LYNN – Soliyarn, LLC, a textile tech company based in Lynn, is set to receive more than $200,000 in tax increase funding from the city as part of the state’s Economic Development Incentive Program — one of seven projects to win approval.
Soliyarn will also receive $1.2 million in investment tax credits from the state for renovation of a 21,000-square-foot renovation in the city for manufacturing and research and development. The company has a “textile coating system that produces conductive and water-repellent coatings used to create smart textiles and durable water repellent fabric,” the Executive Office of Housing and Economic Development said in a statement.
The technology was first developed in a University of Massachusetts Amherst lab in 2018, and Soliyarn was formed to commercialize the technology further, the statement said.
Soliyarn, LLC Managing Member Adrian Beach said that the state’s funding and city’s additional support have provided tremendous assistance in the company’s expansion.
“Generally, the state and city support is incredibly helpful in our expansion. Without it we would not be able to make this move to Lynn. Lynn and the people involved in Lynn have been awesome,” Beach said. “That kind of support makes the decision all the easier.”
Companies in Gardner, Devens, Haverhill, Leominster, Methuen, Braintree and Hopkinton, also received funding from the EACC’s funding project. Combined, the seven projects are expected to “create or sustain” 599 jobs.
Since the beginning of the Baker-Polito administration in 2015, the Economic Assistance Coordinating Council has approved 320 economic development projects — combining to create 24,892 jobs and the retention of 41,383 existing jobs, according to the statement.
