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IEDA approves projects for five Iowa companies

August 23, 2021

The Iowa Economic Development Authority (IEDA) Board approved awards for five Iowa companies, which will assist in the creation of 170 jobs and result in $50.4 million in new capital investment for the state.

The five projects are located in Cedar Rapids, Denison, Indianola, Louisa county and Webster county. All five of the projects were awarded through the IEDA’s High Quality Jobs program.

Below is a breakdown of the awards approved and announced by the IEDA last week:

Fluid Quip Technologies builds office space in Cedar Rapids

Fluid Quip Technologies produces multiple patented technologies that enhance the corn-to-ethanol dry grind process for ethanol plants, improving run rates, diversifying outputs and increasing efficiency. The company plans to build additional workspace in Cedar Rapids, which will include approximately 12,600 square feet of offices and other accommodating areas.

The project represents a nearly $1.3 million capital investment and the board awarded tax benefits and $100,000 in direct financial assistance through the High Quality Jobs (HQJ) program. It is expected to bring 32 jobs at a qualifying wage of $24.20 per hour.

Monogram Food Solutions increases capacity in Denison

Monogram Food Solutions has become one of the nation’s leading manufacturers of value-added snack meats and other foods. The company acquired the Quality Food Processors plant in Denison and plans to modify the facility to incorporate new manufacturing lines.

The $13.9 million capital investment project was awarded tax benefits through the HQJ program. It is expected to create 125 jobs at a qualifying wage of $18.51 per hour.

Cemen Tech expands in Indianola

Cemen Tech, headquartered in Indianola, manufactures volumetric concrete mixers and sells them throughout the U.S. and internationally to contractors, municipalities, precast operators and the military. The company plans to expand the production facility and office space.

The project represents a $2.8 million capital investment and is expected to create one job at a qualifying wage of $28.01 per hour. The board awarded the company tax benefits through the HQJ program.

Louisa County’s Tyson modifies facility

A subsidiary of Tyson Foods, Tyson Fresh Meats is a supplier of premium beef and pork. In Louisa County, the company produces pork products and plans to enhance the processing at the facility with new machinery, equipment and modifications.

The project represents a capital investment of nearly $15.4 million and was awarded tax benefits through the HQJ program. It is expected to create 10 jobs, of which eight are incented at a qualifying wage of $19.65 per hour.

Calcium Products constructs facility in Webster County

Calcium Products manufactures calcium-based fertilizer pellets for the U.S. and Canada, helping customers maximize soil fertility to achieve higher crop yields and superior turf grass. To increase output, the company plans to replace the existing facility with the construction of a new 70,000 square foot production and warehouse facility.

The board awarded this $17.1 million capital investment project tax benefits through the HQJ program. It is expected to create two jobs at a qualifying wage of $20.47 per hour.

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IEDA approves projects for five Iowa companies | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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