A Hancock County business has been awarded a Manufacturing Readiness Grants.
The Indiana Economic Development Corporation (IEDC), in partnership with Conexus Indiana, announced the fourth round of awards totaling more than $2.8 million to 34 Indiana businesses in Manufacturing Readiness Grants to support a projected $17.4 million in technology-based capital investment in Indiana.
Tech Castings LLC was awarded a $171,500 grant award. Tech Castings is a leading supplier of vacuum and air melt superalloy investment castings and pressurized ceramic core leaching services to aerospace companies. The company is implementing robotics in its shell room to increase capacity and quality while alleviating employees from lifting heavy items.
The Manufacturing Readiness Grants program was launched in 2020 to stimulate private sector investments to modernize Indiana’s manufacturing sector. Based on the program’s success, the Indiana General Assembly appropriated $20 million in additional funding to the two-year state budget that runs through June 30, 2023, to help position Hoosier operations for future growth and prosperity. Availability of the new funding on July 1, 2021, has enabled a total of 122 awards to date totaling nearly $9.7 million in grants to Hoosier companies in 50 counties, supporting technology-based capital investment projected to be more than $68.6 million.
The 34 grant recipients in this round include companies from 22 Indiana counties and cover a wide range of specialties, including aerospace and defense, automotive, custom electronics and medical devices.