City National Bank chooses Delaware

City National Bank Growing in Delaware

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City National Bank Plans Major Newark Expansion

NEWARK – City National Bank, one of the largest West Coast banks that’s known as the “bank to the stars,” is planning a major expansion in Delaware.

The 35th largest bank in the country with more than $95 billion in assets, City National Bank has operated a trust office in the Linden Park office complex for several years. The company recently signed a lease for 30,000 square feet in the Buccini/Pollin Group-owned Iron Hill Corporate Center near Newark, according to Justin Rowley, a senior vice president of City National.

The new space will be home to a major workforce expansion for City National, growing its headcount by more than 475% in adding 253 new positions over the next few years, including operations managers, project managers, business analysts, operations specialists and other similar positions. That hiring is expected to begin in early 2023.

About 175 of those jobs will be lower, entry-level roles, but City National is preparing a $80,000 average starting salary at the office, which is about 10% higher than the state’s median household income.

The state’s public-private economic development organization, the Delaware Prosperity Partnership, has been working with City National since July on the project, and was reportedly considering other sites along the East Coast.

Geography played an important part to City National’s decision to come to Delaware, as it is equidistant to the bank’s hubs in New York and Washington, D.C., and close to the Philadelphia International Airport, which offers direct flights to Los Angeles.

Several of City National’s senior East Coast executives also work out of the current Pike Creek-area office, including Rowley, who is a Dewey Beach resident and a University of Delaware grad.

“We know the state very well. Many of the colleagues who work in our current state office have long-term and tenured experience with the state of Delaware. We know the talent and the university systems, and we know it can uniquely support our expanding growth,” Rowley told the CDF on Monday morning.

To support its expansion, the state’s job investment board, the Council on Development Finance, unanimously signed off Monday on a more than $3.53 million package of grants. That includes more than $2.75 million in a job performance grant to create the 253 jobs, $270,000 in a capital expenditure grant to support fit-out of its new offices and up to $500,000 for a workforce training grant.

The 68-year-old, Los Angeles-based bank is well-known for catering to Hollywood movie stars, helping to earn its moniker of “bank to the stars.” City National offers a full suite of personal, private and business banking, including wealth management, brokerage and leasing services, and software solutions. While supportive of customer needs, the Delaware workforce is not planned to be client-facing and focus on administrative and back-office needs, Rowley said.

Despite its roots in the City of Angels, the bank was acquired in 2015 by Royal Bank of Canada (RBC), the largest bank in Canada. Rowley said that while RBC is active in the management of City National, the American bank does have a large degree of autonomy in its work.

At Iron Hill Corporate Center, City National will be joining an office workforce that has seen a refresh in recent years, including the arrival of Discover’s workforce.

When asked about its decision to invest in a large office space as remote working has increased nationwide, Rowley said City National is actually seeing more of its colleagues desire a return to offices for at least a part of their work week.

“We are not finding that work-from-home is going to be a permanent fixture in the workplace and for the banking industry specifically; and we’re actually seeing a demand from people to have either an office presence or hybrid presence,” he explained. “It’s the reason why we’re looking to expand our physical presence and building a location that is new, fresh, enticing, and actually can build that collaborative work experience. So, we actually think that the expanded office presence … will help us with our recruitment.”

This article was originally posted on the Delaware Business Times website at: https://delawarebusinesstimes.com/news/city-national-expansion/

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CP Cases Moving to Delaware to Expand

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Global Protective Case Manufacturer CP Cases Chooses Delaware for Relocation, Growth of U.S. Operations

WILMINGTON, Del.  – CP Cases Inc., which designs and manufactures high-performance protective cases and racks used to support industries ranging from broadcasting to defense, has chosen Frankford, Delaware, as the new site for its U.S. operations.

CP Cases USA, which was opened in 2013 by the owner of a similar company in the United Kingdom, will move from an 8,000-square-foot site in Bishopville, Maryland, to a 25,000-square-foot site in Frankford Business Park, which is located along Route 113. The company will bring nine current employees to the Sussex County location and plans to create 16 new jobs there over the next three years.

Delaware Ideal for High-Performance Protective Cases and Racks Manufacturer

“Delaware provides a great environment for small businesses, and we are glad that CP Cases chose to relocate their manufacturing facility to Frankford,” said Governor John Carney. “This investment shows that Delaware remains a leader in innovative manufacturing techniques. We are excited for CP Cases’ expansion, bringing new jobs to Sussex County.”

CP Cases had been searching for additional industrial space to serve its growing customer base, which is found in business sectors such as broadcasting and media; entertainment and live events; energy and marine; medical; and security and defense. Within the entertainment industry, the company’s customers have included musical acts such as the Rolling Stones, Elton John, Led Zeppelin, Queen, and Pink Floyd. Products include rack-mount transit cases, air-conditioned transit cases, Lightweight AirShip containers, camera rain covers, and rugged textile and flexible material products along with customizable industry solutions.

The new Delaware location will allow better utilization of the roto-molding process CP Cases uses to form its molded case and rack products. Natural gas is the most efficient fuel for this process, and Martin Property Development’s decision to bring natural gas to Frankford Business Park and its tenants was key to CP Cases’ decision to locate there. The new gas line – which was supported by a portion of the $1 million Site Readiness Fund grant that Martin Property Development received from the State of Delaware earlier this year – also benefits the Town of Frankford and local residents, as does the central water service Frankford Business Park is supplying them.

Such developments were made possible by cooperation among the developer, local utility companies, and Sussex County. Delaware Prosperity Partnership began assisting CP Cases with its site search after being connected with the company by Sussex County Economic Development Director William Pfaff.

“We think of economic development in terms of building a championship sports team: we’re always scouting for that next great player,” Pfaff said. “That’s what CP Cases is for Sussex County, another great player that we’ve been fortunate enough to pick up by drawing them to Delaware. Welcome to the team!”

CP Cases officials presented to Delaware’s Council on Development Finance an application for a Jobs Performance Grant of $161,610 and a Capital Expenditure Grant of $28,500 from the Delaware Strategic Fund to support the company’s investment. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved CP Cases’s request for up to $190,110 in total grant funding.

“CP Cases is so excited to become a part of the community of Sussex County, Delaware, and appreciate the support we’ve received from Delaware and Sussex County to expand our operations,” said Peter Gill, CP Cases Inc. general manager. “We look forward to offering high-quality manufacturing jobs in the community and continue building stable long-term operations in Delaware.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About CP Cases

CP Cases designs and manufactures high-performance, protective cases and racks used for transport, operation and storage of essential equipment in commercial and military applications. Many of their products are accredited to MIL-STD-810, rated IP65 and carry NATO stock numbers. Among the first to market in 1970s with flight cases for the live music industry, CP Cases now offers the broadest range of protective, operational transit cases for defense and security, broadcast and media, medical and scientific, offshore and many other sectors. CP Cases has over 50 years of expertise in producing cases, 19-inch rack solutions and bags, as well as an unparalleled range of in-house skill and expertise with rotomolded plastic, aluminum, laminated plywood, HPP, textiles and CNC foam machining. An extensive selection of options includes climate control (compressor and thermoelectric air conditioning units), EMC shielding, fire resistance and anti-static capabilities. CP Cases’ products are available in a wide range of standard sizes, and the company’s design team can create a custom solution to meet (almost) any application a product requires.

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Global Water Tech Leader Expands in Delaware

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Global Water Technologies Leader Solenis Chooses Delaware for $40M Expansion

Growth in Wilmington Driven by Increasing Market Demand for Company’s Sustainability-focused Products and Expertise

WILMINGTON, Del. — Delaware-based global water technologies leader Solenis has chosen its hometown of Wilmington as the site for a $40 million research and development expansion.

In response to increasing market demand for its sustainability-focused products and expertise and with an eye toward long-term growth, Solenis will expand its R&D operations with a move to the 100,000-square-foot Building 713 at Chestnut Run Innovation and Science Park (CRISP). CRISP is a former DuPont campus that MRA Group is developing into a hub for a range of life sciences and advanced chemical companies.

Solenis is a global leader in supplying innovative specialty chemicals and services for process, functional, and water treatment applications to consumer and industrial markets.

The new CRISP facility will provide Solenis with 20,000 square feet more lab space than the company currently has at its existing R&D center on Ashland’s Wilmington campus. In addition to more space, the larger, upgraded site will allow Solenis to add up to 46 new highly skilled Delaware jobs — including lab technicians, scientists and R&D supervisors — within the next three years.

“Solenis chose to build their global water technologies in Wilmington. This week’s announcement shows their continued commitment to our state and workforce,” said Governor John Carney. “Solenis will expand its research and development operations to a 100,000-square-foot building. Thank you to Solenis for continuing to strengthen Delaware’s workforce and science and technology sector.”

Solenis is a vital part of Delaware’s science and technology sector and is a significant Delaware employer. Choosing to invest in a new facility in Wilmington will provide Solenis with the opportunity to grow its R&D team to support projected growth while solidifying its commitment to Delaware.

Originally spun off from Ashland and headquartered at Wilmington’s Avenue North since 2020, Solenis has 48 manufacturing facilities and more than 6,400 employees around the world to serve an array of industries in 120 countries. Solenis currently employs more than 300 in Delaware, with approximately 185 employees at the Avenue North headquarters and 140 employees at its Ashland R&D site. Both are located in Northern Delaware’s New Castle County.

“What the MRA Group has done for the CRISP campus is transformative for our County,” said New Castle County Executive Matt Meyer. “The redeveloped campus gives our existing Delaware companies that are expanding a home to grow and thrive. New Castle County is proud to continue to be the home of Solenis, which provides great jobs in our community producing innovative and sustainable solutions for everyday life.”

Solenis officials presented an application to Delaware’s Council on Development Finance (CDF) for a Jobs Performance Grant of $552,000 and a Delaware Lab Space Grant of $3.5 million from the Delaware Strategic Fund to support the company’s investment of $40 million. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved the Solenis team’s request for up to $4.052 million in total grant funding.

“Solenis has deep roots in Delaware, so we are pleased to announce our continued commitment to growing in the state at CRISP,” said John Panichella, CEO, Solenis. “This investment of moving our Wilmington research center to a contemporary new location, in combination with our recently opened headquarters at Avenue North, allows us to continue to attract, retain and recruit the highest caliber of employees.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About Solenis

Solenis is a leading global producer of specialty chemicals focused on delivering sustainable solutions for water-intensive industries, including the pulp, packaging paper and board, tissue and towel, oil and gas, petroleum refining, chemical processing, mining, biorefining, power, municipal, and pool and spa markets. Owned by Platinum Equity, the company’s product portfolio includes a broad array of water treatment chemistries, process aids and functional additives, as well as state-of-the-art monitoring and control systems. These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets, minimize environmental impact and maintain healthy water. Headquartered in Wilmington, Delaware, the company has 48 manufacturing facilities strategically located around the globe and employs a team of over 6,400 professionals in 120 countries across five continents. Solenis is a 2022 US Best Managed Company. For additional information about Solenis, please visit www.solenis.com or follow us on social media.

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biopharma company uvax bio expands in Delaware

Biopharma Company Uvax Bio Chooses Delaware

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Early-Stage Biopharma Company Uvax Bio Chooses Delaware for $8M Investment in Next Level of Growth

Expansion of vaccine research, development and commercialization operations bringing 63 new jobs to Newark over next three years

WILMINGTON, Del. – Uvax Bio LLC, an early-stage biopharmaceutical company with cutting-edge vaccine platform technology that has produced both COVID-19 and HIV-1 vaccine candidates, has chosen to grow in Newark, Delaware, where it has been headquartered since forming in 2018.

As part of its expansion, Uvax Bio plans to add 63 employees to its current five-member team. Positions will range from research associates to executive-level research directors with minimum salaries ranging from $45,000 to more than $130,000.

“Uvax Bio LLC is an innovative company in the science and technology sector, specializing in vaccine platform technology. Today’s announcement to grow in Newark shows their continued commitment to our state and workforce,” said Governor John Carney. “Uvax Bio plans to increase their employees tenfold with this expansion. Thank you to Uvax Bio for their commitment to Delaware’s rapidly growing life sciences sector.”

To accommodate its next level of growth, the company has relocated to 100 Biddle Avenue in Springside Plaza off Route 40. Plans there include renovating the site’s existing wet lab and office space into a facility ideal for achieving the company’s goal of developing vaccines that support public health and improve life.

Uvax Bio is an innovative part of Delaware’s rapidly growing life sciences sector. The company maintains vital partnerships with Newark-based, internationally known industry players such as the National Institute for Innovation in Manufacturing Biopharmaceuticals and the University of Delaware.

“New Castle County is proud to be home of another life sciences company that is providing life-changing vaccines for the world,” said New Castle County Executive Matt Meyer. “Uvax is a great example of when science and innovation merge into solutions that will save lives.”

Uvax Bio was formed to develop and commercialize next-generation vaccines to address infectious diseases that threaten global health. Uvax Bio holds an exclusive license agreement with California-based nonprofit biomedical research facility Scripps Research that covers 11 patented and proprietary 1c-SApNP® vaccines. The company’s platform technology is based on computational biology and rational design. These cutting-edge scientific tools were used to design the Uvax, an all-in-one, viruslike nanoparticle design and a one-for-all, simple manufacturing process invented by Uvax Bio co-founder and Chief Scientific Officer Jiang Zhu, Professor of Scripps Research.

The opportunity for Uvax Bio to take their two lead vaccine candidates for COVID-19 and HIV-1 into Phase 1 trials represents a major milestone for the company. While the company’s two lead candidates are entering human trials, Uvax plans to raise additional capital in order to advance other promising new vaccine candidates toward Phase 1 readiness.

During today’s meeting of Delaware’s Council on Development Finance, Uvax Bio officials presented an application for a Jobs Performance Grant of up to $1,061,955 and a Capital Expenditures Grant of up to $240,000 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Uvax Bio’s request for up to $1,301,955 in total grant funding.

“The team at Uvax Bio is passionate about our mission to design and deliver groundbreaking vaccines to address global threats from infectious disease,” said Ji Li, Ph.D., Uvax CEO. “We are very excited to build a team of talented scientific, business and administrative professionals right here in the Newark, Delaware, area!”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About Uvax Bio

Founded in early 2018, Uvax Bio, a spinoff vaccine company from Scripps Research, employs proprietary 1c-SApNP® platform technology developed by Dr. Jiang Zhu of Scripps Research to develop and commercialize prophylactic vaccines for the most challenging infectious diseases. Uvax Bio’s mission is working to solve the world’s infectious disease threats by combining rational antigen design and protein engineering to create viruslike particle vaccines. Its vision is to become a global leader in the vaccine industry and offer vaccine solutions for unmet public health needs.

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ally financial growing fair square financial credit business delaware

Ally Chooses To Grow Fair Square In Delaware

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Ally Plans Wilmington Credit Business Expansion

28 September 2022  | Delaware Business Times

ally financial growing fair square financial in Delaware

WILMINGTON, Del. – Fresh off of its acquisition of fintech startup Fair Square Financial, the auto lending giant Ally is now planning an expansion in Wilmington that will add up to 150 highly paid positions.

Founded six years ago by a handful of banking veterans from Bank of America, JPMorgan Chase, Capital One, Citigroup and elsewhere, Fair Square launched its sub- and near-prime credit card Ollo in 2017.

Led by CEO Rob Habgood, the startup quickly landed the support of notable investors, securing $300 million from investment firms. Supported by a $779,000 state taxpayer-backed Strategic Fund grant in 2017, Fair Square expanded its offices at the Brandywine Building in downtown Wilmington and hired additional staff to manage its data analytics, data mining, marketing and credit underwriting.

In December, Detroit-based Ally acquired Fair Square for $750 million and has since been considering how to further grow the business.

While Ally would have options to potentially move the credit operations – it has a number of offices spread across the country – the company has chosen to invest in an expansion of Fair Square in Wilmington. It will invest $520,000 to renovate 22,000 square feet of Brandywine Building offices and increase employment by up to 200% over the next few years. The average salary for the new positions would be $170,000 and include analysts, managers and directors, according to Habgood.

“Ally has the ability to significantly accelerate the growth of our credit card business to support this higher growth opportunity,” Habgood said. “We originally chose Wilmington to start a business because it provided access to a deep reservoir of credit card talent.”

In supporting that expansion, the state’s investment board, the Council on Development Finance, unanimously approved Monday a $20,000 capital grant and a $2.64 million job performance grant to create the new jobs over the next three years. Ally currently employs 75 people in Delaware and a handful more out of state.

While the council members questioned whether any of the roles could eventually be turned remote and moved out of state, state officials assured them that grant terms require the created roles to file Delaware income taxes. They also noted that Fair Square more than fulfilled the terms of its first grant.

Habgood explained that Fair Square employees are currently working a hybrid schedule after the pandemic, but in-person communication remains a valued part of their culture.

“Our goal is to get as many people as possible and we as a business have been successful because of the integrated nature of getting all people together and working through the problems,” he said.

Ollo – a name with no specific meaning but chosen for its easy-to-pronounce name – offers two different cards, one with no annual fee and one with unlimited cash back on purchases. It worked with Wilmington-based design firm Bounteous on the products, adding to its local commitment.

Like other near- or subprime credit lenders, Fair Square goes beyond traditional credit report metrics to identify good customers, including reviewing length of residencies, long-term credit history and other data to determine if they would reliably repay debts. To date, Fair Square has about 1 million customers holding loans worth about $1 billion.

In 2020, it successfully securitized $300 million in credit card debts, with favorable ratings from credit rating agencies, showing that its modeling had produced reliable clients.

This article was originally posted in the Delaware Business Times at: https://delawarebusinesstimes.com/news/ally-plans-wilmington-credit-business-expansion/

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semiconductor manufacturing delaware dupont

DuPont Expanding in Newark, Delaware

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DuPont Chooses Delaware for Expansion of Semiconductor Materials Production

WILMINGTON, Del. (August 22, 2022) – DuPont Semiconductor Technologies, a business unit of DuPont Electronics & Industrial, and a leading producer of specialty materials used in the production of semiconductors, has chosen Glasgow, Delaware, for a $50 million expansion in response to growing industry demand.

Following an extensive site search throughout Northern Delaware and Maryland, DuPont Electronics & Industrial decided to expand its Semiconductor Technologies manufacturing operations into a new 385,000-square-foot facility near its existing Newark, Delaware, location. The new semiconductor manufacturing facility is planned to become the primary work site for more than 70 existing workers and create about 10 new positions in Delaware.

“The DuPont Company has been part of Delaware’s DNA for 220 years. With this expansion of their semiconductor division, the company is showing their commitment to our state and workforce,” said Governor John Carney. “This site will bring with it a new 385,000-square-foot facility and 10 new jobs close to its existing Newark campus at a time when semiconductors are needed more than ever. Thank you to DuPont Electronics & Industrial for continuing to make Delaware a part of the DuPont story.”

DuPont and its innovative technologies have played a key role in Delaware’s economy for over 220 years. Today, DuPont is a premier multi-industrial leader with technology-based materials and solutions that help transform industries and everyday life.

DuPont Semiconductor Manufacturing Ready to Serve  Growing Demand

DuPont Semiconductor Technologies delivers enabling materials for semiconductor fabrication, packaging and assembly. In Delaware, the Semiconductor Technologies team manufactures key materials used in chemical mechanical planarization (CMP), an essential step in modern semiconductor fabrication processes.

Semiconductors are vital parts of the technologies people depend upon daily around the world. Demand for semiconductor chips continues to grow, driven by global trends such as surges in data storage, 5G and other wireless communications, and automotive electronics. Increased reliance on digital technologies for online collaboration and cloud computing also highlight how critical semiconductor chips are to the global economy.

Poised for a decade of growth, the semiconductor industry is projected to become a trillion-dollar industry by 2030. With its latest investment, DuPont will be well positioned to serve customers in this growing industry from its Delaware facilities.

Supporting DuPont Electronics & Industrial’s investment of $50 million in equipment and fit out costs for the new site are a Jobs Performance Grant of $65,550 and a Capital of Expenditure Grant of $1,578,000 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund is dependent on the company meeting commitments as outlined to Delaware’s Council on Development Finance, which reviewed and approved the company’s request for up to $1,643,550 in total grant funding.

“DuPont materials for chemical mechanical planarization are an essential part of the semiconductor supply chain, used by customers around the world in highly sensitive semiconductor chip fabrication,” said John Singer, Vice President, Integrated Operations, DuPont Electronics & Industrial. “As we expand to meet industry growth, we’re pleased to have identified a new facility near our existing CMP manufacturing operations in Delaware, where we can continue to have close collaboration with our experienced colleagues in operations, engineering, quality and other interconnected teams.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About DuPont Electronics & Industrial

DuPont Electronics & Industrial is a global supplier of new technologies and performance materials serving the semiconductor, circuit board, display, digital and flexographic printing, healthcare, aerospace, industrial and transportation industries. From advanced technology centers worldwide, teams of talented research scientists and application experts work closely with customers, providing solutions, products and technical service to enable next-generation technologies.

About DuPont

DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.

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Royale Group Expanding to 2nd Delaware Site

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Royale Group Expanding to Second Delaware Location

August 22, 2022 – 

Company adding Royale Pigments & Chemicals site in Seaford to AWSM Solutions Delaware site in Bear, doubling its Delaware presence in just two years.

(WILMINGTON, Del.) – Royale Pigments & Chemicals, part of The Royale Group collection of specialty chemical companies, has chosen Seaford, Delaware, as the site for a $2.35 million expansion that will double The Royale Group’s Delaware presence since it relocated from New Jersey two years ago.

Royale’s investment in Sussex County includes purchase of the former BASF Polymer Plant at 100 Industrial Park Boulevard that is now owned by Delmarva Central Railroad. DCR operates a transloading facility at the on-site rail spur located there, but the building itself is underutilized with no active operations at present.

“The chemical industry has long been part of Delaware’s economy. Over the next three years, The Royale Group plans to purchase an underutilized site in Seaford, bringing new jobs and economic growth to Sussex County,” said Governor John Carney. “This will be Royale’s second facility in the state, showing their commitment to growing their business here. This campus is only possible because of Delaware’s world-class innovative workforce. Thank you to The Royale Group, the town of Seaford, the Delaware Prosperity Partnership and everyone else who made this acquisition possible.”

In 2020, Delaware Prosperity Partnership began working with The Royale Group as it made its first investment in Delaware by acquiring IMS Chemblend and the IMS facility at 400 Carson Drive in Bear, changing the operation’s name to AWSM Solutions Delaware and relocating Royale’s corporate headquarters from New Jersey to the New Castle County property. The company’s $1 million investment included adding 17 new jobs, and AWSM already has surpassed its job-growth projections with 30 active employees.

While continuing to invest and grow its Northern Delaware operations, Royale’s expansion to a second Delaware location with on-site rail access will allow it to better serve a growing roster of customers and secure new contracts with leading companies throughout the region. Royale’s Southern Delaware investment includes creating 29 new jobs – including chemical operator, maintenance/warehouse and manager/supervisor positions – over the next three years. 

Royale officials presented an application to Delaware’s Council on Development Finance for a Jobs Performance Grant of $177,930 and a Capital Expenditure Grant of $70,500 from the Delaware Strategic Fund to support the company’s investment of more than $2.35 million. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Royale’s request for up to $248,430 in total grant funding.

 “We are very excited to welcome Royale Pigments & Chemicals to Seaford, Delaware,” said Seaford Mayor David Genshaw. “Our city has seen an incredible wave of revitalization with the help of Delaware Prosperity Partnership, and we are grateful for their support and for Royale Pigments & Chemicals for choosing Seaford.” 

The Royale Group was drawn to establish operations in Delaware by the state’s educated workforce, lower cost of living and business-friendly government. Royale has quickly become an important part of Delaware’s chemical manufacturing and distribution sector, and its decision to invest in a second Delaware facility demonstrates its continued commitment to growing here.

“Delaware has been a great place to do business! There are many valuable resources to help start or move a business to the state,” said Royale Group CEO John Logue. “These resources range from the Delaware Prosperity Partnership to a dedicated and assigned omnibus person from the Delaware Department of Natural Resources and Environmental Control, providing assistance with Delaware’s regulatory agency. We are excited with the expansion of our manufacturing operation in Delaware.”

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 About Delaware Prosperity Partnership

Delaware Prosperity Partnership (choosedelaware.com) leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support  employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

 About The Royale Group

The Royale Group, recipient of the 2019 National Association of Chemical Distributors’ prestigious Distributor of the Year award, is a collection of specialty chemical companies that manufactures, formulates and distributes chemicals. Specifically, Royale Pigments & Chemicals distributes specialty colorants into the paint, coatings and fire retardants markets. Shorechem distributes and manufactures specialty chemicals into the pharma, metals, aerospace and automotive markets. AWSM Industries distributes and manufactures specialty chemicals into the chip fabrication, automotive and gas markets. Most recently acquired in 2020, AWSM Solutions toll manufactures, blends, formulates, breaks bulk packages and provides labels for products in the following markets: organic agrochem, pharma, electronics, cleaners, aerospace, marine and construction.

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Versogen chooses Delaware

Versogen Chooses Delaware for Expansion

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WILMINGTON, Del. – Versogen, an industry-leading green energy startup, has chosen Delaware as the site for a $4.8 million expansion that includes moving its operations from The Innovation Space in Wilmington, Delaware, to larger, upgraded facilities at FMC Stine Research Center in Newark, Delaware.

Versogen targets deep decarbonization of the sectors of our economy that are not possible by green electricity. The startup is focused on anion-exchange membranes (AEMs) and AEM based electrolyzers to produce low-cost green hydrogen at scale. The company’s systems are engineered to make green hydrogen affordable and sustainable – from the materials used in manufacturing through to the costs of operations.

“Delaware has been a hub for innovation for decades. Versogen is the latest success out of Delaware’s Innovation Space and a great example of the collaborative environment we have for economic development in our state,” said Governor John Carney. “We are excited for Versogen’s expansion, bringing new jobs and important technologies to New Castle County.”

Versogen’s investment includes renovating Stine Building 115 and creating additional lab space at the site, which will be fully operational by 2024. The company’s relocation will accommodate its next level of operations, which includes adding forty-nine new jobs over the next three years to the 16 positions currently staffing the company.

“New Castle County is the ideal place for startup companies like Versogen to create innovative green technologies,” said New Castle County Executive Matt Meyer. “We are proud to welcome Versogen and know that it will find the first-rate talent for employees and further growth.”

Officials from FMC agreed.

“At the FMC Stine Research Center, we work hard to change the world for the better,” said Dr. Kathleen Shelton, FMC executive vice president and chief technology officer. “We are excited to welcome Versogen and applaud them for developing industry-leading green energy technologies. We appreciate Delaware Prosperity Partnership for the continued collaboration and actively building a strong entrepreneurial and innovation ecosystem in the State of Delaware.”

Versogen officials presented today to Delaware’s Council on Development Finance the company’s application for a Delaware Lab Space Grant of $450,380 and a Jobs Performance Grant of $151,343 from the Delaware Strategic Fund to support the company’s investment of more than $4.8 million. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Versogen’s request for up to $601,723 in total grant funding.

“Versogen has been strongly supported by the State of Delaware directly or indirectly from its inception,” said Yushan Yan, Versogen co-founder and CEO. “The grants approved today for Versogen from the Delaware Strategic Fund demonstrate Delaware’s unwavering commitment to building a vibrant entrepreneurial environment for startups and to providing critically needed facilities grants for them to grow.”

Versogen began with research conducted in Yan’s lab in his role as Henry B. du Pont Chair of Chemical and Biomolecular Engineering at the University of Delaware. As Yan said, Delaware recognized the startup’s promise right away. So did entities throughout the United States, with numerous supporting the company’s work to bring to market a new class of polymer membranes that will make green hydrogen and fuel cells more economical.

Originally branded as W7 Energy and rebranded as Versogen in 2021, the company has been supported by more than $5 million in grants. These include the prestigious BIRD Project grant in 2020 and selection as one of three startups for the fourth cohort of the Shell GameChanger Accelerator (GCxN) program in 2021.

Earlier this year, Versogen closed a Series A funding round that raised $14.5 million. This investment allows the company to scale development of its low-cost green hydrogen electrolyzer stacks.

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About Versogen

Versogen is an industry-leading green energy startup founded by Yushan Yan, the Henry B. du Pont Chair of Chemical and Biomolecular Engineering at the University of Delaware and a member of the National Academy of Engineering. The company’s focus is decarbonizing heavy, hard-to-abate carbon by producing low-cost green hydrogen with its zero-emission AEM electrolyzer that uses natural materials, water and renewable energy to produce hydrogen at scale. Versogen systems are engineered to make green hydrogen affordable and sustainable – from the materials used in manufacturing right through to the costs of operations.

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Agilent Technologies Expands in Delaware

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Agilent Technologies Chooses Delaware for $7 Million Investment

May 24, 2022

(WILMINGTON, Del.) – Agilent Technologies Inc., a global analytical instrumentation development, life sciences and manufacturing company and one of Delaware’s largest private-sector employers, has chosen to modernize and expand its existing Little Falls office and lab campus in response to growing worldwide demand for the company’s analytical laboratory consumables products.

Agilent plans to invest more than $7 million to upgrade the functionality of its Little Falls R&D and applications development labs at the three-level, 354,000-square-foot Wilmington-area site. The company’s investment will go toward the complete redesign, demolition, construction and outfitting of the existing laboratories.

“We are excited for Agilent Technologies’ expansion and modernization of their lab space, bringing new jobs to their facilities in New Castle County,” said Governor John Carney. “Delaware has a long tradition of expertise in the field of chemistry. This investment shows that Delaware remains a leader in innovative development.” 

Agilent – a world leader in the life sciences, diagnostics and applied chemical markets – has been a vital part of Delaware’s economy for more than 20 years. The company’s decision to update its existing facility reflects its confidence in Delaware’s dynamic business environment and large pool of regional talent. 

Agilent currently employs more than 800 workers at Little Falls, located in unincorporated New Castle County, and additional employees at its manufacturing location in Newport. The Little Falls renovation and expansion will result in the company further expanding its workforce amid strong demand for its biopharmaceutical laboratory consumables. 

“This another great example of investment in New Castle County where businesses have the access to talent and an incredible life sciences ecosystem,” said County Executive Matt Meyer. “We applaud Agilent Technologies on its commitment to New Castle County and the job creation that will result.”

Agilent officials presented today to Delaware’s Council on Development Finance their application for a Jobs Performance Grant of $93,330 and a Capital Expenditures Grant of $210,000 from the Delaware Strategic Fund to supplement the company’s $7 million investment. Distribution of grants from the Delaware Strategic Fund are dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Agilent’s request for up to $303,330 in total grant funding. 

“Agilent has a long and successful history in the State of Delaware, and this investment in our laboratories will enable world-class R&D for the fast-growing biopharma market, while expanding and supporting our Delaware-based team,” said John Gavenonis, vice president and general manager of Agilent’s Chemistries and Supplies Division. “Delaware is the right place for this R&D investment.” 

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 About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is a global leader in the life sciences, diagnostics, and applied chemical markets, delivering insight and innovation that advance the quality of life. Agilent’s full range of solutions includes instruments, software, services, and expertise that provide trusted answers to our customers’ most challenging questions. The company generated revenue of $6.32 billion in fiscal 2021 and employs 17,000 people worldwide. Information about Agilent is available at agilent.com. To receive the latest Agilent news, subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn, Twitter and Facebook.

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uovo chooses delaware

UOVO Chooses Delaware

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Inspired by Hurricane Sandy, UOVO specializes in the storage of precious artworks and collectibles

The final days of October 2012 wrought havoc on the eastern seaboard from Florida to Maine as Hurricane Sandy moved from Jamaica up the U.S. coast, its post-tropical remnants eventually merging with a nor’easter off the coast of New Jersey and turning west to slam into northern New Jersey and New York City.

The storm inflicted an estimated $78.7 billion in damages along its path, and the flooding of lower Manhattan also dealt a violent blow to the galleries in Chelsea at the center of the city’s contemporary art community, with one art dealer estimating that the losses to the art world would total in the “hundreds and hundreds of billions of dollars.”

Among those who suddenly realized how vulnerable artwork and priceless collectibles could be in the face of Mother Nature were Steven Guttman, a prominent collector of contemporary art and modern furniture, and fellow collectors Steve Novenstein and Nick Coslov, executives in the self-storage company Storage Deluxe. Novenstein and Coslov had already created an art storage facility in the Bronx as an offshoot of Storage Deluxe when the three recognized a need in the market for safer and more secure art storage on a much larger scale.

From that idea born of tragedy, the three created UOVO, a dedicated art storage and services company that opened its first facility in New York’s Long Island City in 2014. The company has now expanded nationwide and includes a 50,000-square-foot facility in Newark, Delaware.

UOVO, which means “egg” in Italian, does what the name might suggest – protecting delicate and valuable artworks and collectibles for private clients, artists, corporations and museums.

At eight floors and 280,000 square feet, the Long Island City location was the first of its kind, said Andrew Barron, Director of Marketing for UOVO. “It was really remarkable in terms of the architectural ingenuity, the level of detail and the security climate.”

Since then, the company has expanded to include three more facilities in the New York metropolitan area – one in Brooklyn and two in Rockland County – as well as West Palm Beach and Miami in Florida, two facilities in the San Francisco Bay area, and Delaware. Additional facilities in Denver, Colorado, and Dallas, Texas, are forthcoming this year.

For those not plugged into the world of museums and fine art, it might come as a surprise that such a network of storage facilities didn’t already exist. But Barron notes that much of the transport and storage of art previously was handled by traditional moving companies.

“The industry was pretty mom-and-pop and emerged in tandem with the contemporary art world,” he said. “With UOVO, we redefined the industry standard. At our facilities, we have a number of gallery-quality viewing rooms for clients to use for private showings and photoshoots and for conservators to use for conservation work. I would say that, before UOVO, art storage facilities weren’t places anyone went to visit. UOVO really recentered the facility as a space where collectors, museum professionals, gallery registrar advisors and other types of clients want to be.”

The UOVO buildings themselves are distinctive but unassuming, similar to any anonymous but well-designed office building you might see on the edge of a large city or along a stretch of interstate. But what they lack in exterior flash they make up for with amenities, safety and security.

Lobbies and public spaces are designed to be warm and welcoming – more like the lobby of an upscale office building than a warehouse – and some sites include client cafés with cold brew on tap.

“We really invest in the client experience, and we think of our client experience team, along with our account managers, as the face of the brand,” Barron said. “It’s the first interaction a lot of clients have with us.”

Security is discrete but high, and buildings are designed with safety features based on their locations. The south Florida facilities are hardened against flooding and Class 5 hurricanes, while the California sites are designed to withstand earthquakes and wildfires.

UOVO clients can range from private collectors, galleries, large and small museums and art brokers, all of whom can use the UOVO sites in different ways, Barron said. For private collectors, UOVO allows them to rotate art through their homes knowing that what isn’t currently hung is safely stored. Private dealers appreciate the viewing rooms for showing works to clients, especially if the dealers don’t maintain their own brick-and-mortar galleries. Those traditional galleries, meanwhile, can use UOVO as a space to display works outside of their exhibition schedule for a potential buyer.

On the surface, UOVO’s decision to add a storage facility in Delaware might seem incongruous, but Barron said it makes perfect sense for the type of clients UOVO serves.

“Specifically thinking about New York and south Florida, as we expanded beyond the New York metro region, we thought about the different points of connectivity that matter most to our clients,” he said. “And we hadn’t had a way to service those clients, specifically institutional clients, who are based closer to Delaware, whether it’s Philadelphia, Washington, D.C., or Baltimore. So having the Delaware facility creates a space between New York and Florida and really gives us that network all along the eastern seaboard.”

And as Delawareans know, there’s no shortage of museums, historic homes and estates, and private collectors in the First State. Barron said UOVO’s presence will provide the resources to these clients that might have previously been out of reach.

“We accommodate all kinds of clients. In looking at institutional clients, we service world renowned museums and also small, local museums who are really community-based and -focused but who also have logistics or storage needs,” Barron said. “So certainly, it’s about servicing local enterprises as much as it is about being a point of connectivity for our national network.”

In coming to Delaware, Barron said the partnerships it formed through the Delaware Prosperity Partnership eased its entry into the First State. UOVO has since returned the favor by embarking on a five-year partnership with the University of Delaware’s Museum Studies program. Called Collections Aid, the program allows graduate students to get hands-on collection management experience at local museums and archives.

“It also helps these smaller institutions that maybe don’t have in-house staff members to do some of the work they need,” he said. “It’s a win-win for the community.”

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LaMotte Company expands R&D and lab in Delaware

LaMotte Chooses Delaware for Expansion

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LaMotte Company Chooses Newark, Delaware, for Manufacturing and R&D Expansion

LaMotte Company expands R&D and lab in Delaware

Water-Quality Testing Instrumentation and Reagent Company Investing $3.3M in New Pencader Corporate Center Site, Adding More Than 100 New Jobs in Delaware

(WILMINGTON, Del. ) — LaMotte Company, a leading producer of water-quality testing instrumentation and reagents, headquartered in Chestertown, Maryland, has chosen Newark, Delaware, as the site for its expansion. Sales growth has prompted LaMotte to increase its manufacturing and research and development capacity.

The company plans to invest $3.3 million to build out lab space at its new location in Pencader Corporate Center. The 79,000-square-foot site also will include office and production space.

“We are working hard to make Delaware more competitive so that we can compete and win every day,” said Governor John Carney. “That means making sure we have the best environment so businesses like LaMotte Company can grow and thrive here in Delaware. We are excited for this expansion and the new jobs it will bring. This investment shows that Delaware remains in demand for manufacturing and innovative development.”

LaMotte will hire more than 50 employees immediately with future plans to have more than 100 people working at the site within three years. Positions will include skilled technicians, production line and warehouse workers, administrative positions, and engineers and chemists.

Proximity to the intellectual resources of the University of Delaware was a key reason for LaMotte’s choice of Newark, Delaware, over other Mid-Atlantic locations. The company intends to collaborate with the university’s College of Engineering and Lerner College of Business & Economics to develop an internship and employee pipeline. It also plans to partner with Delaware’s vocational high schools and Delaware Technical Community College to address its needs for technician and manufacturing personnel.

“We are excited to learn of LaMotte Company’s plans to expand to New Castle County,” said County Executive Matt Meyer. “We also thank the leadership and vision of Delaware Prosperity Partnership in helping to bring exciting and innovative employment opportunities to Delawareans.”

Founded in Baltimore, Maryland, LaMotte has manufactured specialized pH indicators and other analytical reagents for water-quality analysis worldwide since 1919. Today, the company produces analytical reagents, electronic instrumentation, and complete portable test kits for chemical analysis for hundreds of applications to serve the pool and spa; drinking water; industrial water; environmental science education; food and beverage; laundry and sanitation; water and wastewater; and aquarium and fish farming industries.

LaMotte officials presented to Delaware’s Council on Development Finance, requesting a performance-based grant of $190,440 and a Delaware Lab Space Grant of almost $1.06 million from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund is dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved the request.

“We are thrilled to continue our expansion plans culminating in this investment in Delaware,” said LaMotte President and CEO Scott Amsbaugh. “The Newark location is highly valuable for us given the skilled and educated local workforce and its proximity to global shipping hubs. This investment is critical in our capacity expansion to meet our customers’ growing demands for LaMotte’s products.” 

Delaware Prosperity Partnership began working with LaMotte in June 2021 on its site selection process.

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support employers in place marketing Delaware to potential employees via livelovedelaware.com. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About LaMotte Company

Founded in Baltimore, Maryland, LaMotte Company is headquartered on its own 15-acre industrial park near colonial Chestertown on Maryland’s Eastern Shore. The company is a leading manufacturer of analytical reagents, laboratory apparatus, electronic instrumentation and complete portable test kits for chemical analysis in hundreds of applications. Since 1919, LaMotte has been a committed leader in providing quality equipment and guidance for water analysis. LaMotte’s first major catalog, published in 1930, anticipated many of the areas in which accurate chemical control is indispensable today: boiler water, swimming pools, drinking water and more. Today, the company produces a broad line of portable test equipment and continues its focus on specific needs by offering reliable products and exceptional technical support and customer service to guarantee satisfaction.

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digital fintech company ICM Delaware

ICM Chooses Wilmington for New Headquarters

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Investor Cash Management Chooses Wilmington, Delaware, for New Headquarters

 

digital fintech company ICM Delaware

December 14, 2021 – 

Early-Stage Digital Fintech Company to Invest $15 Million to Create 395 Jobs as Part of Delaware’s Growing Fintech Hub Over Next Several Years

WILMINGTON, Del. — Following a considerable site search that included major markets across the United States, the early-stage digital fintech company Investor Cash Management (ICM) has selected Wilmington, Delaware, as the site of its new $15.37 million headquarters and customer service center. The company, which started in 2018 and currently employs 30, plans to grow its workforce tenfold, projecting the creation of 395 new jobs over the next three years.

A platform as a service (PaaS) provider in the fintech space, ICM uses an application programming interface – or API-driven technology – to link cash management accounts directly to specified investments, transforming investment products such as mutual funds, exchange-traded funds and/or shares into digital transaction currencies. The technology combines banking, investing and payments to drive client acquisition and increase assets.

The company plans to invest up to $15 million in its future headquarters and customer service center in the City of Wilmington. The jobs ICM will create in Delaware over the next three years will include tech positions, such as coders and programmers, along with sales, marketing, customer service, administrative, finance and managerial positions. Delaware Prosperity Partnership began working with ICM earlier this year on its site selection process.

“We are pleased to welcome ICM as it expands its operations and creates new jobs here in Delaware,” said Governor John Carney. “Delaware has a long legacy of excellence in the financial services industry, and we remain committed to fostering an innovation ecosystem for businesses of all sizes. Our location in the heart of the Mid-Atlantic region, strong workforce and quality of life make Delaware a great place for companies to put down roots and create jobs.”  

ICM founder and CEO Fred Phillips presented to Delaware’s Council on Development Finance, requesting a performance-based grant of $3,797,310 and a capital expenditure grant of $461,100 from the Delaware Strategic Fund. Distribution of grants from the Delaware Strategic Fund are dependent on the company achieving goals as outlined in their proposal to the CDF, which reviewed and approved the request.

“We are thrilled to welcome Investor Cash Management and its growing workforce to our Downtown District – the beating heart of Wilmington – where you can dine in first-rate restaurants such as James Beard nominee Bardea, visit fine museums and galleries, enjoy live music most any night of the week or live theater that rivals the best Broadway has to offer,” said Wilmington Mayor Mike Purzycki. “By locating its operations in Wilmington, a market with one of the highest concentrations of financial services jobs in the country, ICM joins a community of new and existing financial technology firms that are developing innovative banking products. And as a key tenant in our thriving central business district, ICM will operate among a variety of other well-established businesses, both large and small, as well as an increasing number of residents who are choosing to live downtown and take advantage of all the rich amenities Wilmington has to offer visitors and residents alike.” 

ICM is a Visa Ventures company, backed by marquee players in both the digital and financial services sectors, including the founders of Morningstar and Ariel Investments. The company also has partnered with PIMCO, Invesco, Trusted Capital Group/HUB Financial, WisdomTree and others to market their investor cash management account products and services.

Locally, the fintech firm announced in September a partnership with Delaware State University, which offers its cash management account products and services to students, faculty, staff and alumni. DSU leadership hopes to improve financial literacy among its students and improve the economic trajectory of traditionally un- or under-banked minority communities. Additional community involvement includes partnerships with the National Education Association, representing more than 3 million educators, and the Service Employees International Union, representing more than 2 million frontline workers.

Phillips commented: “After an extensive search, ICM is pleased and proud to announce that Wilmington, Delaware, is the home of our new corporate headquarters. We look forward to building on its foundation as a world-class center of payments and financial services, and we believe the appeal of the city and state will contribute to our ability to attract new colleagues and create a significant number of quality jobs while developing next-generation technologies that empower individuals to build better financial futures.”

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About Delaware Prosperity Partnership

Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting, and developing talent. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.

About Investor Cash Management

ICM is a Visa Ventures portfolio company that has developed unique, API-powered technology to create investor cash management accounts (ICMAs) linked concurrently to both bank accounts and specified investment products (e.g., mutual funds, ETFs, and/or shares), thereby enabling the client to obtain an objectively better combination of higher investment returns and immediate liquidity.  ICMAs transform the specified investment products into immediately liquid digital transaction currencies to seamlessly use via a debit card, ATM access, P2P transfers, and online bill pay. ICM has been listed among the world’s 10 leading fintech companies by Capgemini and UBS, and ICM was the featured fintech company at the Morningstar and Envestnet conferences.

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