State offering an incentive package of up to $30 million that will be based upon meeting capital investments and job creation standards
Gov. Bobby Jindal this afternoon announced that New Orleans will get 600 new manufacturing jobs when Blade Dynamics, a British company in the field of renewable energy, takes up residence at Michoud Assembly Facility.
Michoud Assembly FacilityAnother 975 indirect jobs are expected to spin off from the plant, which will build wind turbine equipment, Jindal said at a 3 p.m. press conference.
A company representative would not say when manufacturing operations will begin, but did say 95 percent of the employees will be local residents.
Mass.-based American Superconductor Corp., which builds equipment for power generators and utilities, acquired 25 percent of Blade Dynamics for $8 million Tuesday. American Superconductor says space at the NASA Michoud Assembly Facility will be used for the project.
The state is providing an incentive package of up to $30 million that will be based upon meeting capital investments and job creation standards.
The project represents one of the most significant job recruitment announcements for New Orleans in years. Its impact is especially important in light of the planned closing of the Northrop-Grumman shipyard in Avondale and the uncertainty about the future of the NASA space program that for years has backed Space Shuttle fuel tank manufacturing at Michoud.
Gov. Bobby Jindal called the turbine blades plan "a huge economic win for New Orleans and our whole state."
Dow Chemical Co., through its venture capital group that invests in startup companies, also made a small equity investment in Blade Dynamics, which was founded in Great Britain in 2007. Blade Dynamics said it has developed designs to increase the efficiency and performance of high power wind turbines to generate power on a larger scale.
American Superconductor CEO Greg Yured said Blade Dynamics provides "a game-changing wind turbine blade technology."
"This is a momentous day for Blade Dynamics," said the company's founder and CEO, Paul Rudling. "With strong support from the state of Louisiana and NASA and new allies in Dow and AMSC, our company is positioned for exciting growth in the years ahead."
The announcement was made by American Superconductor before financial markets opened. In early afternoon trading, its shares were up 82 cents, or 3 percent, at $28.34.
The Associated Press contributed to this article.