May 15, 2026 (DES MOINES, IA) — Today, the Iowa Economic Development Authority (IEDA) Board approved tax credits for five manufacturing companies, supporting the creation of 521 jobs and generating nearly $400 million in new capital investment for the state. The projects are located in Cedar Rapids, Charles City, Milford, Montezuma and Butler County. The board also approved assistance for four startups in Ames, Audubon and Des Moines. In addition, projects in Des Moines and Dickinson County received Community Attraction and Tourism (CAT) grants.
Sub-Zero Group to expand Cedar Rapids manufacturing facility
Sub-Zero Group, Inc. manufactures premium refrigeration products and luxury kitchen appliances offered through its Wolf and Cove brands. The company plans to expand its Cedar Rapids facility with an approximately 225,000-square-foot building addition, enabling on-site refrigerator assembly and the integration of warehousing and injection molding operations. The $196 million capital investment is expected to create 312 jobs, of which 115 are incented at a qualifying wage of $30.41 per hour. The board awarded $9,813,850 in tax credits through the Business Incentives for Growth (BIG) program.
Charles City pharmaceutical company to expand facility
Cambrex Charles City, Inc., a subsidiary of Cambrex Corporation headquartered in New Jersey, manufactures active pharmaceutical ingredients (APIs) and pharmaceutical intermediates for both the generic and branded human pharmaceutical markets. The APIs are used in treatments for attention-deficit/hyperactivity disorder, smoking cessation, oncology, HIV, hepatitis and Crohn's disease, among other indications. The company plans to construct a new 7,700-square-foot facility, which is intended to increase production capacity by 40%. The project will represent a capital investment of nearly $150 million and is expected to create 104 jobs incented at a qualifying wage of $24.76 per hour. The board awarded $10,132,500 in tax credits through the BIG program.
Rosenboom Machine & Tool to expand operations with new facility in Milford
Rosenboom Machine & Tool, Inc. is an Iowa-based advanced manufacturer of engineered hydraulic cylinders and precision-machined components serving original equipment manufacturers across construction, agriculture, military, energy, transportation and industrial markets. The company plans to acquire and build out a new facility in Milford, including building improvements and the relocation and installation of advanced machining equipment, material-handling systems and warehousing infrastructure. The $19.07 million capital investment is expected to create 78 jobs incented at a qualifying wage of $25.54 per hour. The board awarded $1,354,875 in tax credits through the BIG program.
Magna invests in new production lines in Montezuma
Dieomatic Incorporated plays a key role in Magna International Inc.’s footprint, supporting the company’s broader structural-component manufacturing capabilities. The division specializes in advanced metal-formed and welded structural components for the automotive industry. The company will reconfigure its Montezuma facility to install new production lines supporting high-volume manufacturing of stamped and welded products. The $10.7 million capital investment is expected to create 27 jobs incented at a qualifying wage of $24.28 per hour. The board awarded $315,888 in tax credits through the BIG program.
Feldmeier Equipment to construct new manufacturing facility in Butler County
Feldmeier Equipment Inc. manufactures ASME Code-stamped pressure vessels serving industries including pharmaceutical, food, dairy, beverage and cosmetics. The company plans to construct a new 70,000-square-foot manufacturing facility in Butler County, expanding production capacity by more than 20,000 square feet and investing in advanced fabrication and assembly equipment. The $20.8 million capital investment will support increased productivity and future growth. The board awarded $688,670 in tax credits through the BIG program.
Awards made to four startups
Ames-based BitCorn Technologies Inc. is developing a new system to help agricultural producers and businesses complete transactions faster and more efficiently. The company’s technology is designed to improve how financial transactions are settled while continuing to work with existing pricing and business practices used across the agriculture industry. BitCorn was awarded a $50,000 Proof of Commercial Relevance (POCR) loan to support testing of its system. The project includes placing equipment at participating agricultural sites, completing pilot transactions, reviewing regulatory requirements and refining a business model to support future growth and commercialization.
Founded in Ames, Immuno NanoMed Inc. is developing a new approach to vaccines designed to make them easier to use, store and distribute. The company is focused on respiratory vaccines, including an inhalable flu vaccine, with the goal of improving access and reducing barriers associated with traditional vaccine delivery. The company was awarded a $50,000 POCR loan to support continued development of its vaccine platform. Project activities include advancing product development, completing early-stage testing, strengthening intellectual property and preparing for future commercialization steps.
Hope Innovations LLC, located in Audubon, is developing a reusable medical applicator designed to improve comfort and ease of use for women receiving certain long-term therapies related to menopause care. The product is intended to replace traditional single-use plastic applicators with a more durable, hygienic and user-friendly option. Hope Innovations was awarded a $50,000 POCR loan to support steps needed to bring the product to market. Project activities include product refinement, manufacturing improvements, intellectual property development and marketing efforts to support commercialization and future growth.
Des Moines-based Hirely Workforce Technologies Inc., doing business as Jenu, is a health care technology company developing a secure digital credential platform for health care workers and employers. The platform is designed to help nurses, allied health professionals, students and health care organizations store, track and share professional credentials more efficiently. Jenu was awarded a $50,000 POCR loan to support further development and market launch of its platform in Iowa. Project activities include technology refinement, early-stage testing, intellectual property development and outreach efforts to support adoption by health care workers and employers.
Award recommendations for these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.
CAT grants awarded to two projects
The William G. Stowe Foundation and Des Moines Water Works were awarded $300,000 for the Water Curia project in Des Moines. Water Curia will be a permanent destination landmark located within Des Moines Water Works Park, serving as an interpretive gateway along a major recreation corridor connecting Gray’s Lake, the Lauridsen Amphitheater and the ICON Water Trails system. The project includes a 20-foot-tall circular pavilion, site development, lighting, landscaping and interpretive features designed to enhance visitor experience and connectivity between existing attractions. Total project cost is $1,995,688.
The Dickinson County Conservation Board was awarded a $387,000 CAT grant for the Dickinson County Nature Center Nature Playscape in Okoboji. The project will create a nature-based outdoor playscape designed for sensory exploration and multigenerational play, using native plantings and natural materials. Located at Kenue Park near the Dickinson County Nature Center and a regional trail system, the playscape will provide a durable, accessible recreational amenity that supports environmental education, quality of life and family-friendly tourism in the Iowa Great Lakes region. Total project cost is $1,937,025.
The CAT program provides financial assistance to communities for the construction of recreational, cultural, educational or entertainment facilities that enhance the quality of life in Iowa. Award recommendations for these funds are made by the CAT Review Committee to the IEDA Board for approval.
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Download a spreadsheet with today’s BIG awards.
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