Form Energy Secures $405M for New Battery Plant

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Form Energy, Inc. has secured $405 million in new funding to support the opening of its first factory in Weirton, West Virginia and continue research and development. The round was led by T. Rowe Price with participation from GE Vernova.

 Form Energy has developed novel energy storage technology, building a proprietary iron-air battery. Their solution can store electricity for 100 hours with plans to make their multi-day battery the base of a reformed global electricity grid.

Manufacturing long-duration energy storage at a commercial scale is seen as essential for lowering carbon emissions that are causing climate change. The difference being that scaled clean energy is not reliant on a shining sun or strong winds.

These scalable batteries outperform lithium batteries by 25 times. A standard lithium battery will typically last four hours.

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.

Champ Titles Secures $18M Investment for Expansion Amid Digital Title Revolution

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In a significant move towards revolutionizing the digital title industry, Champ Titles, an Ohio-based company specializing in digital title, registration, and lien technology for state governments, has announced an impressive $18 million Series C funding round. Led by Point72 Ventures and joined by existing investors such as W.R. Berkley Corporation, Eos Venture Partners, Guidewire Software, and Rev1 Ventures, this investment is set to propel Champ Titles into new U.S. markets and expand its reach nationwide.

Since its inception in 2018, Champ Titles has been on a trajectory of growth, raising over $49 million in funding, including a notable $13 million Series B round in 2022. The company’s mission is clear: to digitize state DMV offices by replacing outdated title and registration systems with modern, efficient technology.

At the heart of Champ Titles’ strategy is the ambition to position West Virginia as the leader in the U.S. digital title industry. Collaborating closely with Tyler Technologies, Champ Titles aims to spearhead the digital transformation of state DMVs, offering software-as-a-service solutions that streamline operations and enhance user experience.

Thomas “L.T.” Slater, Executive Vice President and Head of Strategic Partnerships at Champ Titles, emphasizes the shift towards software-as-a-service in government agencies, noting that this approach resonates with the evolving needs of DMVs nationwide. By embracing modern technology, Champ Titles empowers not only state workers but also dealers, lenders, fleet managers, insurance carriers, and service providers, facilitating more efficient title, registration, and lien transactions for all stakeholders.

With its footprint expanding rapidly, Champ Titles currently collaborates with four states, including recent additions like New Jersey and upcoming integrations with Kentucky and Illinois. The launch of the National Digital Titling Clearinghouse in West Virginia marks a significant milestone in the company’s journey towards digital innovation.

Driven by its commitment to excellence, Champ Titles witnessed a remarkable revenue increase of over 300 percent year over year in 2023, underscoring the growing demand for digital solutions in the title industry. As the company continues to pave the way for digital transformation in state DMVs, the $18 million investment sets the stage for accelerated growth and nationwide impact in the years to come.

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.

West Virginia High Technology Foundation

Solar Panels

The West Virginia High Technology Foundation has announced their plans for two major projects for the I-79 High Technology Park. The first will be a solar test bed aiming to spark growth in renewable energy; the second will be a new NOAA ground station to monitor and collect space weather data.

The Foundation conducts intensive R&D projects in physics, electrical engineering, computer science and related fields for a range of government and industrial customers. With a vast team of experts and scientists, the Foundation acts as an engine of economic change across regional, statewide, and national high-tech business sectors.

The I-79 High Technology Park is their premier location for high priority Federal operations that require advanced electrical and telecommunications infrastructure. The park is located within the heart of the I-79 High Technology Corridor just south of Fairmont, West Virginia.

The team is in the process of finalizing plans for the solar test bed, which will include a 1-megawatt solar grid. The grid should generate energy and be used for testing and evaluation in future projects. The production of the test bed will be completed in collaboration with West Virginia University and FirstEnergy Corp.

The second project will see the construction of a third satellite ground station for NOAA. The other two satellites have proven to be crucial to weather and climate data collecting for years and will benefit from the additional location. The new station will collect a new type of weather data – that of space itself. The new data will be collected from a satellite that will eventually sit in an area of space known as Lagrange 1. This area is a central point between the Earth and the Sun which will allow the satellite to collect data associated with space weather. Space weather impacts Earth’s weather conditions as well as satellite communications. This third station will ensure the foundation has the most comprehensive coverage and collection of climate and weather data across the globe.

The Foundation hopes both of these projects will be completed by the end of the calendar year. Foundation President and CEO Jim Estep believes that both the ground station and the solar test bed could mean huge things for the I-79 High Technology Park and North Central West Virginia in general, and he’s excited to see both projects get up and running.

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.

TechConnect West Virginia Receives $125K Grant

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TechConnect West Virginia has been awarded a third Federal and State Technology Partnership Program (FAST) grant from the US Small Business Administration. This $125, 000 grant will help West Virginia R&D-focused small businesses apply for and win federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants. The first award was received in 2019, showing rapid success over the past few years.

TechConnect’s FAST grant, called Bridging the Ecosystem in Science & Technology in West Virginia Program (BEST in WV), is raising awareness of the benefits of applying for the SBIR/STTR programs while offering additional financial and technical assistance to help companies and researchers do so. They intend to use hands-on education for entre[reneurs and small business owners on this application process and utilize online bootcamps to highlight best practices. 

The multi-billion-dollar SBIR and STTR programs were developed to help small businesses engage in R&D with strong potential for technology commercialization. They are highly competitive as they help to offset the costs associated with R&D and ensure businesses have the financial resources to achieve their goals.

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.

Startup WV Launched by West Virginia University

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West Virginia University’s Startup WV wants to align resources available at the university and encourage innovation in the state. The goal is to create new research and development opportunities, new jobs, and new solutions. Inspired by Virgin Hyperloop, an R&D startup, which chose West Virginia for its new certification facility site, WVU decided to try and expand R&D in the state.

Their mission involves responding to the economic needs of the state, driving momentum for creating intellectual properties and startups, and working with small businesses. Universities are uniquely positioned with resources and talent to help advance us into a technological society. Innovation is everywhere and with the help of Startup WV, West Virginia University hopes to bring these ideas to light.

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.

Founders of Iconic Air named in Forbes 30 Under 30 List

Founders of Iconic Air named in Forbes 30 Under 30 List

Iconic Air was founded in 2018 by James Carnes and Kyle Gillis in their senior year at West Virginia University’s Statler College of Engineering. They began as a software startup focused on emissions monitoring and data reporting for the oil and gas industry. In their few short years, they have secured pilot operations in three key oil and gas-producing regions. They have also earned a contract with the United States Air Force Small Business Innovation Research with the aim of adapting their technology for use by the Department of Defense.

With these achievements, Forbes has named them in their 2021 30 under 20 list. This list recognizes business and industry figures in select industries like energy, entertainment, social media, media, education, finance, sports, venture capital, art and enterprise technology. Iconic Air is currently developing a data analytics software infrastructure which will interface with methane and environmental monitoring sensors. They want to help the oil and gas industries comply with climate change standards by presenting the technology to achieve transparent and automated processes.

Are you adapting technology for a new purpose? 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.

2019 Innovation Rankings By State

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The United States is usually accredited as one of the most innovative nations in the world. However, that does not mean the country’s technological and innovation quests are divided equally around the nation.

Burgeoning technology and innovative concepts usually find their inception in major regions such as San Francisco and New York, while middle tier states in the nation try to play catch-up.

With the United States predicted to spend approximately $581 billion on Research and Development (R&D) in 2019, and New York City recently no longer under consideration for Amazon’s 2nd headquarters, finance and research website WalletHub recently published an enumeration ranking the 50 U.S. States and District of Columbia in terms of innovation rate.

It came as no surprise that the least innovative states on the list included the Midwest states, usually ignored by leading tech firms in favor of metropolitan areas that have historically enticed top tech talent and major tech firms.

In order to come up with the rankings, Wallet Hub based its findings on multiple metrics divided into two different categories: innovation environment and human capital.

The human capital category includes units such as projected STEM job demand in 2020, the share of STEM professionals, and participation and performance in high school level science and math exams.

The innovation environment category, on the other hand, included each state’s tax-friendliness, number of jobs in new companies, level of research and development spending, and every state’s share of firms that are tech oriented.

Below are the most and least innovative states in the U.S. according to WalletHub:

Most innovative states

  1. Massachusetts
  2. Maryland
  3. Washington
  4. District of Columbia
  5. California
  6. Colorado
  7. Virginia
  8. Utah
  9. Delaware
  10. Oregon

Least innovative states

  1. Oklahoma
  2. Nebraska
  3. Hawaii
  4. Kentucky
  5. Iowa
  6. Tennessee
  7. Arkansas
  8. West Virginia
  9. Louisiana
  10. Mississippi

Study Ranks Performance of Each State’s Economy Over The Past Decade

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The economy of the United States is the largest in the world by nominal gross domestic product (GDP) and the second-largest by purchasing power parity (PPP). During the past decade, in most of the US states, economy has improved considerably, but that is not to say every state’s economy is equally healthy. Some states are experiencing an economic boom, while others continue to contend with poor GDP growth, low per capita income, unemployment and poverty.

The Ohio Alliance for Innovation in Population Health conducted an analysis of the data collected by the Appalachian Regional Commission (ARC) for 2009 and 2019 and ranked the economic performance of all fifty states in the US. The results determined that the economies of the states such as New Hampshire, followed by North Dakota, turned out to be the healthiest over the past ten years, while the states such as Louisiana and Mississippi were regarded as the most economically distressed states. To be more precise, the most economically distressed states for 2019 were Georgia, Arkansas, South Carolina, Arizona, Kentucky, Alabama, West Virginia, New Mexico, Louisiana, and Mississippi. However, the results of the study should be interpreted with caution.

This is because, though ranked last and being labelled as the poorest state, Mississippi improved its economic distress index score of 153 in 2009 to 141.8 in 2019. The state witnessed an upsurge in nearly all income-related categories. But simultaneously, it also faced widespread weakness across the economy. Sectors shrinking included government, construction, entertainment, arts, agriculture, nondurable goods manufacturing and recreation. The state’s economic conditions weakened as compared to its growth in the past. The economy grew just 0.3% in 2017, compared to 2% growth in 2016. However this is expected to improve in 2018 and 2019.

It can be concluded that economic vitality can help communities remain competitive and adapt to the constantly changing world.

The Best and Worst CyberStates for 2017

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The Computing Technology Industry Association (CompTIA) is a leading not-for-profit technology association. Their 18th edition of the Cyberstates report aims to provide a representation of the size and scope of the US tech sector. The report analyses the industry and workforce by state and uses metrics such as tech patents, venture capital funding, business establishments and job postings.

Here is a summary of the results by state:

Tech Industry Employment

There were around 6.9 million US tech workers in 2016, up from 6.7 million in 2015.

Top 5

  1. California
  2. Texas
  3. New York
  4. Florida
  5. Massachusetts

Bottom 5

  1. Wyoming
  2. South Dakota
  3. Alaska
  4. North Dakota
  5. Montana

Tech Patents Granted

Top 5

  1. California
  2. Texas
  3. Washington
  4. New York
  5. Massachusetts

Bottom 5

  1. Alaska
  2. South Dakota
  3. Mississippi
  4. Montana
  5. West Virginia

Innovation Score Per Capita

The number of tech startups and new tech establishments grew to 36,508 in 2015. Many were IT services covering data processing, hosting and web search portals.

Top 5

  1. California
  2. Massachusetts
  3. Washington
  4. Colorado
  5. New Jersey

Bottom 5

  1. West Virginia
  2. Mississippi
  3. Arkansas
  4. South Dakota
  5. Ohklahoma

Tech Gross State Produce (GSP) As A Percent of Total State Product (in billions)

Top 5

  1. Oregon
  2. Washington
  3. Massachusetts
  4. California
  5. Colorado

Bottom 5

  1. Wyoming
  2. Louisiana
  3. Oklahoma
  4. Mississippi
  5. West Virginia

Average Tech Industry Wages Rank

The average tech sector wage was 105 percent higher than the average national wage of $53,130 in 2016.

Top 5

  1. California
  2. Washington
  3. Massachusetts
  4. New Jersey
  5. New York

Bottom 5

  1. South Dakota
  2. Mississippi
  3. Wyoming
  4. West Virginia
  5. Montana

The full report is available at Cyberstates.

US tech companies undertaking qualified activities can apply for the state and/or federal R&D tax credit. To check whether your projects meet the necessary criteria, contact a Swanson Reed representative today.

Top States for Doing Business 2016

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How does your state rank for doing business? CNBC ranked all 50 states for business using a range of publicly available data.  They used a points-based system for each of the 10 categories of competitiveness.

Here are the results:

Workforce

Rating based on education level of the workforce, the numbers of available employees, and the states’ demonstrated abilities to retain college-educated workers.

Top 5

  1. Colorado
  2. Massachusetts
  3. Virginia
  4. North Dakota
  5. Arizona

Bottom 5

  1. Maine
  2. Missouri
  3. Hawaii
  4. Vermont
  5. Kentucky

Cost of Doing Business

Rating based on the competitiveness of each state’s tax climate, as well as state-sponsored incentives that can lower the cost of doing business. Utility costs can add up to a huge expense for business, and they vary widely by state. Also considered was the cost of wages, as well as rental costs for office and industrial space.

Top 5

  1. Indiana
  2. Iowa
  3. Mississippi
  4. South Dakota
  5. Kentucky

Bottom 5

  1. Hawaii
  2. California
  3. Maryland
  4. Connecticut
  5. Massachusetts

Infrastructure

Rating based on the vitality of each state’s transportation system by the value of goods shipped by air, waterways, roads and rail. The availability of air travel in each state, the quality of the roads and bridges, and the time it takes to commute to work was taken into account, as was the condition of each state’s drinking water and wastewater systems.

Top 5

  1. Indiana
  2. Tennessee/Texas
  3. Tennessee/Texas
  4. Georgia
  5. Minnesota

Bottom 5

  1. Rhode Island
  2. New Hampshire
  3. Maine
  4. Connecticut
  5. Hawaii

Economy

Rating based on economic growth, job creation, consumer spending, and the health of the residential real estate market. Each state’s fiscal health was measured by looking at its credit ratings and outlook, as well as its overall budget picture. Also considered was the number of major corporations headquartered in each state.

Top 5

  1. Texas
  2. Colorado
  3. Utah
  4. Florida
  5. Oregon

Bottom 5

  1. Mississippi
  2. Maine
  3. Alabama
  4. West Virginia
  5. Louisiana

Quality of Life

Rating based on livability, including several factors, such as the crime rate; inclusiveness, such as antidiscrimination protections; the quality of health care; the level of health insurance coverage and the overall health of the population. Also evaluated were local attractions, parks and recreation, as well as environmental quality.

Top 5

  1. Hawaii
  2. Minnesota
  3. Vermont
  4. New Hampshire
  5. Maine

Bottom 5

  1. Arkansas
  2. Missouri
  3. Oklahoma
  4. Louisiana
  5. Tennessee

Technology and Innovation

Rating based on support for innovation, the number of patents issued to their residents and the record of high-tech business formation. Also considered were federal health, science and agricultural research grants to the states.

Top 5

  1. Washington
  2. California
  3. Massachusetts
  4. New York
  5. Maryland

Bottom 5

  1. Mississippi
  2. West Virginia
  3. Wyoming
  4. Arkansas
  5. Louisiana

Education

Rating based on the number of higher-education institutions in each state, as well as long-term funding trends for higher education. Also evaluated were several measures of K–12 education, including test scores, class size and spending, as well as digital and lifelong learning opportunities in each state.

Top 5

  1. Massachusetts
  2. Minnesota
  3. Wyoming
  4. Illinois
  5. Virginia

Bottom 5

  1. Nevada
  2. Idaho
  3. Mississippi
  4. Arizona
  5. Alabama

Business Friendliness

Rating based on the freedom each state’s legal and regulatory frameworks provide for business.

Top 5

  1. New Hampshire
  2. South Dakota
  3. Virginia
  4. North Dakota
  5. Idaho

Bottom 5

  1. California
  2. West Virginia
  3. Illinois
  4. Mississippi
  5. Hawaii

Cost of Living

Rating based on cost of housing, food and energy.

Top 5

  1. Mississippi
  2. Kentucky
  3. Arkansas
  4. Alabama
  5. Tennessee

Bottom 5

  1. Hawaii
  2. New York
  3. Delaware
  4. California
  5. Connecticut

Access to Capital

Rating based on venture capital investments by state, as well as small-business lending on a relative basis.

Top 5

  1. Illinois
  2. North Carolina
  3. California
  4. Michigan
  5. New Jersey

Bottom 5

  1. Wyoming
  2. Vermont
  3. West Virginia
  4. Delaware
  5. New Mexico

Many US businesses can take advantage of the state and/or federal R&D tax credit. Please contact a Swanson Reed representative to find out what is available in your state and whether your business qualifies.