November 30, 2005
LANSING – Governor Jennifer M. Granholm today visited NextEnergy Corporation (NEC) to discuss the impact of the $2 billion job creation package she signed into law last week. Under the plan, which the Governor first called for in her State of the State Address last February, Michigan will invest nearly $1.5 billion dollars to grow thousands of jobs in four key growth areas: life sciences, advanced manufacturing, alternative energy, and homeland security. The state’s investment is expected to leverage an additional billion dollars or more in private investment.
“NextEnergy Corporation is already hard at work developing the new fuel technology that will power the next century,” said Granholm. “By investing billions in critical areas like alternative energy development, we can build on our existing strengths, diversify our economy, and create thousands of new, good-paying jobs.”
The Governor’s jobs plan will capitalize on the best research and commercialization opportunities in the four key growth areas in order to create good-paying, high-tech jobs that can’t be outsourced. In addition, the bills will create:
• up to $450 million through the Venture Capital Investment fund to help start-up companies succeed;
• new tax incentives to encourage investors to make and keep their investment dollars here in Michigan;
• an improved business climate with lower fees and less red tape for new businesses in Michigan;
• new incentives to encourage life sciences companies to use Michigan suppliers and services.
After touring the facility, the Governor spoke with area high school and college students about the exciting opportunities available once they complete their degrees. The Governor noted that Michigan is headquarters for eight of the nation’s top alternative energy companies, ranking us 5th nationally. In total, more than 180 companies are working on the development of alternative energy technology in Michigan.
“Michigan was built on innovation and this $2 billion investment will ensure that the next generation of innovation will occur right here,” said Granholm. “This investment will make Michigan a hot-bed of entrepreneurialism by providing the capital to help small start-up companies and high-tech firms turn their great ideas into medical cures, clean energy and technological advancement.”
NEC is a nonprofit corporation dedicated to the development and promotion of alternative energy technology. They are committed to helping Michigan lead the transformation of how vehicles are built and powered. In September, NEC opened an alternative energy technology incubator that is now home to eight research and development companies.
The job creation package that became law last week is just one part of Granholm’s 5-point economic plan. The Governor has also proposed legislation to restructure business taxes in Michigan in order to keep jobs here; fast-forward public infrastructure projects, including road projects and nursing home improvement, to create thousands of jobs today; match unemployed citizens with businesses that need workers right now; and make college accessible to all.
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