Dec. 29—An Oneonta business will receive a big federal grant.
The Housing Trust Fund Corporation and the office of Community Renewal have selected an application submitted by Otsego Now, the county's industrial development agency, on behalf of Ioxus Manufacturing, for a Community Development Block Grant Economic Development program assistance grant of $750,000, according to a Dec. 29 media release from Otsego Now.
According to the release, the town of Oneonta asked Otsego Now to prepare an application on behalf of the town to provide CDBG assistance to help Ioxus expand its product line. The grant request was approved this past summer and will assist Ioxus with expenses such as equipment, equipment testing, supplies and materials, and administrative expenses required to expand its product line in Oneonta. The total project cost is $2,020,000 and the project is expected to create 30 full-time jobs and retain 21 full-time jobs over two years, with 39 (76%) to benefit low and moderate income persons, the release said.
Ioxus is a technology company "that currently produces iCAP ultracapacitors, iMOD modules and THiNCAP products that are optimized for higher power density, and voltage levels that provide simple solutions for their customers to incorporate them into their products with ease," the release said. The company is looking to expand to include lithium-ion batteries at its Oneonta location.