State Helps Technology Firms Create Jobs in Ann Arbor

The two companies are:

• MyBuys Inc.: The Redwood City, California-based personalized product recommendation service for online-retailers is planning to invest $5.4 million to establish operations in Ann Arbor. The project is expected to create 606 new jobs, 250 directly by the company. Based on the MEDC's recommendation, the Michigan Economic Growth Authority (MEGA) approved a state tax credit valued at $3.9 million over 10 years to help tip the scales toward Michigan over a competing site in Austin, Texas. The city of Ann Arbor plans to support the project with a local tax abatement and Ann Arbor SPARK will provide rental assistance to MyBuys valued at more than $4,700.
• Sakti3: The startup company plans to invest more than $1 million to commercialize a manufacturing process in Ann Arbor for the development of high-power batteries that will withstand the rigors of automotive use. The technology for this process stemmed from research performed at the University of Michigan by the company's CEO, Ann Marie Sastry. The project is expected to create 230 new jobs, including 112 directly by the company. Based on the MEDC's recommendation, the Michigan Economic Growth Authority approved a state tax credit valued at $2.3 million over 10 years to win the company's investment. To support the project, Ann Arbor SPARK provided administrative assistance during the MEGA application process.

These projects are two of 12 economic development projects the state announced this week. In all, they are expected to create a total of 6,066 Michigan jobs.