GFT nets state grant (7/7/05)

PENNVILLE — A start-up high-tech firm is the recipient of a high-dollar state grant.

State officials announced Wednesday that GFT Corporation is one of four Indiana firms receiving a $250,000 Advanced Energy Technologies Program grant.

GFT, which produces high-tech insulation products for “high asset value” applications, was founded by CEO Phillip Griffith in 2002.

The company began research and development operations at a small plant on South Street, and announced plans in February to begin manufacturing operations at the former Jett Mechanical LLC and Qualtech Tool and Engineering site in the Pennville Industrial Park.

The grants were awarded through the office of Indiana Lt. Gov. Becky Skillman. The AETP grants are awarded to companies that use manufacturing processes that incorporate high-tech energy saving measures or manufacture energy-efficient products.

GFT products have been used or are planned for use by NASA, as well as for aeronautical and marine applications.

Griffith was not available for comment this morning.

In February, Griffith said that one of GFT’s insulation products would be used when the space shuttle resumed flying. The first launch of the shuttle is scheduled for Wednesday.

The company, which has said it hopes to employ 10 to 20 people over the next two years, was previously granted a $500,000 line-of-credit by the county from economic development income tax funds.

GFT was also given a five-year tax abatement on $600,000 worth of equipment. That abatement means that the additional taxes due on the machinery will be phased-in in increments until the full amount is due at the end of the abatement period.[[In-content Ad]]