The size of Aeroseal’s facility at 225 Byers Road is also roughly doubling, thanks to a planned 40,000-square-foot expansion project — 10,000 square feet larger than previously planned.
As a result, costs for the project shifted from $2 million to $4.5 million, Dugan said.
“The added square feet and cost is to create additional space for our research and development efforts,” Dugan said. “The original space was to consolidate our two locations.”
The expansion is necessary to accommodate the company’s rapid growth.
“Global issues including climate change and COVID-19 have increased the need for our technologies,” said Daniel Crowe, Aeroseal’s chief financial officer. “We are scaling our company and innovation efforts to capitalize on this need, which includes the continued growth of our employee base.”
Miamisburg plans to offer Aeroseal a 15-year, 100% Community Reinvestment Act tax abatement to incentivize the project, according to Chris Fine, the city’s economic development director.
That would be in addition to an existing Local Job Creation Tax Credit Agreement that Miamisburg signed with Aeroseal in 2019, a five-year agreement that has an approximate value of $320,000, Fine said.
A $400,000 Montgomery County Economic Development/Government Equity (ED/GE) grant that Aeroseal is seeking is “critical” to the project as it will directly offset costs for construction, he said.
“They are reinvesting all of their resources to the extent possible back into research and development of their products, which will allow them to grow and create jobs,” Fine said.
The ED/GE committee will consider the company’s request at a series of meetings over the next two months, according to Michael Zimmerman, spokesman for Montgomery County Business Services.
The ED/GE committee will meet on Dec. 10 to review and make its recommendations, and those will be voted on by the Montgomery County Board of County Commissioners on Dec. 14, Zimmerman said.
If the project moves forward as planned, a groundbreaking ceremony would be held in January, construction would wrap in July and Aeroseal would move in next September, Dugan said.
Aeroseal’s employees, which include some at a Centerville facility, “serve contractors and builders who are sealing ducts and walls around the globe in everything from homes, hospitals, and schools to government facilities, hotels, and offices,” according to the company’s website.
In June, the company received $22 million in funding from Breakthrough Energy Ventures to reduce carbon emissions from homes and buildings across the globe by 1 gigaton annually. Breakthrough Energy Ventures is the investment arm of Breakthrough Energy, founded by entrepreneur Bill Gates in 2015 to support and fund innovations to counter climate change.
Aeroseal was founded in 1997 by Mark Modera, the technology’s inventor. Carrier purchased the company from him in 2001 and current CEO Amit Gupta purchased the company in 2010, leaving his job at Carrier to do so.