TPI expansion receives $1M in state tax credits

Nov. 17--The Iowa Economic Development Authority board approved a $1 million award to TPI Composites Friday for direct financial assistance and tax benefits for a recently announced business expansion.

TPI Composites, known for its focus on the wind industry, is planning to manufacture bus bodies for electric-powered passenger buses. Under the new contract, TPI will provide capacity for up to 3,350 bus bodies during a five-year period.

Following the announcement of the contract on Nov. 8, TPI plans to open the new manufacturing expansion during the first half of 2018. The diversification and expansion will create more than 350 jobs in Newton.

The project has a capital investment of $6 million with jobs at a qualifying hourly wage of $18.12 per hour.

The buses are a composite structure utilizes a combination of reinforcement materials including fiberglass and carbon fiber that enables a lightweight body structure that weighs thousands of pounds less than conventional metallic space frames. The lower mass composite body structure is one factor that enables Proterra to provide an industry-leading range for its battery-electric vehicles.

Composite structures provide additional performance advantages with enhanced durability and reduced maintenance costs, by providing a corrosion-free solution. TPI will house the new manufacturing at the former Maytag Plant 2, leasing 100,000 square feet at the building.

TPI currently serves as the only independent manufacturer of composite wind blades with a global footprint and a reputation as an innovation leader for composite structures in the transportation market utilizing advanced composite technology and manufacturing expertise. The wind blade producer located to Newton almost 10 years ago, and its facility is at 2300 N. 33rd E.

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