The Iowa Economic Development Authority (IEDA) Board today (Friday) awarded direct financial assistance and tax benefits to two companies for job creation and expansion projects. These awards will assist in the creation of 144 jobs and will result in $36 million in new capital investment for the communities of Atlantic and Nevada.

Elkhart Plastics of Iowa, Inc., a subsidiary of Elkhart Plastics, Inc., (formerly Plastics Professionals) was given tax breaks via the High Quality Jobs program (HQJ) to support a $1-million dollar expansion of the Elkhart Plastics plant in Atlantic. Company officials say 100 more people will be employed in Atlantic after the project is completed. The 100 jobs are incented at a qualifying hourly wage of $15.95. Elkhart Plastics makes custom coolers, water tank liners and other equipment for R-Vs and boats.

Officials have also awarded state tax breaks to a European company that plans to open a biofuels plant at the site of a closed ethanol production facility near Nevada. VERBIO is based in Germany. The Iowa Economic Development Authority Board has approved state tax benefits in support of the company’s plan to produce what’s called “renewable” natural gas. It will happen at the former Pioneer DuPont’s cellulosic ethanol facility near Nevada. VERBIO has been making “biogas” since the summer of 2010 in Europe. The process involves fermenting corn stalks to ultimately produce methane. State officials say it will be the company’s first facility in North America and VERBIO plans to spend 35 million dollars on the project.

The board also recommended grant funding for 14 innovative small businesses in Iowa and approved a Strategic Infrastructure Grant Iowa State University (ISU)/Center for Industrial Research and Service (CIRAS).

View the complete list here: iowaeconomicdevelopment.com/UserDocs/news/SmBizInnovTechTrans.pdf.