Governor Steve Beshear and Cabinet for Economic Development Secretary Larry Hayes announced Thursday nGimat LLC, a subsidiary of Atlanta-based nGimat Co., is establishing a new lab facility in Lexington. The company plans to initially invest more than $740,000 and will create 18 new high-tech jobs over three years, paying an average salary of $58,500, followed by an additional 50 full-time jobs in production and administrative positions.
At its Lexington location, nGimat will initially develop advanced lithium titanate energy storage nanomaterials for use in next-generation lithium-ion automotive batteries, as well as in energy storage components for the emerging electrical smart-grid.
“Lithium-ion batteries will help power tomorrow’s plug-in hybrid electric automobiles,” said Dr. Andrew Hunt, chief executive officer and chief technology officer of nGimat Co. “nGimat’s nanomaterials will enable more cost-effective, more powerful and longer lasting versions of these batteries.”
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved nGimat for a forgivable loan up to $250,000 through the Cabinet for Economic Development’s High-Tech Investment Pool, a program used to support technology-based and research-intensive companies and projects. KEDFA also preliminarily approved nGimat for tax incentive benefits up to $550,000 through the Kentucky Business Investment (KBI) program. KBI incentives can be earned over a 10-year period through corporate income tax credits and wage assessments.
Additionally, KEDFA approved nGimat for up to $60,000 through the Kentucky Enterprise Initiative Act (KEIA), a program that allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
For more information on nGimat, visit www.ngimat.com.