NVE Corp. of Eden Prairie recently received a $400,000 award from the Minnesota Department of Employment and Economic Development (DEED).
The Minnesota Investment Fund (MIF) awards provide financing to help add new workers and retain high-quality jobs, with a focus on industrial, manufacturing and technology-related industries.
NVE Corp. develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. It manufactures spintronic products including sensors and couplers used to acquire and transmit data. The MIF funding will be used to buy new equipment that will provide smaller, lower power, more precise Wafer Level Chip Scale Package magnetic sensors, enhance domestic sensor manufacturing and strengthen magnetic sensor technology. The total project cost is about $4.7 million and is expected to create up to 15 jobs with an average hourly wage of $29.
Funds are awarded to local units of government, which provide loans to assist expanding businesses. The MIF award to NVE Corp. will be distributed to the City of Eden Prairie, which then makes a loan to the business.
NVE Corp. is located at 11409 Valley View Road in Eden Prairie.
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Read More: EP’s NVE Corp. receives $400,000 in state funding