US ADM Receives $2.23 Million Tax Credit to Expand Precision Fermentation Facility

en.Wedoany.com Reported - On August 21, the board of the Iowa Economic Development Authority approved a $2.23 million tax credit for ADM to support the renovation project of its precision fermentation facility in Clinton, Iowa. The project, with a planned investment of $55.5 million, is currently in the stage of securing state-level incentives and preparing for the renovation.

ADM plans to convert an underutilized 463,503-square-foot fermentation facility at its Clinton campus into a precision fermentation production facility. The project will add separation, purification, drying, and packaging equipment, as well as upgrade existing fermentation equipment, piping, and supporting systems, with production covering proteins, enzymes, and other bio-based products.

The $2.23 million tax credit comes from Iowa's Business Incentives for Growth program. Under the approved plan, the project is expected to create 53 new jobs, with wages for eligible positions set at $23.57 per hour.

On July 14, ADM and The EVERY Company signed a cooperation agreement for precision fermentation production at the Clinton site, with both parties planning to carry out commercial-scale production of OvoPro™ egg white protein locally, utilizing ADM's existing precision fermentation capabilities. Both this collaboration and the approved renovation project are located at ADM's Clinton production site.