The state recently approved forgivable loans to three companies investing in high-tech projects.
The grants, totaling $625,000, are to be used to help create more than 60 jobs.
Corning in Harrodsburg was approved for $250,000 to develop an extremely thin, flexible glass to be used in the next generation of electronics.
The company plans to convert a glass-production tank into a manufacturing tool for the process, according to state documents. The company estimates that the project costs total $62.85 million, and the project is expected to create 28 full-time jobs, each paying $72,000 annually, excluding benefits. The jobs must be created by the end of 2012, according to the agreement.
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The Kentucky Economic Development Finance Authority board also approved Escent Technologies in Lexington for $200,000. The company, formed last year, looks to commercialize spectroscopic integrated computational sensing devices. The first planned adaptation is for law-enforcement officers who will use the handheld devices to identify unknown substances such as pills and powders, according to state officials. Other applications, officials said, include food safety and raw-material analysis, and use in environmental and medical fields.
The company estimates that the project will cost $500,000, and it is expected to create 13 full-time jobs paying $70,000 annually, excluding benefits. The company was also approved for a $150,000 tax-incentive package
The KEDFA board approved $175,000 for ZoomEssence in Northern Kentucky's Boone County. Founded in December 2008, the company has developed a technology that converts liquid into powders without using heat, which can damage some ingredients, according to state documents.
The company plans to buy equipment for as much as $800,000, and the project is expected to create as many as 20 full-time jobs paying $67,000 annually, excluding benefits. The company also was approved for a $300,000 tax-incentive package.