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.
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.