michigan!”
Governor Whitmer’s FY2026 budget underlines the importance of their ‘Make It in Michigan’ framework’s focus on People, Places and Projects through efforts such as the Pure Michigan campaign, Business Attraction and Community Revitalization, Entrepreneurship and Innovation, talent attraction and more. Continued support year over year for these initiatives in the governor’s budget highlights how their economic development strategy is critical to the vitality of the state.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and their initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, visit www.michigan.org X
For the Bold INDIANA:
Indiana Governor Eric J. Holcomb and Indiana Secretary of Commerce David Rosenberg highlighted the 2024 economic successes in each focus area of the Indiana Economic Development Corporation’s (IEDC) strategic vision, concluding an eighth consecutive record-breaking year for economic development, community development and entrepreneurship in Indiana. In 2024, the IEDC secured more than $39.2 billion of committed capital investment – a new record, helped launch 482 new small businesses, and awarded another $500 million in quality of place funding to communities across the state through READI 2.0. .........................................................................................
In 2024, the IEDC secured 169 commitments from companies to locate or expand in Indiana, making plans to invest more than $39.2 billion (+37% from 2023) in their operations and create 17,062 new jobs with an average wage of $36.09/hour – or approximately
$75,067 annually (+7% the national average wage and +28% the state average wage). This marks the highest capital investment and annual record for average wages since the IEDC was established in 2005.
Of these commitments, more than 72% are from companies already operating in Indiana committing to continued growth, nearly one third are from small businesses with less than 500 employees, 21% are from companies growing in rural and mixedrural communities, and 20% are from foreign-owned businesses.
Notable strategic successes in 2024 include: Economic Development
• FUTURE-FOCUSED INDUSTRIES ABOUND: Indiana landed major economic development wins in high-growth, futurefocused sectors in 2024. Notably, the state solidified its future in supporting advancements in technology and AI, securing four new data centers and $14.8 billion in investment from Amazon, Google, Meta and Microsoft. Additionally, transformational announcements were made in semiconductors (SK hynix), life sciences (Eli Lilly & Company, Simtra BioPharma Solutions), agbiosciences (Sustainea) and electric vehicles (Toyota).
EXPANSION
OPPORTUNITIES
• CURATING A GLOBAL ECONOMY: The state had another year of growth for foreign direct investment, with 34 foreignowned businesses based across 16 countries committing to locating or growing in Indiana. Together, these firms plan to invest more than $3.4 billion and create more than 3,331 new jobs with average wage of $32.60/hour. This includes notable announcements from companies such as Toyota (Japan) and Sustainea (Brazil/Japan).
• MAKING INDIANA INVESTMENT-READY: Indiana continues to prioritize site development efforts, ensuring the state offers competitive sites to help companies invest and launch operations more quickly. Through the Strategic Sites Initiative, the IEDC is partnering with local communities to identify and prepare new sites; so far, the state has identified 9,548.5 acres for development across 490 new, nationally competitive sites.
• DEVELOPING A NEW INNOVATION DISTRICT: Momentum continues to build at the LEAP Research and Innovation District in Lebanon, where Eli Lilly & Company announced expansion plans in both May and October, committing to invest another $9.8 billion in its operations and create another 200 new jobs. This brings Lilly’s total LEAP investment to more than $13 billion. The company will also establish the Lilly Medicine Foundry – a new center for drug development and advanced manufacturing.
Additionally, Meta is making plans to invest up to $4.8 billion on a 1,500-acre site at LEAP. The company’s first phase of what could be a six-phase development includes an initial $800 million investment and 50 new jobs.
Entrepreneurship & Innovation
• DRIVING US INNOVATION & MANUFACTURING: Indiana’s three new federal tech hub designations continued to develop and take shape in 2024. In July, Heartland BioWorks was one of 13 of the 31 designated hubs to win implementation funding, bringing $51 million to the state’s life sciences-focused hub, while the multi-state Midwest Alliance for Clean Hydrogen executed a cooperative agreement with the U.S. Department of Clean Energy for phase one, securing $22.2 million in initial federal funding with up to $1 billion available.
In addition to federal funding, the state continues to invest in the advancement of its robust manufacturing sector. In 2024, the IEDC, in partnership with Conexus Indiana, awarded $12 million in Manufacturing Readiness Grants to businesses across 57 counties. These grants will support 140 projects and a total projected capital expenditure of $113.6 million in smart technologies and processes.
• POWERING ENTREPRENEURS & SMALL BUSINESSES: The IEDC continues to grow its support of Indiana’s entrepreneurial ecosystem, assisting a record number – approximately 13,000 – of entrepreneurs and small
businesses in 2024 (+29.7% from 2023) through various initiatives, investments and incentives. The IEDC launched a new $29 million Legend Fund to invest in mission-driven local lenders and increase lending to Hoosier small businesses; awarded $1.05 million in community grants through its new Community Collaboration Fund to accelerate entrepreneurial resources statewide; and celebrated the third edition of Entrepreneurship Indiana, an annual publication honoring the entrepreneurial journey and highlighting 100 stories of entrepreneurs and those that support them.
The IEDC works to support entrepreneurs and small businesses through the Indiana Small Business Development Center (Indiana SBDC) and the Indiana APEX Accelerator (Indiana APEX). In 2024, the Indiana SBDC provided nocost support to more than 6,150 entrepreneurs and small businesses, helping secure $64.98 million in capital infusion, helping launch 482 new businesses (new record) and supporting 24,415 small business jobs. Additionally, Indiana APEX served 235 new clients, with a majority (61%) qualifying as women-, minority-, or veteran-owned business enterprises, helping businesses secure more than $874 million in federal government contracts (+130% from 2023; new all-time record).
• ACCELERATING VENTURE DEVELOPMENT & STARTUP
ACTIVITY: Through its partnership with Elevate Ventures, Indiana’s direct equity program currently acts as the #1 most active venture capital in the Great Lakes Region and #17 in most active at the angel and seed stages in the world. The IEDC contracts with Elevate to support Indiana’s direct investment efforts to provide assistance to high-growth, high-potential startups and innovators, making capital more accessible and attracting additional private co-investment.
Throughout 2024, the state committed to investing more than $12.9 million in 81 companies through 92 investments and grants utilizing the state’s 21st Century Research and Technology Fund. Since the inception of the partnership, and across all programs, the state has invested more than $182 million in 605 companies through 1,119 transactions alongside more than $2.18 billion in capital from other sources (nearly 12-to-1 investment leverage ratio).
• Airports across Indiana continued to secure new domestic routes as American Airlines relaunched nonstop service between Evansville and Chicago, and Breeze Airways expanded to South Bend, launching two nonstop routes.
In order to continue this momentum and advance economic development opportunities for years to come, the IEDC remains committed to advancing innovation and entrepreneurship, ensuring a diverse economic environment, creating the jobs of tomorrow, and retaining and attracting top talent by investing in quality of place.
About IEDC
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, and helping businesses launch, grow and locate in the state. Governed by a 14-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.
INDIANA: Adams County – Grow Your Business
Whether you want to relocate, expand, or simply get started, your business can flourish in Adams County. This community is special for numerous reasons, but what is at the top of the list? Our people. The kindness and work ethic found here are second to none. You’ll be proud to call them your employees, neighbors, and friends.
Adams County is made up of diverse businesses, but in particular, they have a strong tradition of manufacturing. Smith Brothers of Berne and Formula Boats are great examples of this long-lasting legacy.
They are also well-known in the leisure industry, including RVs,
boats, cars, and more. No matter what industry you specialize in, the blue collar values found in Adams County will serve your company well.
Adams County is excited about business growth, and looks to foster that growth through tax abatement assistance. The Adams County EDC (ACEDC)will help facilitate this process with each municipality.
The ACEDC has Revolving Loan Funds (RLF) available to new or existing Adams County businesses. This low-interest loan program provides gap financing for businesses that are unable to fully secure needed capital from other sources.
Adams County is a part of BizFTZ, the Foreign Trade Zone program that operates in the twelve county region of Northeast Indiana. Businesses in Adams County that import and export can easily take advantage of the benefits of operating in a foreign trade zone in the Alternate Site Framework (ASF) Program. The ASF Program saves time and money, encouraging economic development as well as U.S. exports.
With over 35,000 residents and growing, Adams County continues to thrive. Although it’s divided into 12 civil townships, four different communities make up the heart of Adams County. From bigger cities to small towns, traveling around the county is a trip worth taking.
For more information, please contact the Adams County EDC at 260-724-2588 or visit their website at www.adamscountyedc.com X
NORTHEAST INDIANA
260 724 2588
cbickel@adamscountyedc com 313 W Jefferson St , Decatur, IN 46733 c o l t o n b i c k e l Executive Director
Certified Food Processing Site
Certified Food Processing site has 39 21 acres located on the south edge of the City of Decatur, Indiana It is conveniently located just 0 5 mile off of US Highway 27 / 33, which is a 4 lane divided highway and 14 miles to I-469 Space is divisible The site is Certified Food Processing by Austin Consulting and is shovel ready The property is owned by the City of Decatur
The North Carolina Advantage NORTH CAROLINA:
From bustling urban centers to miles of rural landscape, North Carolina’s momentum is propelled by low business costs, ground-breaking university research, diverse culture, superior infrastructure, and a pace of life that attracts a talented workforce.
North Carolina has rightfully earned the title of America’s Top State for Business by CNBC in 2022 and 2023. Our corporate tax rate is phasing out, and our personal income tax is decreasing each year, giving your company’s bottom line room to grow.
North Carolina workers are talented and ready to work. Their highly skilled, educated and diverse workforce comes from the state’s top-tier universities, its abundant historically Black colleges and universities, and its 58-campus community college system.
A moderate climate. Excellent recreational opportunities. Culture-rich history and arts. Growingly inclusive communities. Quality healthcare. And a low cost of living. No wonder North Carolina attracts tens of thousands of newcomers each year. Their competitive, targeted, and performance-based incentive programs help offset the cost of relocating or expanding in North
Carolina by lessening the tax burden and lowering overall costs of doing business.
With a central location on the Eastern Seaboard and excellent transportation infrastructure, North Carolina provides an optimal point of access to markets and customers, keeping freight and delivery costs low.
North Carolina is at the forefront of transitioning to a clean energy economy. Through legislation and bold action, the state is diversifying its energy resource arsenal to include more sustainable and lower-cost sources.
The Economic Development Partnership of North Carolina (EDPNC) improves the economic well-being and quality of life for all North Carolinians by recruiting new businesses to the state, supporting existing employers, assisting companies with international trade, counseling small business and startups, and promoting North Carolina as a tourism destination. Statewide leaders launched the EDPNC more than a decade ago, elevating North Carolina’s economy to unprecedented heights. Since then, EDPNC has advanced the state’s strategy for attracting businesses and visitors, driving exceptional economic growth statewide. Contact them at 919-447-7777 or visit their website at www.edpnc.com
NORTH CAROLINA: Keep an Eye on PTI, The Center of NC Aerospace
Piedmont Triad International Airport is without question the Center of North Carolina Aerospace.
“We are committed to promoting groundbreaking innovation in aerospace and to generating abundant, high-quality jobs for our community,” says Kevin Baker, PTI’s executive director. “Years ago, the Airport Authority envisioned the airport as a key catalyst for regional economic growth. It’s gratifying to see that this foresight is now yielding tangible benefits.”
The most visible evidence of PTI’s commitment to economic development may be seen as you travel Interstate 73, which bisects the airport, centrally located between Greensboro, High Point and Winston-Salem. There, you’ll see a 174,000 square foot hangar, where Boom Supersonic will soon be building a supersonic passenger jet with an affordable ticket price and a zero-carbon footprint. Boom broke ground in early 2023 on the manufacturing plant, which will include a final assembly line, a test facility, and a customer delivery center. Overture, the first production aircraft, is expected to debut later this decade. The company expects to employ 2,400 people at the plant. “Boom is just one example of this airport’s commitment to innovation,” Baker says. “The airport
adopted an aggressive master plan a little over a decade ago to ensure that when the aerospace industry needs a site centrally located on the East Coast, proximate to multiple interstate highways and ready for development, we would have one available.”
Driving down I-73 you can see that Baker is not exaggerating. Thanks to the vision of present and past airport leadership, sites are being prepared alongside the Interstate for additional companies to locate at PTI. The airport has assembled a 1,000-acre, aerospace “mega-site” to accommodate a new wave of growth. Several of those parcels have been graded, have Interstate and runway access, and are ready for development.
Boom, Marshall Aerospace and Honda Aircraft Company are the most recent examples of companies that have found the airport an attractive place to locate and expand.
Altogether, about 50 companies are located on airport property, including global brands such as FedEx, Cessna/Textron and HAECO North America. Taken together, these 50 companies employ nearly 9,000 people at the airport. A supply-chain network of nearly
200 aerospace companies have located in the Piedmont Triad region near the airport providing even more aerospace jobs.
“It is very rewarding to see a long-term strategy materialize with these recent successes,” says Baker. “And we’re just getting started.” X
NEWS INDUSTRY
LINAMAR INVESTS OVER $1 BILLION IN AUTOMOTIVE TECHNOLOGY IN ONTARIO
Invest Ontario supports Linamar’s major expansion and retooling across the province, creating more than 2,300 new jobs
GUELPH, ONTARIO — Invest Ontario is supporting a more than $1 billion investment by Linamar Corporation, an Ontario-based global auto parts manufacturer, to develop and commercialize cutting-edge vehicle powertrain solutions, as well as other green automotive technologies. This milestone investment reinforces Ontario’s position as a North American automotive powerhouse.
Spanning six projects, this billion-dollar investment will create more than 2,300 jobs and entail extensive expansion and retooling of Linamar’s multiple facilities in Ontario to meet the original equipment manufacturer (OEM) demand for auto and EV parts in North America.
“We are very excited to announce this new investment program with both the Canadian Federal and Ontario Provincial Governments,” said Linda Hasenfratz, Executive Chair, Linamar Corporation. “Linamar has long shown its commitment to innovation by investing in product design, new capabilities and manufacturing capacity to lead advancements in mobility. Linamar is focused on developing products for every type of vehicle propulsion and for systems that are propulsion agnostic in the vehicle. This partnership helps us realize that potential. The participation of both levels of government in this program is a great indication of their commitment to the Canadian automotive manufacturing sector and helps ensure Canada and Ontario can successfully position itself as an industrial leader for the production of highly advanced automobiles within a rapidly changing global automotive market.”
Subject to reaching a definitive agreement, the Government of Ontario will provide a $100.3 million grant in support of Linamar’s investment, alongside a federal contribution of up to $169.4 million through the Strategic Innovation Fund (SIF). This underlines the investment’s strategic importance in bolstering Ontario’s end-to-end auto and EV supply chain by driving innovation and building manufacturing capacity across multiple key components and technologies.
“Linamar’s investment marks another major milestone in the company’s ongoing success in Ontario,” said the Hon. Doug Ford, Premier of Ontario. “At a time when we face a new administration in the White House and the potential threat of tariffs on Canadian goods, this investment will create good-paying jobs, strengthen our homegrown electric vehicle supply chain and accelerate the production of Ontario-made EVs. It will help ensure that the components needed for the cars of the future are made right here in Ontario, by Ontario workers.”
Linamar’s expansion will help grow and diversify its portfolio of electrified business, including the production of eAxle systems—a vital component of modern hybrid and electric powertrains used in vehicles ranging from passenger cars to heavy-duty trucks. The investment also comprises projects to drive
innovation in hydrogen fuel cell, battery storage, and semiconductor packaging technologies.
“Today’s announcement highlights Canada’s skilled workforce and booming battery ecosystem. Linamar’s groundbreaking project will drive innovation in EV parts and semiconductor manufacturing. It’s a win for the economy, the environment and Canadian jobs, cementing our country’s position as a leader in the EV supply chain,” said the Hon. François-Philippe Champagne, Federal Minister of Innovation, Science and Industry.
Ontario has attracted over $46 billion in auto and EV‐related investments from global companies since 2020 with the help of Invest Ontario. Boasting an end-to-end auto supply chain, a skilled workforce, a wealth of critical minerals, and a thriving tech ecosystem, Ontario has everything needed to build the cars of the future.
“Our government remains laser focused on positioning Ontario as a world-class jurisdiction for domestic and international companies to grow their businesses, promote innovation and build more resilient supply chains,” said the Hon. Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Linamar’s billion-dollar investment will not only create thousands of new, good-paying jobs for Ontario workers, it will catalyze economic growth and reinforce our continued commitment to the province’s key sectors.”
Since its inception, Invest Ontario has secured investments that have filled gaps across the auto and EV value chain—from EV battery separators to battery enclosures, motor core components to advanced thermal management systems, EV tires to micro-LED technologies for vehicle displays.
“Linamar’s continued growth sends a compelling message: Ontario is the place of choice for auto parts companies to pioneer cutting-edge technologies and deliver them to the vast North American market,” said Jennifer Block, Interim CEO of Invest Ontario. “We remain confident in the long-term potential of EVs and are committed to partnering with industry leaders and innovators to lead the charge together towards sustainable mobility.”
For more information about Invest Ontario, please visit www.investontario.ca. expansion will create 90 new jobs in Richmond County.
PROGRESS CONTINUES ON AUSTAL’S SUBMARINE MODULE MANUFACTURING FACILITY PROJECT
MOBILE, ALA The City of Mobile’s Industrial Development Board has officially approved support of Austal USA’s new Module Manufacturing Facility 3 (MMF3), a more than $400 million investment that will create 1,162 new jobs and retain 2,671 jobs in the region.
“Austal’s investment in workforce development, infrastructure and cutting-edge manufacturing technologies ensures a bright future for Mobile’s industrial economy,” said Mobile Chamber President and CEO Bradley Byrne. “As Alabama’s maritime industry continues to grow, Austal’s presence strengthens the economic impact of Mobile’s shipbuilding sector, securing a key role in our nation’s defense strategy.”
The 369,600-square-foot MMF3 facility, which broke ground in October 2024, is a key component in Austal’s continued expansion and will support the U.S. Navy’s Columbia-class and Virginia-class submarine programs.
“Austal’s ongoing expansion in Mobile is a testament to the skill and dedication of our local workforce. This Module Manufacturing Facility will bring additional jobs to Mobile, boost the local economy, and enhance U.S. Naval defense capabilities. As Austal deepens its commitment to our community, the City of Mobile is proud to support its continued growth and success,” said Mobile Mayor Sandy Stimpson.
“The Submarine Module Manufacturing Facility Project expansion is another major Austal investment demonstrating its confidence in Mobile County’s workforce and economy. This expansion’s 1,000 new jobs, capital impact, and retained positions will provide our workforce with incredible opportunities while strengthening our local economy for generations to come,” said Mobile County Commission President Merceria Ludgood.
NEARLY $3 BILLION INVESTED IN MONTGOMERY COUNTY, MARYLAND COMPANIES IN 2024
MONTGOMERY COUNTY, MD— Businesses in Maryland’s Montgomery County experienced a surge in investment funding in 2024. Mergers and acquisitions, venture capital and private funding deals totaled $2.9 billion, a 36% increase over 2023’s total of $2.2b. Spanning 106 deals across 96 companies, this surge in mergers and acquisitions, venture capital, and private investment reflects Montgomery County’s continued prominence as a regional economic leader.
Diverse Industries Driving Growth
Investment activity spanned multiple sectors, reinforcing Montgomery County’s reputation as a hub for innovation:
Financial Services: The largest deal of the year was Atlantic Union Bank’s $1.6 billion acquisition of Sandy Spring Bancorp, highlighting the strength of the financial industry in the county.
Technology: Companies specializing in cybersecurity, artificial intelligence, and energy innovation raised $769 million, demonstrating the county’s sustained growth as a hub for this industry sector.
Life Sciences: With $535 million in investment, Montgomery County’s position as a leading hub for biotech and healthcare innovation continues to grow. The county is the anchor for the BioHealth Capital Region, which ranks third among the nation’s top 10 biopharma clusters
Construction of MMF3 is expected to be completed in 2026.
By the Numbers:
• $406 million capital investment
• 1,162 new jobs created
• 2,671 retained jobs
Why It Matters:
This state-of-the-art facility will solidify Mobile’s role as a national leader in defense manufacturing, directly contributing to the U.S. Navy’s goal of delivering one Columbia-class and two Virginia-class submarines annually. The project represents one of the largest privatesector investments in Mobile’s history and will fuel economic growth by providing high-paying, skilled manufacturing jobs.
according to Genetic Engineering & Biotechnology News. In 2024, the region even surpassed No. 2 San Francisco in NIH funding and patents.
Professional Services & Manufacturing: A mix of mid-sized and smaller deals totaled $64.2 million in investment.
While major investments dominated the headlines, more than 40 of the investments tracked in the county were small venture capital investments of $5 million or under, reflecting the county’s thriving ecosystem for businesses of all sizes.
“These investments underscore the competitive advantages businesses find in Montgomery County, Md.,” said Bill Tompkins, president and CEO of the Montgomery County Economic Development Corporation. “Entrepreneurs and investors are drawn to the county because of our deep talent pipeline, proximity to federal government agency headquarters and laboratories, global connectivity, and diverse economy.
“We are proud to support this momentum. When investors choose Montgomery County businesses, they create jobs and support the continued growth of the county.”
NEWS INDUSTRY
GOV. KEMP: PBS AEROSPACE ESTABLISHES NORTH AMERICAN HQ IN METRO ATLANTA
ATLANTA, GEORGIA — Governor Brian P. Kemp announced that PBS Aerospace, a designer and manufacturer of world-class small turbojet engines, will invest up to $20 million to establish its North American headquarters, manufacturing, and R&D operations in Roswell. The new operations will create at least 95 new jobs in metro Atlanta, growing the company’s presence in the state.
PBS Aerospace is an international manufacturer of turbojet engines and auxiliary power units that has been present in the U.S. market for more than a decade.
“PBS Group’s owner, William Didden, made the decision to establish Georgia as the location for our U.S. headquarters because of the successful foundation we have built in Atlanta through PBS Aerospace,” said Tomas Koutsky, Managing Director of PBS Aerospace. “Atlanta has proven to be an exceptional base for our operations, offering access to an excellent education system, skilled workforce, robust infrastructure, and a thriving business environment. The positive experiences and success in Atlanta have undoubtedly influenced our choice as they reflect Georgia’s ability to support our continued growth.”
“We look forward to building our new Roswell factory, which will produce the world’s most advanced small turbojet engines designed to meet the needs of the U.S. Department of Defense,” said Erin Durham, CEO of PBS Aerospace. “This move aligns seamlessly with our larger growth strategy, which focuses on partnering with Georgia’s extensive manufacturing, aerospace, and defense sectors.”
PBS Aerospace’s footprint will include an existing, renovated building at 1350 North Meadow and a new facility that will be constructed at the Tech Village North Site in Roswell. Hiring is underway for open roles, with projections to meet full operations in April 2025. Interested individuals can learn more and apply at//www.pbsaerospace.com/career.
Statewide Project Manager Haley Casola represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team on this competitive project in partnership with the City of Roswell, Select Fulton, Metro Atlanta Chamber, Georgia Quick Start, the Georgia Center of Innovation, and Georgia Power.
“PBS Aerospace first landed in the U.S. through Georgia, so it’s incredibly exciting that the company has chosen to expand on its presence here to
establish not only its North American headquarters but also its first manufacturing and R&D operations in the U.S.,” said GDEcD Commissioner Pat Wilson. “Today’s news is the result of investing in our relationships at home and internationally, taking the time to ensure companies have a great experience working with the state at their existing locations and taking the initiative to meet with company leadership in-person to learn more about their plans for the future. Congratulations to PBS Aerospace for expanding in the U.S. market, and to all of the partners involved in bringing the opportunity for a job to Georgians through this investment!”
About PBS Aerospace
PBS Aerospace Inc. is a subsidiary of PBS GROUP, an engineering holding company and has been an established brand for over 200 years. PBS Group delivers cutting-edge engineering solutions across a portfolio of companies that focus on the aerospace, energy, and transportation industries. PBS Aerospace Inc. has had a presence in the U.S. market for more than 10 years and focuses on providing highly reliable turbojet engines and auxiliary power units (APUs) for the U.S. Department of Defense and commercial customers.
ASTRAZENECA PLANS C$820 MILLION (US$570M) INVESTMENT IN CANADA TO ADVANCE GROWING GLOBAL HUB AND CLINICAL DELIVER
700 new scientific and high-skilled jobs to be created in Greater Toronto Area, investing to execute more than 210 AstraZeneca global clinical studies
GREATER TORONTO, ONTARIO AstraZeneca, a global pharmaceutical company focused on developing life changing medicines, announced a C$820 million (US$570m) investment in Canada, creating more than 700 high-skilled jobs, across all areas of the business. The investment will support the move to a larger, state-of-the-art office facility in the Greater Toronto Area (GTA), Ontario.
New investment in Canada will contribute to AstraZeneca’s global ambition to achieve US$80 billion in Total Revenue and to bring 20 new medicines to patients around the world by 2030 of which eight new medicines have been delivered to date. The Company also expects seven first Phase III clinical trial data readouts in 2025.
AstraZeneca is one of the leading R&D investors in Canada, contributing more than C$230 million in research and development in 2023, much of which is focused on delivery of over 210 AstraZeneca global clinical studies of new medicines and indications. The Company’s investments in Canada since 2023 now exceed C$1.3 billion, creating a combined 1,200 new high-skilled jobs. In 2024, AstraZeneca completed a C$3 billion agreement to acquire Hamilton, Ontario-based Fusion Pharmaceuticals, which is developing next-generation radioconjugates with the promise to redefine radiotherapy for cancer patients. The Fusion announcement represents one of the largest research investments made in a Canadian biotechnology company.1 Together these investments
are contributing to the growth of Canada’s life sciences sector and the advancement of AstraZeneca’s global clinical studies pipeline.
Pascal Soriot, Chief Executive Officer, AstraZeneca said: “This investment is a reflection of our growing clinical pipeline, our strong belief in Canada’s potential as a global hub for life sciences innovation, and the value of publicprivate collaboration with the Ontario government. We believe the diverse talent pool together with the network of world-class universities, hospitals, and research centres will help us bring new medicines to Canadians and patients worldwide.”
Doug Ford, Premier of Ontario said: “Today’s announcement is fantastic news for Ontario and another testament to the incredible talent, innovation and opportunities our province has to offer. Our government, through Invest Ontario, is proud to support AstraZeneca with C$16.1 million to help bring these hundreds of new, highly-skilled jobs to Ontario, strengthening Ontario’s position as a global leader in life sciences and innovation.”
Gaby Bourbara, President, AstraZeneca Canada said: “AstraZeneca’s continued investment in Ontario is crucial to advancing innovative medicines that treat, prevent, and may one day cure complex diseases like prostate, lung, and breast cancer, as well as rare diseases. AstraZeneca’s investment of C$820 million (US$570m), alongside the Government of Ontario’s contribution through Invest Ontario, will strengthen the Province’s life sciences strategy, driving economic growth, and foster innovation that benefits patients in Canada and around the world.”
LUCK COMPANIES GROWING QUARRY OPERATIONS ACROSS SOUTH CAROLINA COMBINED INVESTMENT
• In Saluda County, the company will invest $40 million over the next 10 years and create 10 new jobs to develop the 330-acre quarry site.
OF $450 MILLION
WILL CREATE 70 NEW JOBS
SOUTH CAROLINA — Luck Companies, a provider of crushed stone aggregates and environmental performance products, announced it is growing its quarry operations across South Carolina. The company will develop new sites in Chester, Edgefield, Saluda and Spartanburg and expand its existing sites in Fairfield and Kershaw counties. The combined investment of $450 million will create 70 new jobs. Founded in 1923 and headquartered in Virginia, Luck Companies provides materials and services through its three business units: Luck Stone, Luck Ecosystems and Luck Real Estate Ventures. The company serves as a partner for customers in the construction, civil engineering and environmental industries.
Founded in 1923 and headquartered in Virginia, Luck Companies provides materials and services through its three business units: Luck Stone, Luck Ecosystems and Luck Real Estate Ventures. The company serves as a partner for customers in the construction, civil engineering and environmental industries.
Luck Companies will invest $93 million to develop a new site in Chester County, creating 25 new jobs. Along with the quarry component, the site will include acreage dedicated to agricultural education and a multi-use, economic development portion. Over the next 20 years, Luck Companies will invest $70 million to develop its 434-acre quarry site in Edgefield County, creating 10 new jobs.
• The Edgefield and Saluda sites will support increased development along the Interstate 20 corridor.
• The Spartanburg County site, located in Enoree, represents a $132 million investment over the next 20 years and approximately 25 new jobs. In addition to the quarry, this site will also feature opportunities for commercial development.
• Luck Companies’ Fairfield County site, located along Highway 34 near Ridgeway, provides construction aggregate materials for the growing Interstate 77 corridor and includes space for future economic development. The company will invest approximately $90 million in this site, over the next 20 years, to meet growing demand.
• Acquired in 2018, the Kershaw County site, located west of Highway 601 in Kershaw, makes products that support the building of roads and site development as well as larger stones that support coast protection. The company will invest an additional $25 million to build a permanent plant at this location.
• The plants in Fairfield and Kershaw counties currently have over 30 existing employees.
• Individuals interested in joining the Luck Companies team should visit the company’s careers page.
ALABAMA
ARIZONA
Cullman Economic Development Agency
Dale Greer
P.O. Box 1009
Cullman, AL 35056
256-739-1891
daleg@cullmaneda.org www.cullmaneda.org
Gadsden-Etowah Industrial Development Authority
David Hooks
Executive Director 1 Commerce Square Gadsden, AL 35901 256-543-9423
Business Development Manager 2470 Volunteer Parkway Bristol, TN 37620
423-793-5532
423-793-5545 (f) aeads@btes.net www.btes.net/index.php/economic-development City of Lebanon
Sarah Haston
Economic Development Director
200 North Castle Heights Ave. Lebanon, TN 37087
615-443-2839 EXT. 2120
Sarah.Haston@lebanontn.org www.lebanontn.org
NETWORKS – Sullivan Partnership
Clay Walker PO Box 747, Blountville, TN 37617
423-279-7681
cwalker@networkstn.com www.networkstn.com
TEXAS
City of Fort Worth
Robert Sturns, Director 1150 S. Freeway Fort Worth, TX 76104 817-392-2663
Robert.Sturns@fortworthtexas.gov
Big Spring Economic Development Corporation
Mark Willis 215 W. 3rd Street
Big Spring, TX 79720
432-264-6032
markwillis@bigspringtx.com www.bigspringtx.com
Bowie Economic Development Corporation
Janis Crawley
101 E. Pecan, Bowie, TX 76230
940-872-4193
940-531-8201(c)
BEDC@BowieTexasEDC.com www.BowieTexasEDC.com
Cameron Industrial Foundation
Ginger Watkins, Executive Director
102 E. First Street, Suite A Cameron, TX 76520 254-697-4970 254-482-1119 (c) gwatkins@cameronindustrialfoundation.com www.cameronindustrialfoundation. com
City Development Corp of El Campo
Carolyn Gibson, Executive Director 707 Fahrenthold, P.O. Box 706
Sherry A. Spring Director of Economic Development 6489 Main Street Gloucester, VA 23061 804-693-1414 sspring@gloucesterva.info www.gloucesterva.info
WASHINGTON
City of Lakewood Economic Development
Becky Newton, Manager 6000 Main Street SW Lakewood, WA 98499 877-421-9126 bnewton@cityoflakewood.us www.buildyourbetterhere.com
WEST VIRGINIA
Mingo County Redevelopment Authority
Leasha Johnson, Executive Director 1657 East Fourth Avenue Williamson, WV 25661 304-235-0042 304-235--0043 (f) ljohnson@developmingo.com www.developmingo.com
WISCONSIN
Madison Region Economic Partnership
Kathy Collins, VP Economic Development 8517 Excelsior Drive, Suite 107 Madison, WI 53717 608-571-0407 kcollins@madisonregion.org www.madisonregion.org
New North, Inc
Barb LaMue, President & CEO 2740 W. Mason Street Green Bay, WI 54303 920-676-1960 barb.lamue@thenewnorth.com www.thenewnorth.com
Portage County Business Council, Inc. PCB
Michael Witte, Executive Director 5501 Vern Holmes Drive Stevens Point, WI 54482 715-344-1940 715-344-1940 (f) michaelw@portagecountybiz.com www.portagecountybiz.com
Cara A. Finn, BBA, M. Ad.Ed. Director of Economic Development 399 Ridout St. North London, ON N6A 2P1 519-434-7321 cfinn@middlesex.ca www.investinmiddlesex.ca
Invest Mississauga, Economic Development
Christina Kakaflikas, Ec. D. Economic Development Division Mississauga City Hall
300 City Centre Drive, 3rd Floor Mississauga, ON L5B 3C1 Canada 905-615-3200 x 5014