Fourteen early-stage technology companies within the I-99 Innovation Corridor in Centre and Blair counties have been approved for a combined $560,856 in Keystone Innovation Zone tax credits, Gov. Tom Wolf announced this week.
The area businesses were among 255 around the state receiving $15 million through the tax credit program administered through the Department of Community and Economic Development.
“Keystone Innovation Zones provide a network of support and resources to early-stage companies,” said CBICC Vice President of Economic Development Jennifer Myers, who serves as KIZ coordinator for the I-99 Innovation Corridor. “The program provides much needed working capital for companies working toward commercializing innovative technology and that often face many challenges in getting their businesses off the ground.”
KIZ tax credits are provided to companies companies that have been in operation for less than eight years; whose gross revenues have increased over the previous year; are located in a Keystone Innovation Zone; and are operating within a targeted industry sector such as information technology or advanced manufacturing.
The eight Centre County companies, all located either at Innovation Park or on Science Park Road in State College, received $387,384 in tax credits. They included:
- Piezo Energy, Inc., located at Innovation Park, received $84,182.
- Aleo BME, Inc., a biotechnology research and development and device manufacturing company located at Innovation Park, received $8,222.
- Impulse Technology, LLC, which specializes in specializes in the design, modeling, and fabrication of mechanical systems and is located at Innovation Park, received $36,310.
- EXH, Inc., which creates advanced electromagnetics software and design solutions and is located at Innovation Park, received $84,083
- Nittany Laser, LLC, which provides a wide range of laser processing tools and services and is located on Science Park Road, received $59,591.
- ColumnTek, LLC, which develops and manufactures high quality chiral separation media and columns used in liquid chromatography and is located at Innovation Park, received $26,370.
- Solid State Ceramics, which innovates piezo-ceramic materials and devices for new markets and is located on Science Park Road, received $84,182
- Solid Dynamics, LLC, a rapid prototyping firm using an array of unique 3-D printing systems and located at Innovation Park, received $4,444.
Blair County companies receiving the KIZ tax credits included Adiaon, LLC; Railroad City Brewing Company; The Mid-State Solutions Group, LLC; Nova 6, LLC; Depiro Entertainment; and Ascribo, LLC.
“Every day, Pennsylvania’s tech sector is growing stronger,” Wolf said. “Our role at the state level is to help foster that growth. By supporting our tech entrepreneurs, we’re creating jobs, enabling business growth, and making Pennsylvania a national and global leader in innovation.”
Bellefonte-based Actuated Medical, Inc. was a previous recipient of the KIZ tax credits and Maureen Mulvihill, president and CEO, said they were helpful in the company's early years.
“As a medical device company, we must have a strong intellectual property portfolio. By selling our KIZ tax credits, we had additional capital to support our patent legal costs, which increased our corporate valuation,” she said in a news release.