Schumer Catalyst In Deal To Keep Nanodynamics In Buffalo; Expansion Will Create 325 New Jobs
NanoDynamics Was Being Lured by Other States To Relocate Outside of New YorkSchumer Worked Deal with New York State Economic Development Corp To Keep Firm in Western New York
US Senator Charles E. Schumer today announced that NanoDynamics, a nanotechnology firm, has decided to stay in Buffalo and expand, creating 325 new jobs over the next five years. Schumer played a key role in arranging the deal between NanoDynamics, which was being lured by other states to relocate, and the New York State Economic Development Corporation (ESD). Schumer aggressively lobbied the ESD to sweeten their incentives package so NanoDynamics would remain in Buffalo and create new jobs. NanoDynamics will retain its 50 employees and add 325 new jobs over the next five years to meet capacity demands of its nanomaterials, fuel cell and golf ball core business.
NanoDynamics is one of the most innovative major high tech industries in Buffalo, said Senator Charles E. Schumer. Buffalo is the right place and this was the right package. When I called the ESD, they went right to work fashioning an offer Nanodynamics could not refuse. The combination of a first ratelabor force and alluring package not only keeps the existing employees in Buffalo, but provides very real opportunities for hundreds of new jobs.
At Schumers urging, the State has now offered NanoDynamics an incentives deal totaling $4,557,900 to support the $9,740,000 investment the firm plans to make it ins current location. This offer includes a direct capital grant and Empire Zone credits includes $2 million in funding: $1.6 million in direct grants, which is a $600,000 increase over their original offer. The ESD is also offering $400,000 in refundable Empire Zone credits. If NanoDynamics proceeds with a $20 million expansion, the tax credits would increase proportionally.
NanoDynamics decision to expand its presence in Buffalo and create 325 new, goodpaying jobs is tremendous news for Buffalos working families and the Western New York economy, Governor Pataki said. We worked closely with the company and local officials to help Nanodynamics expand and grow in Buffalo. Were proud that they chose Buffalo over other locations across the nation and that they decided theres no better place to do business than here in New York.
NanoDynamics, currently employing 50 people in Buffalo, was being lured to relocate in several other states, including Ohio and Pennsylvania. The ESDs original incentive package to keep the firm in Buffalo was not attractive enough for them to stay. Over the past couple of weeks, Schumers staff worked with the ESD and Schumer personally called ESD Chair Charles Gargano twice to urge him to enhance their incentives package. Schumer brought NanoDynamics back to the table and arranged for an offer that was acceptable to the firm.
NanoDynamics operates out of the Buffalo Port Terminal building on Fuhrmann Boulevard. The company manufactures copper powders used in the capacitor industry, as well as silver powders used in everything from solar cell production, flat panel displays and even on Curad bandages as an antibacterial agent. The company is also working on a project involving a fuel cell product for a military application that will allow combat soldiers to replace battery packs weighing 15 35 pounds that carry a couple of days worth of power with solidoxide fuel cells that will provide a week's worth of power at less than five pounds. Recently, NanoDynamics is even helping to build a better golf ball. The company's "NDMX" golf ball, to go on sale in the next year, uses a hollow metal core to push weight to the outer edge of the ball. That reduces spin, which means less tendency to veer off course. Advanced materials in the ball's springy core should also improve performance.
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