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Battery Innovation Center asks redevelopment commission to pause August payment amid frozen state grant
Summary
Lester Alexander, CEO and president of the Battery Innovation Center, told the Redevelopment Commission that the center cannot make its Aug. 1 payment under a multi-year agreement because state grant reimbursements are frozen and federal contracts have been delayed.
Lester Alexander, CEO and president of the Battery Innovation Center, told the Redevelopment Commission that the center cannot make its Aug. 1 payment under a multi-year agreement because two major revenue streams have been disrupted. Alexander said the center typically receives roughly 25% of its revenue from state grants and about 35% from federal contracts. He said the state grant reimbursing workforce and scale-manufacturing work is frozen pending audits or revisions at the Indiana Economic Development Corporation, and that…
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