The Iowa Economic Development Authority Board approved funding Nov. 21 for startups in Iowa City and Coralville, and an amended reinvestment district plan for Cedar Rapids.
Coralville-based Pani Clean, Inc. received a $50,000 Proof of Commercial Relevance (POCR) loan to advance its nitrate removal technology. The company’s modular units connect to waste streams and use an electrochemical process to convert nitrates into nitrogen gas or green ammonia for on-site reuse. According to a release, the funding will support intellectual property development, proof of concept work and key personnel.
Halide Biologics, Inc. of Iowa City also secured a $50,000 POCR loan to develop halogenated protein drugs designed to treat various medical conditions. The company’s technology aims to improve the stability of protein therapeutics currently in clinical use. The loan will fund intellectual property development, product refinement and staffing.
The Technology Commercialization Committee recommended both awards to the IEDA Board.
In Cedar Rapids, the board approved an amended plan for the Cedar Rapids Central Reinvestment District, reducing the maximum benefit from $9 million to $6 million. The plan includes mixed-use buildings, a public plaza and an entertainment center. Several projects initially included in the 2022 plan were removed because they were not ready for development.
The reinvestment district projects represent a $162 million investment in Cedar Rapids. The Iowa Reinvestment District Program allows communities to reinvest up to $100 million in new state hotel/motel and sales tax revenues within approved districts.
