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Tag: Albedo

Albedo Raises $35M to Commercialize Very Low Earth Orbit (VLEO)

Albedo Raises $35M to Commercialize Very Low Earth Orbit (VLEO)

January 23, 2024 Craig Etkin

January 23, 2024 08:00 AM Eastern Standard Time DENVER–(BUSINESS WIRE)–Albedo, the first company to offer aerial quality imagery from space – enabled by the new orbit frontier of VLEO (very low earth orbit) – today…

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Sofidel will make a $200 million expansion in Duluth, supported by $5 million in business expansion funding from the State of Minnesota. The expansion will create at least 160 new jobs, tripling the company’s current workforce size. Funding comes from the Minnesota Department of Employment and Economic Development’s (DEED) Job Creation Fund (JCF) and Minnesota Investment Fund (MIF). The JCF provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. The MIF provides financing to help add new workers and retain high-quality jobs – with a focus on industrial, manufacturing, and technology-related industries – increasing the local and state tax base and improving Minnesota's economic vitality.

Sofidel will expand their existing facility into an integrated, state-of-the-art production plant where raw materials are processed, manufactured, and packaged into finished goods such as paper towels, bath tissues, and napkins. The company will construct an automated warehouse for product storage and distribution. Construction will take place in phases beginning in late 2024 and continuing through late 2026. The completed project size will be nearly 600,000 square feet.

In a statement Simone Giacomelli, Integration Manager at Sofidel said, This expansion is a testament to our long-term commitment to growth and innovation in the North American market. In Duluth, we found a favorable operating environment, with a skilled and dedicated workforce, and strong partnerships with local institutions and the community. These factors encouraged us to further invest in this facility,” “We are also grateful for the tremendous support from the State of Minnesota and the City of Duluth, which has been essential in bringing this project to life."

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According to state and local development sources, JPMorgan Chase plans to invest $3.1 Million to build out 3,329 square feet of new space in Georgetown Texas. The project, designed by Dallas based Rouch Architects, consists of New construction of a retail banking center with drive-thru ATM, and is located about 30 miles north of downtown Austin, at the north east corner of Ronald Reagan Blvd. & RR 2238 in Georgetown. The Chase Bank Parmer Ranch facility is expected to be completed in late 2025 or early 2026.

JPMorgan Chase & Co. operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers s deposit, investment and lending products, payments, and services to consumers; lending, deposit, and cash management and payment solutions to small businesses; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit card, auto loan, and leasing services. For over 200 years, JPMorgan Chase & Co has provided innovative financial solutions for consumers, small businesses, corporations, governments and institutions around the world. Today, were a leading global financial services firm with operations servicing clients in more than 100 countries. Whether we are serving customers, helping small businesses, or putting our skills to work with partners, we strive to identify issues and propose solutions that will propel the future and strengthen both our clients and our communities. The company also provides ATM, online and mobile, and telephone banking services. JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York.

Source: http://www.intelligence360.io/ and https://intelligence360.news/

CHAOS Industries, a technology company building the next generation of defense and critical industry technologies, today announces that the company has raised $145 million in Series B funding to support the next phase of its commercial growth and development. The Series B was led by Accel, with participation from 8VC, as well as Overmatch Ventures, Lerner Enterprises, and existing insiders. Proceeds will be used to spur the development of CHAOS Industries’ advanced detection, monitoring, and communication solutions to the defense, government, and commercial sectors, as well as to accelerate the company’s product development, hiring plans, and high-volume manufacturing. The Accel-led Series B round brings total funding raised by the company to $215 million since inception. The company also recently announced the appointment of former U.S. Congressman and Central Intelligence Agency veteran Will Hurd as its Chief Strategy Officer. Mr. Hurd’s decades of experience and deep understanding of defense technology make him uniquely positioned to support CHAOS Industries’ mission-driven engineering strategy and guide the company as it allocates these new resources.

In a statement John Tenet CHAOS Industries Founder and Co-CEO said, “U.S. national security is at an inflection point” “As our adversaries become more sophisticated, America must embrace next-generation technological innovation to combat more complex national security threats. This funding will accelerate CHAOS Industries’ ability to provide the cutting-edge technological solutions the U.S. and its allies need to remain secure.”

Today, CHAOS Industries is actively developing a suite of products known as Coherent Distributed Networks, a paradigm-shifting technology category, which enables unprecedented performance for sensors and effectors. The first product in this category, Vanquish, is a dual-use, multistatic commercial radar that provides early warning and tracking capabilities against unmanned aerial systems, missiles, and aircraft.

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