The Iowa Economic Development Authority (IEDA) Board approved awards for two manufacturing companies located in Newton and Waterloo, which will assist in the creation of 410 jobs and result in over $263.2 million in new capital investment for the state. In addition, three innovation companies located in Coralville, Des Moines and Washington were approved for financial assistance. Projects in Cedar Rapids and Le Grand received IEDA board funding approval through the Community Attraction and Tourism (CAT) program. The University of Iowa’s biomanufacturing facility also received a grant through the Strategic Infrastructure Program.
TPI to make upgrades at Newton facility
TPI Composites, Inc. manufactures and services wind turbine blades. The company plans to make renovations and update their equipment and technology to restart manufacturing operations after ceasing production in 2021. The project represents a $3.2 million capital investment and was awarded a $500,000 forgivable loan through the High Quality Jobs (HQJ) program. It is expected to create 320 jobs incented at a qualifying wage of $23.81 per hour.
International Paper to construct facility in Waterloo
International Paper is one of the world’s leading producers of renewable corrugated packaging and cellulose fibers, with their Iowa locations focused on creating material for fiber-based packaging products. The company plans to acquire land and construct a 900,000-square-foot corrugated products manufacturing facility. The project represents a $260 million capital investment and is expected to create 90 jobs incented at a qualifying wage of at least $23.01 per hour. The board awarded the company tax benefits through the HQJ program.
CAT grant awarded to two projects
Community Theatre of Cedar Rapids was awarded $500,000 through the CAT program for their Dream Here, Do Here project, which focuses on the renovation of the historic building’s upper stories to accommodate additional classroom and rehearsal space. The theatre has been a regional arts attraction since 1925 and anticipates increasing the number of visitors by 45% annually with this project.
The City of Le Grand was awarded $44,750 to make park improvements, which includes new playground equipment, upgrades to surfacing, installation of pickleball courts, replacement of dated fixtures and the addition of accessible pathways. In addition to the overall community benefit, the project will complement the new nearby housing development.
The CAT program provides financial assistance to communities for the construction of recreational, cultural, educational or entertainment facilities that enhance the quality of life in Iowa. Award recommendations for these funds are made by the CAT Review Committee to the IEDA Board for approval.
Awards made to two startups
Coralville’s Reality Wave, LLC utilizes AI technology to provide objective evaluations of academic manuscripts and grant proposals. ReviewerAI, their flagship product, ensures scholarly articles meet high quality standards in a timely manner. The company was awarded a $50,000 Proof of Commercial Relevance loan for key personnel and market analysis.
Des Moines-based Tumbleweed Vida, Inc. offers a step-by-step approach to managing end-of-life and post-loss plans. Their legacy planning software guides individuals, families, executors and trustees in organizing records, logging final wishes, storing legal documents, sharing grief resources and more. The company was awarded a $100,000 Demonstration Fund loan for product refinement, key personnel and market planning and entry activities.
Award recommendations for these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.
University of Iowa’s Center for Biocatalysis and Bioprocessing approved for Strategic Infrastructure Program grant
The Center for Biocatalysis and Bioprocessing (CBB) at the University of Iowa was awarded a grant of just over $1 million through the Strategic Infrastructure Grant program to expand the existing biomanufacturing infrastructure in the state by doubling the pilot-scale fermentation capacity with the acquisition and installation of a second fermentor. The assets, technologies and infrastructure will be made available to industrial, governmental and academic partners to scale contracted bioprocessing services. The increased demand will support high quality jobs and bolster student training and exposure to the industry.
The Strategic Infrastructure Program supports projects that develop commonly utilized assets with the goal of providing a competitive advantage to one or more private sector entities or that create necessary physical infrastructure in the state, and such projects are not adequately provided by the public or private sectors. Award recommendations for these funds are made by an internal and external review committee and presented to the IEDA Board for approval.
SSBCI Innovation Fund award made to rural startup
Continuum Ag, Inc., based in Washington, offers advanced software solutions that enable large-scale adoption of regenerative and climate smart practices. Regen Roadmap, their premier product, is delivered through their proprietary TopSoil platform to provide farmers with custom, data-driven recommendations to improve profitability through enhanced soil health. The company was awarded a $500,000 Innovation Acceleration Propel Fund loan for IP development and evaluation, product refinement, key personnel and market planning and entry activities.
The SSBCI program’s Innovation Fund increases assistance available through Iowa’s innovation continuum to support entrepreneurs through concept, launch and expansion. Award recommendations for these funds are made by the SSBCI Review Committee to the IEDA director for approval. The committee met on January 14, 2025, to review eligible applications.