Cabinet for Economic Development
CABINET FOR ECONOMIC DEVELOPMENT AWARDS FUNDING FOR TWO KENTUCKY HIGH-TECH COMPANIES

Press Release Date:  Thursday, April 30, 2009  
Contact Information:  Mandy Lambert, (502) 564-7670  


FRANKFORT, Ky. (April 30, 2009) –  The Kentucky Economic Development Finance Authority (KEDFA) today granted two Kentucky companies a total of up to $220,000 from the Cabinet for Economic Development through its High-Tech Investment Pool. The projects are anticipated to create a combined 14 new high-tech jobs in the commonwealth.  

“KEDFA’s approval of funding for these two companies illustrates how Kentucky offers support for a wide range of high-tech ventures statewide – from a business incubator in London to a nanotechnology company in Louisville,” said Larry Hayes, interim secretary of the Cabinet for Economic Development. “It’s exciting to see the growth of the high-tech community across our state as Kentuckians develop and support cutting-edge companies and technologies.” 

Projects receiving funding include: 

·         Kentucky Highlands Investment Corporation London; up to $100,000 for the development of a small business incubator on a one-acre site. The Kentucky Highlands Business Accelerator will provide support for start-up high-tech businesses to grow and prosper in southern Kentucky. The company was also awarded a $1,080,000 grant from the U.S. Department of Commerce Economic Development Administration as partial funding for the project. In addition, the Appalachian Regional Commission contributed $300,000 in grant funds and the company itself will contribute a minimum of $500,000. The new facility should open by March 2010, and will be constructed to the Leadership in Energy and Environmental Design Silver Standard. The two-story building will have approximately 4,800 square feet per floor and cost approximately $1.98 million. (www.khic.org)   

Kentucky Highlands Investment Corporation anticipates that its future tenant companies will create a minimum of seven full-time, high-tech and technical support jobs. Average annual salaries for the new positions will be approximately $50,000, exclusive of benefits.   

·         NaugaNeedles, LLC – Louisville; up to $120,000 for the further development of  the company’s proprietary nanofabrication technology to grow flexible, constant-diameter, silver-gallium nanoneedles that can be used for many applications, including enhanced mechanical, electrical, and electrochemical sensing and manipulation at cellular and molecular levels. Nanoneedles can be fabricated with lengths from 1 to 100 micrometers and 25 to 1,000 nanometers in diameter (one nanometer equals one billionth of a meter; a typical human hair is about 80,000 nanometers wide). Based on this technology, the company has six categories of products fully developed and ready for commercialization. (www.nauganeedles.com 

A client of the Louisville Innovation and Commercialization Center, NaugaNeedles anticipates it will create a minimum of seven full-time, high-tech and technical support jobs for Kentucky residents by June 30, 2012, paying an average annual salary of approximately $64,000, exclusive of benefits. The company will have an exhibit in the Kentucky Pavilion at the Biotechnology Industry Organization International Convention, May 19-21, 2009, in Atlanta. 

The awards were funded through the Cabinet’s High-Tech Investment Pool, which is used to build and promote technology-based and research-intensive companies and projects with the goal of creating clusters of innovation-driven industries in Kentucky. The Kentucky statewide network of six Innovation and Commercialization Centers and six Innovation Centers provides locally accessible, business-building consulting and related services to Kentucky’s entrepreneurs and scientists. 

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The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2008 totaled over $1.8 billion with the creation of more than 11,500 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.ThinkKentucky.com.