News Room

FOR IMMEDIATE RELEASE
July 2, 2007

Columbus, OH -- Lieutenant Governor Lee Fisher today announced that $68,208 in development grants have been awarded to two companies to aid in the growth and development of businesses and the creation and retention of jobs in Ohio. The grants, administered by the Ohio Department of Development, were approved today by the State Controlling Board and are expected to create 448 and retain 11 jobs for Ohioans.

"State assistance for these projects will support business growth to create job opportunities in Franklin and Cuyahoga counties," said Lt. Governor Fisher, who also serves as Director of the Ohio Department of Development. "We are pleased to support PlanetSpace and Quality ElectroDynamics, which have proposed specialized, high-tech projects with the potential to make significant contributions to the aerospace and health care industries."

PlanetSpace, Inc. (PlanetSpace), to be located in Columbus (Franklin County), will receive a $38,208 Rapid Outreach Grant (412) for costs associated with the acquisition of machinery and equipment in support of its new research and development and manufacturing facility. PlanetSpace is a private, minority-certified company created by a consortium of aerospace and construction firms from the United States and Canada. The company will develop the technical aspects of various rocket vehicle systems for orbital and suborbital flight using environmentally acceptable alcohol-water fuel mixtures. PlanetSpace plans to demonstrate to the National Aeronautics and Space Administration (NASA) its ability to supply the International Space Station with crew and cargo by December 2009. The company will also open various manned and unmanned space flight markets to the general public. The company proposes to locate a suborbital vehicle research and development and booster rocket and engine manufacturing operation at Rickenbacker International Airport. PlanetSpace would construct a new 40,000 square-foot building and lease an existing 19,200 square-foot building and invest in on-site infrastructure and new machinery and equipment. Ohio is in competition with Illinois, Virginia and Wisconsin for this more than $6.7 million project, which is expected to create 428 jobs within three years of the project's initial operations.

Quality ElectroDynamics, LLC (QED), located in the Village of Mayfield (Cuyahoga County), will receive a $30,000 Rapid Outreach Grant (412) for costs associated with the acquisition of machinery and equipment in support of the company’s expansion. QED is a designer and manufacturer of MRI radiofrequency hardware. The company has expertise in concept development, engineering design, quality assurance, regulatory affairs, manufacturing and service. The company’s main product lines consist of radiofrequency body coils and local coils for various anatomies for both 1.5-Texla and 3-Tesla MRI systems. A Tesla is a unit of magnetic field strength. These coils are utilized for obtaining diagnostic images and are distributed to original equipment manufacturers with customers including hospitals and medical institutions. The company proposes to expand operations to create a state-of-the-art research and development, engineering, manufacturing and repair facility for medical device equipment related to Magnetic Resonance Imaging. QED will invest $500,000 at the project site to make leasehold improvements and $3 million in machinery and equipment in support of the expansion. This more than $3 million project is expected to create 20 jobs and retain 11 positions within three years of the project’s initial operations.

The Rapid Outreach Grant (412) is a grant program to assist companies and communities that are creating or retaining jobs in Ohio.

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Media contacts: Melissa Ament at (614) 466-6619 or Kelly Hassett at (614) 466-4133