Wednesday, May 18, 2005
Michael Shore, MEDC
Alternative Energy Company Creating 150 New High-Tech Jobs
Governor Jennifer M. Granholm joined company and local government officials today to celebrate the dedication of the new Cobasys headquarters and technical center in Orion. An incentive package offered by the Michigan Economic Development Corporation last year helped convince the alternative energy company to invest an estimated $1.5 million to consolidate and expand its operations in Michigan over a competing site in Ohio. The project is expected to create 150 new jobs over the next five years.
"Cobasys is a symbol of Michigan's progress toward a competitive 21st century economy and its decision to consolidate and grow here is a testament to Michigan's growing leadership in alternative energy technology development," Granholm said. "Their growth demonstrates that Michigan can compete for and win the jobs of tomorrow."
Alternative energy research and commercialization is a key target of the Jobs for Michigan Fund that Granholm has proposed. If passed by the state Legislature and approved by voters in a statewide ballot this November, the $2 billion bond initiative would provide a stable, dedicated source of funding to boost employment in certain high-tech, high-growth industries in the state.
According to Cobasys President and CEO Thomas Neslage, the company has doubled its Michigan based employment since 2003 and expects to have up to 200 Michigan-based employees by the end of 2005.
"We very much appreciate the efforts of the state, county and local governments working closely with us to make this growth possible," he said. "Commercialization of these technologies will reduce our nation's oil dependency and improve the environment while enhancing Michigan's economy."
In June 2004, the MEDC approved a Single Business Tax credit valued at approximately $3.9 million to win the project. Orion Township, in Oakland County, also approved a 50 percent abatement of the company's new personal property taxes valued at $92,000 for 12 years.
"Michigan's economic development tools are making our state a hot bed for the growth of emerging high-tech companies," MEDC President and CEO Don Jakeway said. "This project will help anchor the state's leadership in the development of alternative energies and create good jobs for future generations."
Cobasys is a joint venture between ChevronTexaco Technology Ventures, an operating unit of ChevronTexaco Corporation and Energy Conversion Devices, Inc. For more information about Cobasys contact Ray Wagner, Vice President of Marketing at (248) 620-5765 or visit the website at www.Cobasys.com.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.