Bend, OR—Economic Development for Central Oregon (EDCO) announced that Bend-based PV Powered is one of four Central Oregon companies to receive a 2007 Central Oregon Business Development Opportunity Fund (Opportunity Fund) grant. The grants are provided by the Central Oregon Community Investment Board (COCIB) and the fund is administered by EDCO. Other recent recipients are Epic Air and Earth20.
PV Powered, a Bend-based manufacturer of solar inverters for use on residential and commercial grid-tied solar electronic systems, is awarded $24,500 for purchase of equipment for material handling, automated assembly and packaging, testing and diagnostic equipment. In turn, PV Powered will invest $315,000 in new equipment and generate 24 new jobs by April 29, 2009.
Access to the Business Development Opportunity Fund provides critical capital needed for PV Powered to expand its business, employment and investment in the Central Oregon region. The company grew by 150% in 2006 and is targeting minimum growth of 100% in 2007. PV Powered is the only US-headquartered manufacturer of grid-tied solar inverters and competes in a three-way tie against foreign competitors for the lucrative California market.
“The solar energy marketplace is global and expanding rapidly,” said Greg Patterson, CEO of PV Powered. “The grant from the Opportunity Fund enables our Central Oregon company to expand so that we can compete effectively in the U.S. and abroad.”
Regarding the impact of the Opportunity Fund, Roger Lee, Executive Director of EDCO, commented that “For a total investment of $82,000, Central Oregon will see the benefit of over $1.1 million in capital investment and the creation of 88 full-time, permanent jobs with the four outstanding recipients of the Opportunity Fund.” He added “EDCO exists to keep our regional manufacturing and high tech base both viable and growing and PV Powered is a leader in what they’re doing.”
About Opportunity Fund Grants
Opportunity Fund grants are made on a case-by-case basis to traded-sector employers (companies which export their products or services outside the region, thereby creating more wealth within Central Oregon) that invest in capital improvements and create typically a minimum of ten full-time, permanent jobs. Cash grants typically cover relocation costs, land or equipment purchases, or training. For each dollar of grant funding, EDCO looks for a five-fold capital investment in buildings and/or equipment from the recipient company.
About EDCO
Economic Development for Central Oregon (EDCO) is a private non-profit corporation founded 25 years ago and dedicated to building a vibrant and thriving regional economy by attracting new investment and traded-sector jobs (manufacturing, professional, headquarters and high technology businesses) through marketing, recruitment and substantive assistance to existing companies. Learn more about EDCO at www.edcoinfo.com.
About COCIB
The Central Oregon Community Investment Board (COCIB) was created in 1988 through an agreement between the counties of Crook, Deschutes and Jefferson. The Board’s purpose is to develop a regional investment strategy, and to award Regional and Rural Investment dollars to support community and economic development projects throughout the region. For more information, visit http://www.coic.org/cd/cocib.htm.
Contact:
Ruth Lindley, Marketing Manager, 541-388-3236
