Firefly Energy Inc. to Relocate and Expand Operations and Create and Retain More Than 70 Jobs in Expanded Zone
CHICAGO – In an aggressive move to stimulate business growth and job creation throughout Peoria County, Gov. Rod R. Blagojevich today announced the certification of a boundary expansion for the Peoria Enterprise Zone. The enterprise zone, which lends critical income and job creation tax credits to companies located within its borders, will be expanded to include the relocation and expansion of Firefly Energy Inc., a business specializing in lead acid battery research and development, which plans to invest $5 million for a new corporate headquarters and create 39 jobs in the next three years. The company currently has 32 employees at its facility in Peoria. This support comes as a part of Opportunity Returns, the Governor’s comprehensive economic development strategy to continue creating better jobs and expanding the economy across North Central Illinois.
“The Peoria Enterprise Zone is a tremendous asset for the region in attracting new companies, good new jobs and significant private investment. By extending the boundaries of this enterprise zone, we are helping an already innovative technology company continue to stay on the cutting-edge and put more people to work. We will continue working together on the local level to keep Illinois businesses like Firefly Energy growing and making the kinds of investments that support a stronger regional economy,” Gov. Blagojevich said.
The Peoria Enterprise Zone will extend its benefits to include a total of 11.25 acres, which will incorporate 6533 N. Galena Rodd, the site where Firefly Energy plans to develop a new corporate headquarters. Firefly will renovate and expand the existing building at this location and construct a new facility that will more than quadruple its current space and allow the company to more than double its staff over the next three years. This development will consolidate the necessary resources for all advanced R&D, applied engineering, manufacturing development, pilot production and corporate management under one roof. This is the first stage of Firefly’s growth plan in Peoria that will provide the space needed for the next phase of product development and produce long-term growth of high technology jobs.
“We are thrilled to be establishing a new corporate headquarters right here in Peoria, which has all of the assets needed for a company like ours to grow and succeed, including a talented workforce, strategic location and excellent quality of life. My thanks to Governor Blagojevich and the state of Illinois, as well as the city and county of Peoria, for their continued support to help us expand and create more jobs in the community,” said Edward Williams, CEO of Firefly Energy, Inc.
Chief benefits of an enterprise zone include sales tax exemptions and tax credits for job creation. A 6.25 percent state sales tax exemption is permitted on building materials to be used in an enterprise zone, while the Enterprise Zone Jobs Tax Credit allows a business a $500 credit on Illinois income taxes for each job created in the zone for which a certified eligible worker is hired. The Enterprise Zone Investment Tax Credit is a state
investment tax credit of .5 percent for investments in qualified property in a zone, which includes machinery,
equipment and buildings. An additional local benefit of the enterprise zone is the property tax abatements from the taxing districts.
“We are excited to have Firefly Energy expanding its presence in Peoria and using the key advantages available through the expanded zone. My thanks to Gov. Blagojevich for his support behind this project that will bring good new jobs and significant investment to the region,” Peoria Mayor Jim Ardis said.
A local enterprise zone may apply to the Illinois Department of Commerce and Economic Opportunity (DCEO) for boundary expansion if the proposed area to be added meets at least one of the tests for poverty, low income, unemployment or population loss, or the proposed area will provide an immediate substantial benefit to the zone. There are 96 enterprise zones statewide.
To date, Gov. Blagojevich has provided a $975,000 equity investment to Firefly Energy, through the Illinois Finance Authority (IFA), to help the company purchase new battery test equipment to increase its competitiveness. Additionally, to help high-growth companies like Firefly Energy, Gov. Blagojevich invested $450,000 in the Tri-County Venture Capital Fund last year, a Peoria-based seed stage fund to help bridge the gap between entrepreneurs and equity in Peoria, Tazewell and Woodford counties. The Tri-County Venture Capital Fund has provided critical investment dollars to Firefly Energy, a spin-out of Caterpillar, Inc.
“Gov. Blagojevich understands that by partnering together with local leaders and businesses, we are creating an exciting new environment in which they can expand and aggressively pursue new levels of growth and prosperity. With this expansion, Firefly Energy, a truly innovative company, will continue to provide good new jobs across the region,” DCEO Director Jack Lavin said.
Since January 2004, Illinois has gained almost 188,000 jobs, which is best in the Midwest. Illinois led the nation in new job growth in January 2007 with 19,100 new jobs. In 2006, Illinois gained 71,000 new jobs, which is the best calendar year gain since 2000. Over the last 4 years, from January 2003 to December 2006, Illinois had the second largest unemployment rate drop in the nation. The federal Bureau of Labor Statistics and the Illinois Department of Employment Security compiled these statistics
About Firefly Energy, Inc.
Firefly Energy (www.fireflyenergy.com) is a Peoria-based battery technology company developing a portfolio of next generation lead acid battery technologies and enhancing lead acid battery performance for major
portions of the $30 billion worldwide battery marketplace. Firefly’s first innovation, the carbon-graphite foam based battery technology, can deliver a unique combination of high performance, extremely low weight and low cost, all in a battery which utilizes the best aspects of lead acid chemistry while overcoming the corrosive drawbacks of this same chemistry. This product technology delivers to battery markets a performance associated with advanced battery chemistries (Nickel Metal Hydride and Lithium), but for one-fifth the cost, and can be both manufactured as well as recycled within the existing lead acid battery industry’s vast infrastructure. The company is backed by multi-billion dollar product companies, such as Caterpillar, BAE Systems, London Stock Exchange, and Husqvarna. Additional investors include Chicago area Venture Capital firm KB Partners and the State of Illinois’ Illinois Finance Authority.