While Firefly Energy’s six-million-dollar loan guarantee from the city and county is getting all the press lately, there’s actually bigger news that has gone unreported.
On May 15, the City quietly approved as part of its consent agenda a business development fund loan of $150,000 to Globe Energy “for renovations, equipment, and operating expenses for their project located at 1610 W. Altorfer” in Pioneer Park.
Why is that big news? Because they’re going to be bringing 105 jobs paying an average salary of $50,000 to Peoria in the next 12-18 months, and plans to increase the number of employees to 600 within five years. For comparison, Firefly is planning to employ 65 people.
Here’s some details on Globe Energy from the council communication:
The owners/founders of Globe Energy, a female owned business, have spent 32 years developing a unique, world-patented technology that not only reduces the costs of heating large industrial buildings by 75%-91%, but also can reduce the environmentally harmful emissions caused by burning fossil fuels. The related company in England has a 25-year successful track record of installing high efficiency energy-saving systems across Europe for many large industrial customers including BMW, Dublin Airport, Renault, British Airways and Caterpillar. The U.S. Company has been granted full global rights to the technology by the founders and their U.K. entity and has recently successfully installed new heating systems in two Caterpillar facilities in the U.S.
Globe Energy has invested $3 million in the Peoria location thus far and owns intellectual property valued at $3.5 million. During Phase I of their project, which will be over the next 12-18 months, Globe Energy will renovate its building, purchase additional equipment, set up the manufacturing plant and add approximately 105 new positions with an average salary of $50,000. Phase I will require investment of $7.85 million.
Globe Energy plans to base its global business center and world manufacturing plant in Peoria to service the North American Market and then the rest of the world markets.
Within five years the Peoria operation plans to increase to 600 employees, adding positions in manufacturing, training, sales and marketing with a projected annual payroll of $32.75 million. This phase (Phase II) will involve additional investment of approximately $17 million which will be used to purchase property adjacent to their current location and to construct and build-out additional manufacturing space.
Pretty impressive track record, don’t you think? Here’s a world-class company locating here in Peoria, and yet there’s almost no coverage. Here we have a manufacturer bringing 100-600 jobs to the area, and still people talk as if manufacturing is dead and we should just put all our focus on med-tech jobs. (I’m not saying we shouldn’t go after med-tech jobs, mind you; I just think we need to have a diversity of jobs in Peoria, and manufacturing is an important part of that mix.)
Interestingly, Globe Energy may be needing rail service in the future, and since they’re located in Pioneer Park, that brings them into the whole Kellar Branch debate. For more on that, see David Jordan’s blog. Also, a big hat tip to Mr. Jordan for bringing public attention to this development through his blog.
