High-tech manufacturer to invest more than half a million dollars
LEXINGTON, Ky. (March 1, 2013) – Hummingbird Nano Inc. is expanding manufacturing operations at the University of Kentucky’s Coldstream Research Campus, adding 18 jobs and investing more than $550,000 in the project.
“Hummingbird Nano is on the cutting edge of its industry, using technology the company developed right here in Kentucky,” said Gov. Steve Beshear. “This type of innovative, high-tech manufacturing is a perfect fit for the Coldstream Research Campus, and we’re excited to see 18 new jobs and a significant investment at this growing company.”
Based in Lexington since 2012, Hummingbird Nano is a high-tech manufacturer of ultra-small, precision-molded components for the biotechnology, telecommunications, aerospace, energy and defense industries. The expansion of the Lexington facility will include production of precision devices for the health and biotechnology sectors.
“Hummingbird Nano Inc. is ultimately the result of resources supplied by Kentucky, from beginning to end,” said R. Grant Stephens, CEO and general counsel of Hummingbird Nano. “The principal officers and employees all have engineering degrees from the University of Kentucky. With the technical knowledge we gained at Kentucky’s flagship university, support from Kentucky agencies that encourage entrepreneurship, use of the tremendous resources at the Coldstream Research Park, and now this tax incentive plan, Hummingbird can truly be called a ‘grass roots’ company from the heart of Kentucky. We are pleased to be able to develop ‘best in the world’ manufacturing technologies and keep them right here at home.”
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $300,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“Hummingbirds hover in air by flapping their wings as much as 80 times a second. They are the only group of birds able to fly backward,” said Lexington Mayor Jim Gray. “Clearly, Hummingbird Nano has found the right name. It takes speed, dexterity and superior technology to compete in their industry, and they are competing and growing. Congratulations!”