FRANKFORT, Ky. (Feb. 2, 2018) – Gov. Matt Bevin today announced PowerTec Solutions International LLC (PSI), a producer of power source devices and other power-related products, will create 20 full-time jobs as it invests more than $2.26 million for a new headquarters and distribution operation in Franklin.
“This expansion by PSI is further evidence that Kentucky is home to innovative companies with long-term vision,” Gov. Bevin said. “PSI’s new project will be a tremendous addition to the rapidly growing Simpson County business community, and we share the company’s enthusiasm about its continued expansion in Kentucky. We are grateful for their investment in the commonwealth.”
PSI, located in the Wilkey North Industrial Park in Franklin, will purchase 17 additional acres in the park to build a 30,000-square-foot facility. The new building will house the company’s administrative headquarters, a larger distribution warehouse, a product-testing lab and a product assembly area. The company’s land purchase includes acreage for anticipated growth from new-market expansion and future manufacturing operations.
Currently, PSI plans to introduce a new line of modular outdoor uninterruptable power supply products for fiber optic network terminals.
“The management of PSI is extremely grateful for the warm welcome and genuine hospitality we have received since we established our business in Franklin. As well as for the successful partnerships we continue to develop and strengthen with the state and local chambers of commerce, the Franklin Simpson Industrial Authority and the Kentucky Cabinet for Economic Development,” said Spencer Anderson, operations manager at PSI. “We look forward to a mutually prosperous future for our company, the community of Franklin and Simpson County and the Commonwealth of Kentucky.”
PSI, founded in Franklin in 2013 and opened in 2016, is a privately held technology design and manufacturing company that specializes in custom DC power and battery backup products. The company’s products support both wireline and wireless systems. PSI serves the telecommunications, infrastructure development and renewable energy industries, with a focus on the fiber-to-home and fiber-to-business markets. Its customers include Graybar, Core Telecom Systems, Power & Tel, Walker and Associates Inc., KGPCo and TVC Canada, among others.
Sen. David Givens, of Greensburg, said the expansion reflects the growing presence of tech companies in Kentucky.
“I am pleased that PowerTec Solutions International is expanding in Simpson County,” Sen. Givens said. “This homegrown Kentucky company has shown its prowess in the power-related industry, and its expansion is yet another testimony to the growing tech industry in the Bluegrass. I look forward to PowerTec’s continual success in Franklin and congratulate the company on this newest endeavor.”
Rep. Wilson Stone, of Scottsville, described PSI as a local success story.
“This decision by PowerTec Solutions International speaks volumes about all that Simpson County has to offer,” Rep. Stone said. “I am proud that its founders have been able to grow their business so quickly, and am grateful that they are staying right here as they take this next major step. I want to thank our local and state leaders for partnering with them to help make this possible and look forward to seeing what more the company will accomplish.”
Franklin mayor Ronnie Clark said the company will have a growing presence in the community going forward.
“Our community was very fortunate to have PowerTec Solutions locate in Franklin two years ago,” Mayor Clark said. “I am pleased that they have chosen to build a new facility for their growing company in our Wilkey North Industrial Park. PowerTec Solutions will be providing some very important jobs in the coming years for our area.”
Simpson County judge-executive Jamie Spears said this project shows potential for growth of other companies in the region.
“When an industry expands like PowerTec Solutions, it demonstrates that Simpson County has the kind of business climate where companies can locate and expand their business,” Judge-Executive Spears said. “We are very excited about PowerTec Solutions building a new facility in Simpson County to take care of their growing business.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in January preliminarily approved the company for tax incentives up to $200,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, PSI can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. In fiscal year 2017, the Kentucky Skills Network provided training for more than 120,000 Kentuckians and 5,700 companies from a variety of industry sectors.
For more information on PSI, visit www.powertecsolutions.net.
A detailed community profile for Simpson County can be viewed at http://bit.ly/SimpsonCo.
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky in 2017 totaled a state record $9.2 billion, spurring more than 17,200 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.