Vela Gear Systems says it will be the cornerstone of Marion’s Green Technology Park, a newly formed cluster of sustainable businesses, comprised of three private companies and a business incubator. The real estate component of this opportunity is that the flagship business of this Green Tech Park, Vela Gear Systems (VGS) owns the 55-acre property and has been provided with $114 million in Economic Development Bonds from the city of Marion Indiana, and was awarded $11 million in federal tax credits by the U.S. Dept of Energy.
The intent is to develop the property, building four modern facilities, as a cluster of Renewable Energy focused businesses. Vela Gear Systems seeks a financial partner to credit enhance some portion of the $114 million in bonds, so the site can be developed using the bonds. VGS is a manufacturer of drive components focused on Wind Energy. This is a purpose-built U.S. manufacturer of future offshore and land-based wind-turbine drives, with diversification into mining and rail. Read an article on the founder here.
The company has an experienced team from this market, and will have operations generating revenue manufacturing large drive components and gearboxes for the petroleum industry.
GenAgain, the second company to lease a facility on this property, is a renewable business that will recycle plastic refuse from this region into a high-grade oil. GenAgain will install a proprietary processing facility, and will have pre-sales of their product prior to construction of their facility. GenAgain’s processes require heated air, which will be provided from the waste heat from VGS’ processes.
Green Energy Transport (GET), a third company to lease a facility on this property, is partnered with a Korean electric-car company. GET will import subassemblies for final assembly of an electric car, targeting utility fleet-vehicle markets. The advantage of targeting fleet vehicles, such as municipal and short range urban delivery vehicles, is that they do not require public charging stations because they return at night to a home facility for recharging. The GET team is experienced in the automotive-dealership market and will have pre-sales in place prior to construction of their facility.
The fourth to lease a facility on this property will be a “business incubator,” funded by Purdue University and local colleges. In addition, the site will have a multi-megawatt wind turbine to provide power for the businesses. Each modern building will have solar panels and use the latest ideas in sustainability. VGS says the property will be a world-class example of profitable, sustainable businesses, in a clustered development including learning institutions where there are m synergies.
Vela Gear Systems
Filed Under: Components, Construction, Gearboxes, News