Acquires 68,000 Sq. Ft. Manufacturing Facility in Kentucky-based Opportunity Zone
Expects to Create 150 Local Permanent Jobs at Full-Scale Production
FRAMINGHAM, Mass.--(BUSINESS WIRE/AETOSWire)-- Closely following Veloxint’s recognition as Breakthrough Solution of the Year at the 2018 S&P Global Platts Global Metals Awards for its nanocrystalline alloy metallurgy, the Braidy Industries subsidiary closed the purchase of a 68,000 square foot manufacturing facility, known previously as the HT Hackney Co. building. The facility is located in a U.S. Treasury-approved Opportunity Zone, designated by Kentucky Governor Matt Bevin. Opportunity Zones allow for a 50% reduction in capital gains taxes for investments held five years or longer. Investments held for 10 years then become exempt from capital gains taxes entirely.
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Veloxint has been celebrated for its advancements in nanocrystalline alloy metallurgy. The Company, built with proprietary technology incubated at MIT, has cracked the code of process industrialization by making some of the world’s hardest and strongest metals that resist heat and time degradation due to their advanced properties.
According to the Global Metals Awards judges, Veloxint was “a convincing winner with tremendous potential” for its powder metallurgy technology that “will find numerous applications across multiple sectors.”
Of the developments, Veloxint CEO Alan Lund said, “The S&P Global Platts Global Metals Award for Breakthrough Solution of the Year was an incredible honor and we are delighted to have this endorsement as we move forward in establishing our manufacturing operations in Eastern Kentucky. It’s important to us not only to sit close to Braidy Industries at the EastPark site, but also to be part of the economic advantage of a designated Opportunity Zone. Ultimately, this will allow us to bring 150 permanent jobs to deserving families in the region. At the end of the day, people are the bread and butter of our operation.”
“Through Veloxint and the Braidy Atlas Mill, we are rebuilding Appalachia with technology,” said Braidy Industries CEO, Craig Bouchard. “We continue to advance efforts that will make Eastern Kentucky part of the most renowned advanced manufacturing corridor in the World. We could not be more thrilled to have our EastPark location included in Governor Bevin’s designated Opportunity Zone and we invite other companies with synergistic technologies to join us and become part of our ‘One Family’ initiatives at Braidy Industries.”
“Technology played an increasingly pivotal role for this slate of winners, and sustainability emerged throughout the value chain, with environment and efficiencies top of mind,” said Martin Fraenkel, president of S&P Global Platts. “We congratulate Veloxint for its impressive win in the 2018 S&P Global Platts Global Metals Awards.”
For the full list of 2018 S&P Global Platts Global Metals Awards winners, including the judges’ rationale, visit the Platts Global Metals Awards website (http://gma.platts.com/).
For more information about Veloxint, visit www.Veloxint.com.
For more information about Braidy Industries, visit www.BraidyIndustries.com.
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