Limited Time Offer. Become a Founder Member Now!

Tennessee State Funding Board approves three Fast Track grants for manufacturers

October 20, 2025 | Comptroller of the Treasury, Agencies, Boards, Commissions, and Councils, Organizations, Executive, Tennessee


This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »

Tennessee State Funding Board approves three Fast Track grants for manufacturers
The Tennessee State Funding Board on Oct. 20 approved Fast Track economic development awards for three manufacturing projects expected to create 300 net new jobs and support about $92.9 million in capital investment across Hamblen, Henderson and Wilson counties.

Jessica Johnson, assistant commissioner of administration at the Tennessee Department of Economic and Community Development, told the board: "Our previous Fast Track balance as of our last report was $691,800,000." She said newly deobligated funds of $1,800,000 and $238,000 in Fast Track administration costs produced an adjusted Fast Track balance of $683,800,000, and that total committed funds stood at $491,900,000, leaving an uncommitted Fast Track amount of $192,000,000. Johnson said the board's staff reported "today's proposed grants amount to $2,100,000," which would reduce the uncommitted balance to about $189,800,000 and raise the percent committed to roughly 72.2%.

Jamie Stitt, assistant commissioner of business and workforce development for the department, presented the three projects and recommended awards. Stitt said the projects are:

- MOLLE Industries Incorporated and MOLLE Engine Components USA Inc., Morristown, Hamblen County: The company proposed to start production of electric compressors for fuel-cell, plug-in hybrid and full-electric vehicles. Stitt said the company committed to create 48 net new jobs and invest $11,874,590 within five years. The presented Fast Track award was $910,000.

- Nidec Motor Corporation, Lexington, Henderson County: Stitt said the company planned a major expansion at its Lexington facility and committed to create 200 net new jobs and invest $52,435,000 within five years. The presented Fast Track award was $1,000,000. Stitt described the company as a manufacturer of commercial, industrial and appliance motors and controls, including vehicle electrification components.

- Lochinvar LLC, Lebanon, Wilson County (a subsidiary of A. O. Smith Corporation): Stitt said the expansion will consolidate engineering, product management and R&D under one roof. The company committed to create 52 net new jobs and invest $28,588,500 within five years. The presented Fast Track award was a training grant of $208,000; Stitt said this award is intended to offset training costs for the new employees.

Board staff and members asked procedural and compliance questions before the vote. Cheryl Kane Piasecki (staff) said the department has accountability agreements in place for the MOLLE and Nidec awards. She said there is not an accountability agreement for the Lochinvar award because it is a training grant reimbursed based on headcount; the company receives reimbursements only as jobs are documented.

A board member moved to accept the three projects as described and a second was recorded. The board approved the items by voice vote; members answered "aye" and no roll-call tally was recorded in the meeting transcript. The minutes of the board's Aug. 25, 2025 meeting were also approved by voice vote earlier in the session.

The board adjourned after approving the Fast Track awards; staff said the board will meet next month.

View full meeting

This article is based on a recent meeting—watch the full video and explore the complete transcript for deeper insights into the discussion.

View full meeting

Sponsors

Proudly supported by sponsors who keep Tennessee articles free in 2025

Scribe from Workplace AI
Scribe from Workplace AI