PROVIDENCE – Gov. Gina M. Raimondo and the board of directors for the R.I. Commerce Corp. approved Qualified Jobs tax credits as relocation incentives to two out-of-state businesses and three Innovation Vouchers to help fund research and development for three local businesses, Commerce announced after its board meeting Monday.
Xeros Inc., a cleaning-technology division of Xeros Technology Group, based in Sheffield, England, was approved for incentives for approximately $785,000 to create 25 jobs with the potential to create up to 40 jobs under the Qualified Jobs Incentive Act. The company will move an engineering facility from Seekonk to a to-be-determined location in Rhode Island.
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The second company approved for a Qualified Jobs tax credit was Alliance Paper Co., a paper-products manufacturer, which received approximately $297,000 to move its operation, and 20 jobs, from Fall River to Pawtucket. Alliance is eligible to receive additional credits for creating up to 30 jobs.
“Alliance Paper is very excited to relocate and join the Pawtucket community, and its great heritage in the American Industrial Revolution,” said Jeff Jones, president of Alliance Paper Co. “This opportunity offers great growth potential, and without the financial incentives from the Rhode Island Commerce Corp., this move would not have been possible. I’d personally like to thank the governor and the dedicated staff of the Commerce Corporation for bringing this to fruition.”
“Today’s news offers more proof that Rhode Island’s economy is on the move,” said Raimondo. “Every business that brings jobs here because of our Commerce programs creates an opportunity for Rhode Islanders.”
In addition to the tax-credit incentives, the board approved three Innovation Vouchers for local companies, which provide funding up to $50,000 for research and development between small Rhode Island businesses and local knowledge partners – often hospitals, colleges or universities.
All three vouchers from the meeting were partnerships with departments at the University of Rhode Island.
“Businesses already creating jobs here need support through targeted programs like our Innovation Vouchers,” Raimondo noted. “These are strategies with successful track records in other states. We cannot stop working to strengthen our economy until every middle-class family has the security and stability they deserve.”
The board decided that Modus Tech-Wear LLC of Providence will receive $50,000 to partner with the Chemical Engineering Department at URI to develop a lightweight, rechargeable battery with improved longevity for use in smart wearable products.
CBC LLC will receive $48,106 to partner with the Department of Mechanical Engineering at URI to continue an existing project on wind energy. The project will expand on a previous project that enabled the company to scale up its model unit of a power-generating wind turbine to a larger preproduction unit.
Alcinous Pharmaceuticals will receive $50,000 to amass a library of drug molecules that can be used in developing cancer therapies with superior efficacy and tolerability. They will be partnering with URI’s Department of Chemistry.
“The Qualified Jobs tax credit has now helped 20 companies land and expand in Rhode Island,” said R.I. Secretary of Commerce Stefan Pryor. “We have granted more than double this number in Innovation Vouchers – often to smaller companies that are aiming to grow. Rhode Island is on a roll – with both smaller and larger businesses contributing to the momentum and creating opportunities for Rhode Islanders.”
Rhode Island has granted 43 Innovation Vouchers to date.
Chris Bergenheim is the PBN web editor.
