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Recognized For Powder Metallurgy Technology, Veloxint Acquires 68,000-Square-Foot Manufacturing Facility in Kentucky-Based Opportunity Zone
Braidy Industries' advanced materials subsidiary expects to create 150 local permanent jobs at full-scale production
FRAMINGHAM, Mass.–Veloxint, a recently acquired subsidiary of Braidy Industries, has been celebrated for its advancements in nanocrystalline alloy metallurgy. The company, built with proprietary technology incubated at MIT, is reported to be making some of the world's hardest and strongest metals that resist heat and time degradation due to their advanced properties.
In May, Veloxint's nanocrystalline alloy metallurgy was recognized at the 2018 S&P Global Platts Global Metals Awards as Breakthrough Solution of the Year. Veloxint followed with an announcement in June that it had bought a 68,000-square-foot manufacturing facility in Eastern Kentucky that is expected to create 150 local jobs at full-scale production. The facility, known previously as the HT Hackney Co. building, is located in a U.S. Treasury-approved Opportunity Zone, designated by Kentucky Governor Matt Bevin.
Opportunity Zones allow for a 50 percent reduction in capital gains taxes for investments held five years or longer. Investments held for 10 years then become exempt from capital gains taxes entirely.
According to the Global Metals Awards judges, Veloxint was "a convincing winner with tremendous potential," for its powder metallurgy technology that "will find numerous applications across multiple sectors."
"Technology played an increasingly pivotal role for this slate of winners, and sustainability emerged throughout the value chain, with environment and efficiencies top of mind," said Martin Fraenkel, president of S&P Global Platts, in a press release.
"The S&P Global Platts Global Metals Award for Breakthrough Solution of the Year was an incredible honor, and we are delighted to have this endorsement as we move forward in establishing our manufacturing operations in Eastern Kentucky," said Veloxint CEO Alan Lund, in a company release. "It's important to us not only to sit close to Braidy Industries at the EastPark site, but also to be part of the economic advantage of a designated Opportunity Zone. Ultimately, this will allow us to bring 150 permanent jobs to deserving families in the region. At the end of the day, people are the bread and butter of our operation."
"Through Veloxint and the Braidy Atlas Mill, we are rebuilding Appalachia with technology," said Braidy Industries CEO Craig Bouchard. "We continue to advance efforts that will make Eastern Kentucky part of the most renowned advanced manufacturing corridor in the world. We could not be more thrilled to have our EastPark location included in Governor Bevin's designated Opportunity Zone, and we invite other companies with synergistic technologies to join us and become part of our 'One Family' initiatives at Braidy Industries."
Braidy Industries' (www.braidyindustries.com) inaugural project is the construction of what it calls "North America's lowest cost aluminum rolling mill" at the EastPark Industrial Center in Ashland, Kentucky. The mill is expected to produce 300,000 annual tons of production-ready series 5000x, 6000x and 7000x aluminum sheet for the automotive and aerospace industries.
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