Plans announced for $700 million investment by Boston-based company in new solar plant in STAMP
Frank van Mierlo, CEO of 1366 Technologies, a Boston-based, MIT-bred solar energy company, presents Gov. Andrew Cuomo with a commemorative silicon wafer during today's announcement of a $700 million investment by the company in a new production plant in Genesee County.
This is the first major project to sign on with WNY Science and Technology Advanced Manufacturing Park (STAMP) in Alabama. The CEO said his company intends to break ground on construction in the spring and be fully operational by 2017. The facility will manufacture silicon wafers for solar panels and could employ as many as 1,000 people in what Cuomo described as good, high-paying jobs.
While STAMP has benefited from state and federal grants to build infrastructure to support the kind of manufacturing facilities officials hope to attract, the only subsidies going directly to this project are standard tax breaks on the increased assessed value and sales tax abatements. The total incentive package is $97 million spread out over 10 years.
We'll have an in-depth story on today's announcement tonight or first thing in the morning.
