This post is part of e-Council Inc.’s “Spotlight” series, in which we feature successful EB-5 projects across different industries and business types. Some of the spotlighted businesses may be our clients’ while others are not, but all have one theme in common: SUCCESS using EB-5 capital.
EB-5 funds have been used by manufacturers to successfully expand operations and to develop high-demand products. Many such companies have leveraged their EB-5 capital to produce eco-friendly and hi-tech solutions to address problems such as rising carbon emissions and waste. In this article, we survey some of the most cutting-edge manufacturing businesses using EB-5 funds today.
Proterra, Inc.
A Regional Center project headquartered in Greenville, South Carolina, Proterra is a world leader in the design and manufacture of zero-emission vehicles that enable bus fleet operators to reduce operating costs. The company offers customizable options for individual routes, including two bus sizes and a range of energy storage configurations, along with an option to charge en-route or in-depot. Proterra’s specially designed lithium titanate batteries can charge in as little as 5 minutes and can operate 24/7 without conventional refueling.[1]
ALTe Technologies, Inc.
With its manufacturing facility in Auburn Hills, MI, ALTe, another Regional Center project, is an electric powertrain company poised to become an industry leader in the electrification of commercial and government fleet vehicles. It was founded by Tesla Motors alumni in December 2008 to engineer and develop electric and hybrid systems for pickup trucks, delivery trucks, vans, and transit buses. According to the company, converting existing vehicles to ALTe powertrain technology increases fuel efficiency by up to 200% when compared to a base factory fleet vehicle with a V8 engine.[2]
Green Manufacturing Center at the Brooklyn Navy Yard
A third Regional Center manufacturing project – comprising a portion of the Brooklyn Navy Yard—a 300-acre city-owned property that served as an industrial complex for many decades—has been converted into a state-of-the art “Green Manufacturing Center,” thanks to EB-5 funding. The Manufacturing Center houses several hi-tech manufacturing companies, including anchor tenants Crye Precision and New Lab. Cyre Precision produces high-tech body armor for the army, while New Lab is a product design incubator in the fields of robotics, nanotechnology, material science, biology, industrial design, and physical computing. Another Navy Yard tenant, Final Frontier Design, is working on a prototype spacesuit for private astronauts that weighs just 15 pounds, half the weight of NASA suits. The company plans to market its lightweight space suits to tourists going to space.[3]
Meredian, Inc.
Meredian–a biopolymer manufacturer owned by Meredian Holdings Group (MHG) in Bainbridge, GA–produces PHA bioplastics,[4] organic plastics derived from renewable, natural resources. Meredian plastics are 100% biodegradable and compostable. They are produced from locally farmed non-GMO canola oil, which is fed to soil bacteria that naturally manufacture PHA in the process of digesting the oil. By keeping the canola farming local, Meredian decreases the overall carbon footprint. The PHA can be used to create a number of bioplastic products, including agricultural mulch film,[5] cutlery, sandwich bags, and coffee lids.[6]
Earlier this year, Meredian received the coveted Phoenix Award, which recognizes organizations that focus on education and innovation, while also contributing to the growth of the bioscience industry in the state of Georgia. The Award was presented by the Metro Atlanta Chamber Bioscience Leadership Council based on the company’s broadening sponsored research support and involvement with the University of Georgia’s Engineering faculty[7]
The EB-5 experts at e-Council Inc.com developed a strong EB-5 Exemplar package that Meredian has already submitted to USCIS for “pre-approval” of the Project. Meredian plans to use these funds for the retrofitting of a new canola crush facility and expansion of its bioplastics manufacturing operations in Bainbridge, GA.
Ready to explore the world of EB-5? e-Council Inc. is an experienced, single-source EB-5 multi-platform concierge with a long track record of successfully guiding its clients through the complex EB-5 process. e-Council Inc.’s team includes attorneys, researchers, and other professionals experienced in the EB-5 space. These professionals specialize in providing due diligence services that equip business owners with the information needed to assess the viability and feasibility of opening a new manufacturing business, as well as the likelihood that the project will pass USCIS scrutiny.
If the business is EB-5 “ready”, e-Council Inc. can facilitate all components of the process through filing and fundraising. Working with e-Council Inc. to oversee all of your EB-5 needs minimizes the need for outside services from unrelated sources; all of our diverse service providers have been fully vetted and are immediately available to assist you. For more information, please contact us at info@ecouncilinc.com.
e-Council Inc.’s website, newsletter and other forms of communication contain general information about legal matters. The information is not legal advice, and should not be treated as such. You must not rely on the information on this website as an alternative to legal advice from your attorney or other professional legal services provider. If you have any specific questions about any legal matter you should consult your attorney or other professional legal services provider.
[1] http://www.proterra.com/product-tech/product-portfolio/#
[2] http://greenusaregionalcenters.com/wp-content/themes/theme1286/images/ALTe.pdf; http://www.altept.com/
[3] http://www.bizjournals.com/newyork/news/2015/06/08/brooklyns-navy-yard-unveils-development-plans-to.html; https://commercialobserver.com/2014/08/brooklyn-navy-yards-green-manufacturing-center-gets-a-facelift/; http://www.bizjournals.com/newyork/news/2015/06/08/brooklyns-navy-yard-unveils-development-plans-to.html
[4] Polyhydroxyalkanoates (or PHAs) are linear polyesters produced in nature by bacterial fermentation of sugar or lipids. They can be combined with other materials to produce a wide variety of biodegradable plastics.
[5] Black plastic sheets farmers use to prevent weeds, protect crops, and increase yield
[6] http://meredianinc.com
[7] http://www.mhgbio.com/mhg-receives-phoenix-award/