ilumisys Receives Tax Credit from Michigan Economic Development Corporation to Ramp-up Manufacturing
Project expected to create 555 new jobs in Michigan
TROY, Mich. – January 19, 2010 - ilumisys, Inc., developer and producer of next-generation solid-state lighting technology, today received a $4 million tax credit to expand research and development of LED lighting technology and ramp-up manufacturing operations in Michigan from the Michigan Economic Growth Authority (MEGA) based on a recommendation from the Michigan Economic Development Corporation (MEDC).
Announced at today’s MEGA board meeting, this tax credit, combined with ilumisys’ planned investment of $7.4 million, is expected to create 213 new jobs at ilumisys and an additional 342 new jobs throughout the state resulting from increased economic activity created by the project.
“Michigan is in a position to become a global leader in solid-state lighting manufacturing, research and development and it is our intention to keep and foster the growth of this industry right here in our home state,” said Greg Main, President and CEO, MEDC. “Companies like ilumisys and organizations like the newly-formed Michigan Solid-State Lighting Association are proof that Michigan is poised for growth in this industry.”
Recently, Michigan businesses won $242 million in Advanced Energy Manufacturing tax credits as part of a White House effort to create 17,000 green manufacturing technology jobs through a $2.3 billion tax credit. ilumisys received $1.3 million in tax credits from this effort to automate production of LED replacements for fluorescent lights.
“The support from the State of Michigan combined with our recent federal tax credit award will help ilumisys ramp-up our manufacturing efforts right here in Michigan,” said Dave Simon, president of ilumisys. “We are sincerely appreciative of the MEDC’s efforts to secure this funding, which is a key component to growing manufacturing and leveraging the innovation and intellectual property in the state.”
ilumisys, formed in 2007, is a spinoff of Altair, a global software and technology company that has a growing presence in the energy market. With the backing of Altair, its majority owner, ilumisys has a deep and substantial investment in research and development that includes more than 30 patent applications filed to date.
ilumisys, Inc. is a Troy, Mich.-based company focused on next-generation solid-state lighting technology. The company was formed in 2007 as a spinoff venture and wholly owned subsidiary of Altair Engineering, Inc. Products are derived from Altair's intellectual property for the direct replacement of fluorescent light tubes with light-emitting diode (LED) lamps and direct replacement of incandescent lamps. For more information, please visit www.ilumisys.com.
Altair empowers client innovation and decision-making through technology that optimizes the analysis, management and visualization of information. Privately held, with more than 1,300 employees, Altair has offices throughout North America, South America, Europe and Asia/Pacific. With a more than 20-year-plus track record of profitable growth and innovation, Altair consistently delivers a competitive advantage to customers in a broad range of industries. To learn more, please visit www.altair.com.