Kentucky Recent News – Swanson Reed | Specialist R&D Tax Advisors

Mowrator to Display New Tech at Kentucky Expo

Mowrator, the world’s first remote-controlled mower, is showcasing their advanced lawn mower technology at GIE Expo in Kentucky.

The 2024 expo will take place from October 15-18, 2024 in Louisville, Kentucky. As one of the leading trade events for outdoor power equipment and lawn care, the expo will provide a platform for Mowrator to demonstrate its cutting-edge mowers, designed to address the needs of residential, commercial, and industrial users.

Mowrator’s technology goes beyond a typical lawn mower, integrating GPS navigation, safety sensors, and energy efficient engines to make lawn care easier than ever.

The company’s focus on sustainability will also be highlighted through the inclusion of electric-powered models, aimed at reducing fuel consumption while maintaining high standards of performance. Mowrator will further demonstrate its commitment to innovation by introducing additional mower attachments, designed to perform tasks such as mulching and snow removal. These advancements reflect the company’s approach to offering versatile solutions for modern lawn care.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Sunflower Fuels: Pioneering Sustainable Biofuel Solutions

Sunflower Fuels, a startup in the renewable energy sector, has named Gaby Blocher, a Cincinnati native, as the new CEO. The company is revolutionizing the way we think about sustainable fuel solutions.

Harnessing the power of agricultural crops, Sunflower Fuels is at the forefront of developing biofuels that offer a cleaner and greener alternative to traditional fossil fuels. By utilizing crops like sunflowers, the company is paving the way for a more sustainable future while reducing our dependence on non-renewable resources.

Under Blocher’s leadership, Sunflower Fuels is driving research and development efforts to optimize biofuel production processes. By leveraging cutting-edge technology and scientific expertise, the company is continuously innovating to improve the efficiency and scalability of its biofuel solutions.

One of the key advantages of Sunflower Fuels’ approach is its focus on utilizing crops that are abundant and environmentally friendly. Sunflowers, in particular, offer a high yield and require minimal inputs compared to other biofuel feedstocks, making them a sustainable choice for biofuel production.

In addition to its commitment to environmental sustainability, Sunflower Fuels is also dedicated to promoting economic growth and rural development. By partnering with local farmers and communities, the company is creating new opportunities for agricultural producers while contributing to the growth of rural economies.

As the demand for renewable energy continues to grow, Sunflower Fuels is well-positioned to lead the charge towards a cleaner, greener future. With Gaby Blocher at the helm, the company is poised to drive innovation, expand its reach, and make a meaningful impact on the transition to renewable energy sources.

Through its dedication to sustainability, innovation, and community partnership, Sunflower Fuels is proving that biofuels have the potential to play a significant role in addressing climate change and building a more sustainable world.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

eBlu is Anything but Blue after Successful Funding Round

Louisville-based eBlu Solutions Inc., renowned as one of the city’s fastest-growing private enterprises, has successfully raised a substantial $4 million in a recent funding round, as per records filed with the U.S. Securities and Exchange Commission in January.

Founded in 2012, eBlu has rapidly expanded its footprint by offering an efficient single-portal software solution designed for benefit verification of specialty medications. The company experienced a significant surge in growth starting in 2021, marked by an impressive $11 million Series A fundraising round. Within a year, eBlu’s employee count skyrocketed from 63 to over 100, prompting a relocation to its new headquarters on the 15th floor of Waterfront Plaza in Downtown Louisville.

Currently boasting a workforce of 114 employees, eBlu is committed to further expansion and development. The freshly injected capital will play a pivotal role in supporting key initiatives geared towards sustaining the company’s growth trajectory.

Lori Wood, Director of Brand Marketing at eBlu, expressed excitement about the internal funding round and its implications for the company’s future. She highlighted the strategic addition of Mike Davis, Co-Founder of Appriss, as the Executive Chairman to the board, foreseeing an exciting and promising year ahead for eBlu Solutions in 2024.

The internal funding round was led by eBlu’s existing venture capital investors, including OCA Ventures from Chicago, Mutual Capital Partners from Cleveland, and FCA Venture Partners’ Health Innovations II fund based in Brentwood, Tennessee.

eBlu Solutions earned the remarkable position of No. 7 on Business First’s prestigious 2023 Fast 50 list, a testament to its phenomenal growth. The company achieved an extraordinary revenue surge, exceeding 411% over three years, escalating from $1.8 million in 2020 to an impressive $9.4 million in 2022.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Space Tango’s New CEO Charts a Course for Groundbreaking Research and Development in Space

Space Tango, the pioneering Kentucky-based startup renowned for conducting innovative research and science experiments on the International Space Station (ISS), recently announced Sita Sonty as their new Chief Executive Officer (CEO), heralding a new era of leadership and innovation for the company.

Sonty brings a wealth of experience to her role, having previously led the space industry practice at the Boston Consulting Group and served as the Head of Human Spaceflight Sales at SpaceX. Her appointment signifies Space Tango’s commitment to advancing microgravity applications in diverse fields, including hardware, software, materials science, biotechnology, and medicine.

Co-founder Twyman Clements, who has been at the helm, will continue to play a pivotal role in the company as President, providing valuable continuity and expertise. Under Sonty’s leadership, Space Tango aims to expand its business, leveraging its “proven flight payload heritage, a dedicated customer base, and cutting-edge commercial use cases.” These endeavors hold the potential to revolutionize medicine and additive manufacturing in the unique environment of space.

Founded in 2014, Space Tango emerged from a partnership between Twyman Clements and Kris Kimel, the former CEO of the Kentucky Science and Technology Corporation. Their shared vision was to simplify and enhance access to space-based research and product development. Today, the company stands as a commercial spinoff of Kentucky Space, a nonprofit consortium comprising universities and public and private organizations, with a presence in Kentucky, Texas, Florida, California, and Washington, D.C.

Through a NASA Space Act Agreement, Space Tango has been providing state-of-the-art facilities on the ISS since 2017 to support research and development as well as manufacturing. Their mission centers on harnessing the microgravity environment as a new frontier for discovery and innovation.

Space Tango envisions a future where groundbreaking advancements in healthcare and technology emerge from space-based research, and they are committed to creating a global market 250 miles above Earth’s surface. By collaborating with diverse industry and educational partners, Space Tango seeks to improve life on Earth and inspire future generations to explore the limitless possibilities of space.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

EnerVenue Announces Nickel-Hydrogen Battery Gigafactory

EnerVenue, Inc., a nickel-hydrogen battery development company, announced that it will open a one million square foot gigafactory on a 73-acre site in Shelby County, Kentucky. With generous incentives from Shelby County and the state of Kentucky, the facility will aid the company as they design, manufacture and test its nickel-hydrogen Energy Storage Vessels.

The first phase of the project will provide 450 full-time jobs and is aiming for 1 GWh of annual production. EnerVenue says it expects to invest in excess of $1 billion to expand to more than 20 GWh per year across its domestic manufacturing sites in subsequent phases.

The technology created by EnerVenue is ideally suited for grid-scale, commercial, and residential applications. First developed in the 1980s, nickel-hydrogen technology reliably served a range of aerospace applications including the Mars Rover, Hubble Telescope, and the International Space Station. EnerVenue has built on this initial technology to create commercial deployments while other non-lithium battery storage technologies are still waiting for a lab breakthrough. EnerVenue is currently producing Energy Storage Vessels in the heart of Silicon Valley and will achieve volume production in 2024 at a U.S.-based location.

The company claims that its batteries have a more than 30-year lifespan, can go through more than 30,000 cycles without experiencing degradation and offer exceptional overcharge, over-discharge, and deep-cycle capabilities.

Shelby County offered EnerVenue a generous 25-year incentive package that includes property and wage tax rebates totaling $20 million. The state of Kentucky also offered EnerVenue more than $10.3 million in tax incentives for the first phase of the company’s ramp up. The tax rebates are intended to support growth in the county and incentivize future development as the gigafactory expands and adds additional jobs.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Safari Solutions Awarded $10K at Startup Competition for Car Wash Technology

South Dakota Patent of the Month - August 2021

Safari Solutions, a car wash technology startup, took home a $10,000 award after winning the Startup Appalachia Pitch Competition.

The Kentucky-based startup, founded in 2021 by car wash operator Dakota Hoskins, won first place when they pitched their idea to add barcode scanning capabilities to any car washing kiosk. The company had developed a module that enables car wash operators to add these barcodes which could enable various marketing campaigns.

During his pitch, Hoskins said the idea for the company’s barcode scanning technology came after he attended a trade show in Las Vegas last fall. He was there looking for marketing opportunities to promote his car washes’ unlimited wash club program, and while he found a firm that fit the criteria in OptSpot, the car washes weren’t equipped with the right kind of technology to do such a marketing campaign.

Hoskins believes the technology, which includes a fixed mount for a kiosk and a handheld device, could easily increase a car wash’s revenue by 30%-40%. The products also allow operators to streamline barcode management across multiple point-of-sale systems.

The company is already looking to expand their team and is on the lookout for another programmer to continue development. The funding will go towards additional product research and development, and patent protections.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Catalent Inc. Announces Plans to Invest $175M in their Manufacturing and R&D Facilities

North Dakota Patent of the Month - February 2022

Catalent, Inc., a multinational corporation who partners with various pharma, biotech, and consumer health companies, has announced their plans to invest $175 million into the expansion of their R&D facility in Clark County. This expansion will bring 277 new, high-wage jobs for Kentuckians.

The company intends to expand their existing 190,000 sq ft facility by adding an additional 90,000 sqft. This will increase their manufacturing capacity within their oral dose division. The company will also acquire a nearly 17,000 sq ft facility to house their R&D operations. Work is expected to begin in 2022 and wrap up in 2027.

This new facility will create job openings for scientists, manufacturing, quality assurance, maintenance, and warehouse positions. As a leader in enabling pharma, biotech, and consumer health partners to optimize product development, launch, and full life-cycle supply for patients around the world, Catalent is constantly engaging in R&D activities. They contribute broad and deep scale and expertise in development sciences, delivery technologies, and multi-modality manufacturing, Catalent is a preferred industry partner for personalized medicines, consumer health brand extensions, and blockbuster drugs. Catalent helps accelerate over 1,000 partner programs and launch over 150 new products every year. Its flexible manufacturing platforms at over 50 global sites supply more than 70 billion doses of nearly 7,000 products to over 1,000 customers annually.

“We look forward to further investing and growing in Winchester,” said Chris Rosenbaum, general manager of Catalent in Winchester. “The state of Kentucky’s talented workforce, tight-knit community and business environment provides major advantages to the future growth of Catalent.”

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Repaytient Joins Village Capital Finhealth Cohort

Alaska Patent of the Month - September 2021

Repaytient, a Kentucky-based startup, has been selected for Village Capital’s Finhealth U.S. cohort.

The company has joined the cohort of early-stage companies who have been selected for their fintech solutions. Each of these companies are focusing on developing solutions for low-to-moderate income communities and small businesses.

Repaytient specifically seeks to offer customizable, interest-free payment plans to help patients pay for out-of-pocket medical expenses while simultaneously increasing a hospital’s cash flow. The company is the only one in the cohort focused on the healthcare space.

The accelerator’s goal is to set up companies to be able to raise their next round of capital. With Village Capital’s support, Repaytient is gearing up for this fundraising round in 2022.

The company recently received $100,000 from Render Capital and $25,000 from Kentucky Science & Technology Corp. This capital is in addition to the $100,000 from private investors who helped to start the business in 2020.

Repaytient has hit quite a few milestones in the 18 months since its founding. They launched their first hospital in November 2020 and has since landed six contracts with more in negotiation, while also expanding its partnership with Alliant Management Services, a Louisville-based company that specializes in rural hospital management. They hope next year’s funding round will help to accelerate the growth of the business.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Danimer Scientific, Inc. Acquires Novomer

Danimer Scientific, Inc. is a leading next generation bioplastics company who’s work focuses on developing novel biodegradable materials. They spent the first half of 2021 expanding their mission to create biodegradable consumer packaging and products, resulting in some successful financial results for their second quarter.

The development of biodegradable packaging has the potential to address global plastic waste cris. Their team completed their Kentucky debottlenecking initiative as they work to improve production efficiency for Nodax based resins. In August, they closed on the acquisition of Novomer, Inc. Novomer is a leading developer of carbon efficient conversion catalyst and intelligent process design technologies. This acquisition aims to accelerate the development and production of their proprietary packaging products.

The addition of Novomer is expected to meaningfully reduce Danimer’s planned capital expenditures on a per-pound basis. Danimer believes that Rinnovo is highly complementary with Danimer’s inputs, and can be incorporated as a component in certain Danimer resins. PHA’s are a broad family of polymers which can be used for a multitude of applications wherein each can provide specific benefits. By incorporating Rinnovo into its customer solutions, Danimer expects to be able to produce its resins at a substantially lower average cost. Danimer expects to use these complementary technologies to meet an even broader range of customer needs and applications.

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Natural Disaster Planning Software Helping Homeowners Across the U.S.

On top of a global pandemic, millions of Americans have experienced wildfires, windstorms and hurricanes this year. Louisville-based tech startup WeatherCheck is making their lives easier, by building detailed models of natural disaster damage across the U.S. The company collects data from various sources (e.g. FEMA) and develops software models, to help individuals, mortgage lenders, corporations and insurers prepare for these natural disasters before they happen, and process claims much faster after damage occurs.

WeatherCheck’s team is made up of weather scientists, AI professors, climatologists, cloud computing engineers, and claims analysts. They’re the only company in the country providing the address-specific information owners require.

Before COVID-19 hit, WeatherCheck’s main offering was its subscription service. Customers would pay a fee, and can access damage reports for properties as well as a live monitoring tool for upcoming storms and/or hurricanes. But, as with many businesses, sales dropped when the public was told to shelter and stay home. So, the company shifted focus, developing a solution that allowed homeowners to file claims online.

In late August, a windstorm hit Iowa and more than 8,000 homes were damaged or destroyed, as COVID-19 case numbers rose in the state. WeatherCheck partnered with insurers to set aside $20 million in a recovery fund to help Iowans rebuild and also rolled out free access to its “Preferred” program, which helps users identify the best time to file a claim and get through the reconstruction process two times faster than they would by working directly with an insurance provider. Thanks to those efforts, homeowners affected by the storm were able to receive their recovery funds within 48 hours of filing a claim and start rebuilding immediately.

Are you developing new software, products or inventions? Did you know your R&D experiments could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’s largest Specialist R&D tax advisory firms, offering tax credibility assessments, claim preparation, and advisory services. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs and CFPs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.