Jyoti Americas Receives $865,000 Texas Enterprise Fund Investment
Governor Rick Perry today announced an $865,000 investment through the Texas Enterprise Fund (TEF) in Jyoti Americas, which will create a state of the art U.S. manufacturing facility for high voltage transmission lines in Conroe.
This investment, which will create 157 jobs and generate an estimated $34 million in capital investment, is conditioned upon the finalization of a local incentive agreement with the City of Conroe.
“This TEF investment in Jyoti Americas will create jobs and capital investment in Conroe, Texas and help install a first of its kind facility in the U.S. that will manufacture an essential component for the diverse and growing energy market,” Gov. Perry said. “Thanks to our low taxes, reasonable and predictable regulatory climate, skilled workforce, and investments through the TEF, companies like Jyoti Americas continue to flock to the Lone Star State to expand their operations.”
Jyoti Americas will open a fully automated, environmentally advanced facility that will manufacture lattice power transmission towers.
This will be Jyoti Americas’ first facility in the U.S., and will have the capacity to fabricate and galvanize 36,000 tons of power transmission towers annually.
Currently, there are no modern U.S. based manufacturing facilities for this type of transmission tower, which is used to transmit alternative, renewable electricity to consumers.
“After an extensive search for a facility to help us meet our long-term growth requirements, we are pleased to select Conroe, Texas, for our manufacturing facility,” Jyoti Americas CEO Lamberto De Santis said. “The Texas Enterprise Fund, along with support from various state, county and city leaders, was an important factor in our decision. We look forward to opening the facility next year and establishing Jyoti Americas’ presence as an engaged corporate citizen in Texas.”
“Our first contact with the company came through the Greater Houston Partnership in May 2009,” Greater Conroe Economic Development Council Director Tom Stinson said. “We worked closely with the Greater Houston Partnership and the Governor’s Office of Economic Development to help bring Jyoti Americas to Conroe.”
The Texas Legislature created the TEF in 2003 and re-appropriated funding in 2005, 2007 and 2009 to help ensure the growth of Texas businesses and create more jobs throughout the state.
TEF projects must be approved by the governor, lieutenant governor and speaker of the House.
The fund has since become one of the state’s most important tools to recruit and bolster business.
To date, the TEF has invested more than $422.2 million and closed the deal on projects generating 56,034 new jobs and more than $14.6 billion in capital investment in the state.
For more information about the TEF, please visit http://www.texaswideopenforbusiness.com/financial-resources/texas-enterprise-fund.html or http://www.governor.state.tx.us.
Topics: 2010, business, clean energy, Conroe, economic development, Economic Development Partnership, economic growth, economic recovery, Economy, electricity, employment, energy, Governance, government, Governor Rick Perry, high voltage transmission lines, investment, jobs, Jyoti Americas, lattice power transmission towers, moniter, monitor, national support center, news, North America, San Antonio, South America, tax incentives, TEF, Texas, Texas Enterpirse Fund, U.S., United States
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