EDC Approves $500,000 Loan for Up to 15 Jobs Now. 47 Jobs by 2015
Tuesday, February 07, 2012
Accordding to the EDC, Utilidata initially brings 8 to 15 jobs to Rhode Island in 2012 and will create a total of 47 direct, full-time jobs in the state by the end of 2015.
The average annual wage for these jobs is expected to be about $91,000. Over the four-year job growth period, the new positions are estimated to generate approximately $352,000 in state income taxes.
“Utilidata is exactly the type of company we want to attract to relocate and expand in Rhode Island, bringing good, high-paying jobs to our state,” said Governor Lincoln Chafee. “I am pleased to welcome Utilidata to Rhode Island and look forward to their contributions to our growing knowledge economy.”
Braemar Energy Ventures, a venture capital firm, is a lead investor and majority owner of Utilidata and focuses on energy investments in both the alternative and traditional energy markets. As part of its investment and growth strategy, Braemar is relocating the company to the Rhode Island market because of the area’s deep talent pool of the engineers and technicians that the company needs to further develop its product and grow the business and the financing available through the REF.
With the development of automated technology to more efficiently manage energy flow across the utility grid, Utilidata is optimizing the delivery of electric energy through the application of advanced signal processing through the electric grid. The company’s AdaptiVolt™ Volt/VAR Optimization System allows electric utilities and energy intensive industries to reduce electricity demand, improve efficiency and increase reliability.
The loan is subject to Utilidata executing a lease in Rhode Island and establishing local headquarters in the state.
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