This move, supported by over $1.27 million in state funding, solidifies Pennsylvania's position as a leader in advanced manufacturing and the clean energy sector, particularly in hydrogen storage technology.
In a significant boost to Pennsylvania's burgeoning clean energy landscape and advanced manufacturing sector, Verne Inc., a pioneering company based in San Francisco, has announced its decision to open its first manufacturing facility in Lycoming County. The nearly $4.5 million project, unveiled alongside Governor Josh Shapiro, is set to generate a minimum of 61 new, full-time jobs, further cementing the Commonwealth鈥檚 leadership in sustainable energy solutions.
The state of Pennsylvania is making a substantial investment of over $1.27 million to support Verne Inc.'s ambitious endeavor. This strategic financial backing underscores the Shapiro Administration's commitment to diversifying the energy sector, fostering innovation, and bolstering the state's vital manufacturing industry, aligning perfectly with Governor Shapiro鈥檚 10-year Economic Development Strategy.
To facilitate the project, the Department of Community and Economic Development (DCED) has provided a comprehensive funding package. This includes a $1 million Pennsylvania Industrial Development Authority (PIDA) loan, a $153,000 Pennsylvania First grant, and a $122,000 WEDnetPA grant specifically earmarked for employee training. Additionally, Verne Inc. is eligible to apply for Research and Development tax credits, which could offer further financial advantages.
Verne Inc. has garnered attention for its innovative process that significantly increases the density of hydrogen. By storing the gas in a cold-and-compressed state, the company has made hydrogen transportation more efficient and capable of handling larger volumes. This breakthrough technology is critical for scaling up commercial operations, and the new facility at the Marcellus Energy Park in Muncy will be dedicated to manufacturing these advanced hydrogen storage vessels.
鈥淧ennsylvania is making strategic investments to grow our innovation, energy, and manufacturing industries, and Verne clearly recognized that our Commonwealth is competing again because they chose us over Ohio, Michigan, and West Virginia for its first manufacturing facility in the country,鈥� said Governor Shapiro. 鈥淢y Administration is proud to win deal like this that strengthen our local communities, grow our manufacturing sector, and position Pennsylvania as a national leader in innovation and job creation. We鈥檙e competing aggressively for private sector investment 鈥� and Pennsylvania is open for business.鈥�
The establishment of Verne Inc.鈥檚 manufacturing facility marks a significant milestone for Pennsylvania, reinforcing its commitment to fostering innovation, creating high-quality jobs, and leading the charge in the evolving clean energy landscape.
