Rhode Island Commerce Board Approves $3.78 Million for Investments in Blue Economy and Life Sciences

The Board of Directors of the Rhode Island Commerce Corporation has approved $3.78 million in incentives to drive job growth and innovation. These incentives include Qualified Jobs tax credits for Saab, Inc. (Saab), Rebuild Rhode Island tax credits and sales tax rebates for Unity Park, LLC (Unity Park), and an Innovation Voucher for XM Therapeutics.??

Saab Expanding Operations in Rhode Island?

The Board approved Saab’s application for $1,023,000 in tax credits through the Qualified Jobs Incentive program to support the creation of 45 new jobs at a new manufacturing and testing facility in Bristol for Saab’s Autonomous Undersea Systems (AUS) division, with salaries starting at a median of $68,083, and growing, over ten years. Saab currently operates a facility in Cranston.?

Unity Park’s Transformation into a Blue Economy Hub?

Unity Park received approval for $2,680,082 in Rebuild Rhode Island tax credits and sales tax rebates to support the adaptive reuse of a historic facility in Bristol. The $8.9 million project will transform a 45,692-square-foot building within the Unity Park industrial complex into a multipurpose manufacturing, office, and warehouse space. Saab will serve as the cornerstone tenant. Other businesses already located at Unity Park include Flux Marine, Sea Legs, and Endurance Clean Energy.?

Innovation Voucher Awarded to XM Therapeutics?

Providence-based biotechnology start-up XM Therapeutics was awarded a $75,000 Innovation Voucher to partner with Dr. Ruhul Abid and Dr. Frank Sellke of Rhode Island Hospital to test the efficacy of their novel class of therapeutic that can mitigate scarring and promote regeneration of heart tissue after heart attack.

“When we invest in innovative companies and industries, we’re investing in Rhode Island’s future,” said Governor Dan McKee. “These projects will create good-paying jobs that raise incomes and further strengthen the state’s fast-growing leadership in the Life Sciences and Blue Economy.”?

“Investments like these solidify Rhode Island’s position as a leader in the blue economy. From cutting-edge research and development in pharmaceuticals to advancements in renewable energy, addressing sea level rise, and strengthening our defense industry, the blue economy is driving innovation, creating jobs, and building a more resilient and prosperous future,” said Secretary of Commerce Liz Tanner.??

“A new production facility in Rhode Island will mark our second in the state and exemplifies Saab’s commitment to increasing domestic Uncrewed and Autonomous Undersea Vehicles (UUV/AUV) capacity and delivering innovative solutions to our customers,” said Erik Smith,?President and CEO of Saab in the U.S. “By increasing domestic production and R&D capacity of our world-class unmanned underwater systems portfolio, Saab is positioning its partnership with the State of Rhode Island at the leading edge of next generation small and medium sized UUV/AUV systems.”

"Unity Park has become a hub for Blue Economy innovation in Rhode Island and we are very excited to welcome Saab as our anchor tenant," said?Joe Brito, Chief Operating Officer at Unity Park. "We want to thank Governor McKee and the Board for their support of this project which we know will create jobs, catalyze investment, and build on the state's growing leadership in this space."

"We thank Rhode Island Commerce for the Innovation Voucher. Combining the world class capabilities of Brown University, Rhode Island Hospital, and our local team, the Voucher will help us to contribute to the expanding Rhode Island biotechnology ecosystem and to develop better treatments for millions of patients with chronic diseases like heart failure," said?Frank Ahmamn, President & CEO at XM Therapeutics.

More information on programs and available incentives at Rhode Island Commerce can be found online at www.CommerceRI.com.

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