A West Carrollton company said it will expand and hire up to 25 people thanks to a tax credit approved Monday by the Ohio Tax Credit Authority.
The authority approved a 1.438 percent, 7-year tax credit to Plug Power Inc. — a Latham, NY fuel cell manufacturer which has had a local presence since 2016 — for the creation of $1.5 million in new annual payroll as a result of a possible expansion in West Carrollton.
Top Air Force general remains worried about suicide trend
As part of the tax credit agreement, Ohio requires the company to maintain operations in the Dayton area for at least 10 years.
Ohio is competing with New York for the proposed project. A message seeking comment was sent to Plug Power Monday.
Plug Power is a provider of clean hydrogen and zero emission fuel cells. The company designs, develops, and makes fuel cell systems for electric lift trucks and materials handling equipment. The company says its technology powers electric motors with hydrogen fuel cells.
The project involves increasing existing operational capacity, according to a state description. The company’s fixed asset investment would be towards new machinery and equipment.
Plug Power opened a service center in West Carrollton, on South Alex Road, in 2016.
When it opened four years ago, the local service center was to be staffed with 10 employees, being responsible for parts and maintenance for GenDrive fuel cell units in the Midwest, and GenFuel stations across the nation.
In 2016, there were more than 850 electric fuel cell vehicles in Ohio powered by Plug Power’s GenDrive fuel cell product.
The possible expansion would also retain $1,509,483 in existing payroll by Dec. 31, 2023, Ohio said Monday.
In all, the Authority Monday approved credits for five projects across Ohio set to create 574 new jobs and retain 1,058 jobs.
Collectively, the projects are expected to result in more than $23 million in new payroll and spur more than $68 million in investments across Ohio, the state said.