PVpallet Receives Iowa Economic Development Award
Iowa Economic Development Authority (IEDA) Board recognizes PVpallet’s plan to establish jobs and new capital investment in Lee County, Iowa.
Montrose, IA: The Iowa Economic Development Authority (IEDA) Board has awarded PVpallet—creators of the first recyclable, stackable, collapsible, reusable solar shipping system—a $175,000 forgivable loan, a $175,000 conventional loan, and tax benefits. IEDA strives to promote growth and profitability and create quality job opportunities for Iowans that meet or exceed qualifying wage thresholds. As part of the IDEA program, Lee County is also providing a 20% match in the amount of a $70,000 loan.
Provided through IEDA’s High Quality Jobs (HJQ) program, which exists to off-set some of the costs incurred to locate, expand, or modernize an Iowa facility, this funding was granted upon approval of PVpallet’s plan to headquarter and grow its operations in Lee County, Iowa. PVpallet anticipates a capital investment of $16.2 million and the creation of 26 jobs.
As PVpallet moves into full-scale production in 2022, the team at PVpallet is thrilled that these relationships with IEDA and Lee County will allow the company to enrich its new home community and benefit its neighbors. “PVpallet is humbled and grateful for the support from Lee County and the IEDA,” says Philip Schwarz, Co-founder and CEO of PVpallet. “We envision Lee County as a growing hub for domestic renewable energy, and we are excited to bring more industry, jobs, and infrastructure development to this wonderful community and its people.”
About PVpallet: PVpallet is the solar industry’s first recyclable, reusable, collapsible pallet system designed specifically for shipping and protecting solar PV modules. PVpallet improves efficiencies and reduces costs throughout the entire solar supply chain, including manufacturing, distribution, installation, decommissioning and recycling, warehouse storage and construction waste disposal. PVpallet is made of HDPE plastic and replaces traditional wood shipping pallets.
About IEDA: The Iowa Economic Development Authority (IEDA) builds partnerships and leverages resources to strengthen Iowa’s economic and community vitality. Their mission is to serve Iowans by making Iowa the choice for people and business. IEDA assists individuals, communities and businesses by administering state and federal programs while maintaining a high level of transparency.
The Iowa Economic Development Authority (IEDA) Board acts on administrative rules, approvals to contract, and applications for state incentive programs. The board meets monthly and is comprised of 11 members appointed by the Governor of Iowa. Six ex-officio members—including four state legislators, one president of a private college or university, one president of a community college, and a Board of Regents representative—serve alongside the 11 appointed members.