— This week’s episode of “WisBusiness: the Podcast” is with Greg Piefer, CEO of SHINE Technologies.
This fusion technology company, headquartered in Janesville, is developing applications in health care, industrial and defense industries. Earlier this year, SHINE announced completion of a $70 million investment round, which was the state’s largest deal of the year at the time.
Piefer discusses the need for that investment, how the funds will be used and more on the company’s future.
“SHINE is a long-term technology company, really focused on, frankly, commercializing nuclear fusion over time, ultimately with the goal of producing clean energy that way,” he said. “I think it not only gives us an option for carbon-free energy, but I think it provides the most scalable option as we look at the future of humanity long-term.”
The company this summer announced the opening of its Cassiopeia facility as the largest lutetium-177 production facility in North America. Lu-177 is a radioactive material that’s used alongside targeting molecules to deliver precise radiation to cancer cells.
Piefer says the company’s efforts in the medical space are critical, given the ongoing supply chain problems in nuclear medicine coupled with demand going “through the roof.”
“I believe very confidently that we will be the first nuclear fusion company to reach profitability, and we expect to do that next year,” he said.
Listen to the podcast here: https://www.wisbusiness.com/2023/wisbusiness-the-podcast-with-greg-piefer-shine-technologies/
See the full list of WisBusiness.com podcasts: https://www.wisbusiness.com/category/podcast/
See a recent story on the business: https://www.wisbusiness.com/2023/shine-raises-70m-in-states-largest-deal-of-the-year-so-far/
— In the latest edition of “Talking Trade,” Djaagou-A Export founder and CEO Ognadon “Eddy” Djagou discusses his food and beverage business and U.S.-Africa trade.
Djagou launched the Iowa-based company in 2017. Since then he has been exporting agricultural products from the United States to African countries, with a focus on West Africa.
“Right now, we are just working with three to five countries,” he said. “So our goal for the next five years is to extend, is to move to another country, is to, you know, have a new relationship in a new country.”
Djagou says many American companies don’t have that same level of access. But he notes the average person on the continent is relatively young and African markets are expanding rapidly.
“There is a lot of opportunity in Africa,” he said.
Watch the episode here: https://www.wisbusiness.com/2023/talking-trade-with-ognadon-eddy-djagou-djaagou-a-export/
“Talking Trade” is now available in audio form on Apple Podcasts and Google Podcasts. Subscribe and find more episodes here: https://www.wisbusiness.com/category/talking-trade/
— Foxconn qualified for $6.3 million in tax credits in 2022 for meeting job creation and capital investment targets outlined in the contract between the company and WEDC, according to documents provided to WisPolitics.
This marks the third year in a row the company has qualified for tax credits under the agreement, which was revised under Gov. Tony Evers after the company substantially scaled back plans for its operations in Racine County.
The total for last year is about $2.3 million lower than what the Taiwanese company received for the previous fiscal year.
The WEDC tax credit verification and certification form, obtained through an open records request, shows 1,029 full-time workers employed by Foxconn. That exceeds the minimum number required to qualify for tax credits, which was 918 for 2022.
Those jobs qualified the company for the maximum $4.1 million in job creation credits for the year, while the other $2.2 million was linked to capital investments.
The original deal between Foxconn and the Wisconsin Economic Development Corp. involved the business qualifying for up to $3 billion in state tax incentives by creating 13,000 jobs and investing $10 billion in the project. But that was revised due to the company changing its plans for those operations, resulting in significantly lower job creation and capital investment targets and a much smaller total for tax credits.
Under the revised contract, Foxconn can earn up to $80 million in refundable state tax credits through 2025.
See the verification letter: https://www.wisbusiness.com/wp-content/uploads/2023/12/2023.12.05_23932-FY18-Verification-Letter-and-Forms-EITMZ-Foxconn-20221231.pdf
See the contract: https://www.wispolitics.com/wp-content/uploads/2021/04/210420Amended.pdf
— Economic expectations among bankers in the state appear to have improved over the year, according to the latest survey of bank CEOs from the Wisconsin Bankers Association.
The group’s Economic Conditions Survey found 44% of respondents predict the state economy will weaken over the next six months, while 47% expect it to stay the same over that period.
By comparison, 72% of respondents in a survey near the end of 2022 predicted the economy would weaken in the following six months, while 28% predicted it would stay the same.
When asked about the likelihood of recession in the coming six months, 38% of respondents to the latest survey were neutral, 32% said it’s likely, 18% said unlikely, 9% said very likely and 3% said very unlikely. Expectations of recession have cooled from the last two surveys, conducted midway through the year and at the end of 2022.
Perceptions of the current Wisconsin’s economy have stayed largely unchanged over the surveys. In the latest one, 62% said it’s good, 27% said it’s fair, 6% said it’s excellent and 5% said it’s poor.
The survey was conducted online by the WBA between Nov. 14-29 and had 66 respondents.
See the survey: https://www.wisbank.com/2023survey/
— Gov. Tony Evers announced funding for affordable housing development is now available through two new loan programs.
Through the Restore Main Street program, borrowers can apply for up to $20,000 per housing unit, or 25% of the total rehabilitation cost at an interest rate of 3%, or 1% in municipalities with fewer than 10,000 residents. This program helps building owners cover the costs of improving housing located above ground-level commercial operations.
Meanwhile, loans from the Vacancy-to-Vitality program are meant to help cover the cost of converting vacant commercial space into workforce or senior housing, according to the guv’s office. Developers can apply for up to $1 million, or 20% of the project cost including land, at 3% interest or 1% interest in small municipalities or those with senior housing.
Both programs were created this year through a package of bills Evers signed into law, the release shows.
See the release: https://content.govdelivery.com/accounts/WIGOV/bulletins/37da161
See more on the bill package: https://content.govdelivery.com/accounts/WIGOV/bulletins/36168fe
— Exact Sciences is providing $1.3 million in grants to organizations working to boost colorectal cancer screening rates.
Twenty-three recipients are getting funding through the Madison cancer screening company’s Funding Opportunities for CRC Screening Uptake Strategies Program. The FOCUS program offers funding to community groups, public health organizations and others, providing more than $2.9 million to 50 recipients since launching last year.
“Although colorectal cancer is one of the most preventable cancers, more than 50,000 people die from this disease each year in the U.S. alone,” Paul Limburg, the company’s chief medical officer of screening, said in a statement. “We want to change that.”
Two of the awardees are based in Wisconsin.
The Rural Wisconsin Health Cooperative, based in Sauk City, aims to address disparities between rural and statewide screening rates. The screening rate in rural parts of the state is about 60%, compared to 80% statewide, according to the release.
And the Wisconsin Collaborative for Healthcare Quality, based in Madison, is working to improve screening coordination across health systems in the state.
See the full list of awardees: https://www.prnewswire.com/news-releases/exact-sciences-awards-grants-to-23-organizations-focused-on-increasing-colorectal-cancer-screenings-302008511.html
<br><b><i>Top headlines from the Health Care Report…</b></i>
— The United Health Foundation’s latest national health rankings places Wisconsin 22nd in the country based on residents’ health behaviors, outcomes, clinical care access and other factors.
And state health officials are warning Wisconsinites to throw away certain applesauce products due to possible lead contamination.
<i>For more of the most relevant news on COVID-19, reports on groundbreaking health research in Wisconsin, links to top stories and more, sign up today for the free daily Health Care Report from WisPolitics.com and WisBusiness.com.</i>
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#TOP STORIES#
# UW system will launch direct admissions initiative with 2024 senior class
# ‘A huge win’: Madison to start planning new Amtrak routes
# 5 Wisconsin Amtrak expansion projects win $2.5 million in funding
#TOPICS#
# ADVERTISING
– Summerfest announces new permanent stage sponsorship by Aurora Health Care
# AGRIBUSINESS
– Farmers win with farmland preservation update
http://wisconsinagconnection.com/story-state.php?Id=1060&yr=2023
# CONSTRUCTION
– Addressing gaps in housing supply, removing highways and expanding mass timber
– Wisconsin places fourth on ABC’s ‘merit shop’ annual state rankings
– Busy Clybourn Street bridge presents a challenge to I-794 removal
– Nearly 800 homes planned on Kenosha County golf course
# EDUCATION
– Teens say Wisconsin’s only recovery school saved their lives. Funding for more schools is on the way.
# ENVIRONMENT
– Wisconsin NRCS encourages producers within high-priority watersheds to Act Now
http://wisconsinagconnection.com/story-state.php?Id=1061&yr=2023
– Construction set to begin in 2024 on effort to keep invasive carp out of the Great Lakes
– Ice Age and North Country National Scenic Trails designated as national parks
# FOXCONN REPORTS
– Foxconn awarded $6.3 million in tax credits for jobs, investments
– Foxconn approved for $6.3 million in Wisconsin tax credits this year
# HEALTH CARE
– Treatment center changes location for planned $32M campus
# LABOR
– Report: Milwaukee continues to lag peer metros in VC investment but has promising talent pool
# LEGAL
– Harley-Davidson files lawsuit against Kenosha man selling ‘Harley F—ing Davidson’ apparel
# MANAGEMENT
– Milwaukee World Festival promotes Sarah Smith Pancheri as CEO
# REAL ESTATE
– U.S. Venture to move headquarters to 222 Building in downtown Appleton
# SMALL BUSINESS
– Duck Inn in Delavan gives an oat milk brand a taste of Wisconsin
– Three years after opening, Pho Papa announces it’s permanently closing: The Buzz
# PRESS RELEASES
<i>See these and other press releases:
https://www.wisbusiness.com/press-releases/ </i>
