Business

Flux Marine constructing new headquarters in Bristol mill constructing


FLUX MARINE LTD. is leasing and constructing a brand new headquarters in a 40,000-square-foot house in a former mill complicated at 500 Wood St. in Bristol. / COURTESY MOSAICO BUSINESS & COMMUNITY DEVELOPMENT CORP.

BRISTOL – With $1.9 million in tax credit in hand from the state of Rhode Island, Flux Marine Ltd. introduced that it’s leasing and constructing out a brand new mixture analysis and improvement facility, manufacturing plant and company headquarters in a former mill complicated at 500 Wood St. in Bristol.

The electrical outboard boat motor firm stated it’s shifting right into a 40,000-square-foot house on the Unity Park web site, becoming a member of different tenants on the property, together with amphibious boat maker Sealegs International Ltd., together with Pivotal Brewing Co., Brick Pizza Co. and Borealis Coffee Roasters.

This comes as Flux Marine stated it lately amassed $15.5 million by way of a fundraising marketing campaign led by Ocean Zero LLC, a fund created by TED Conferences CEO Chris Anderson, with participation by twins Cameron and Tyler Winklevoss, traders and entrepreneurs who based Winklevoss Capital Management and digital forex change Gemini.

Flux Marine, based in 2018, stated it determined to broaden in Rhode Island reasonably than establishing its headquarters at another web site in Bridgeport, Conn., partially as a result of help it obtained lately from the R.I. Commerce Corp. within the type of $1.9 million in tax credit by way of the Qualified Jobs Tax Incentive program, stated Ben Sorkin, CEO of Flux Marine. To obtain the tax credit, Flux Marine should rent no less than 80 new workers within the state by the top of 2024, including to the eight that it already has at its authentic facility in East Greenwich.

“We are excited by the support of Ocean Zero and all of our investors as we continue to expand our team and manufacturing facility at our new headquarters in Bristol, Rhode Island,” Sorkin stated. “By reimagining the outboard motor, we’re delivering the performance boaters expect, while eliminating the pollution and minimizing the noise and maintenance owners have come to accept from traditional outboards.”

While choosing Rhode Island for its company headquarters, Flux Marine stated it continues to worth the function Connecticut is enjoying in its progress, with plans within the works for an “experience center” at Steelpoint Harbor in Bridgeport. Sorkin stated the corporate is “working closely” with Connecticut’s AdvanceCT program and RCI Group to advance its plans.

“The Northeast is a fantastic place for Flux Marine to grow,” Sorkin stated. “Both Rhode Island and Connecticut have been powerful allies as we begin to scale our operations.”

Flux Marine stated it can additionally retain its facility at 3 Division St. at East Greenwich Harbor, which will even function an “experience center” for product demonstrations.

“The experience centers will provide prospective customers the opportunity to demo the motors and boat packages,” the corporate stated.

Marc Larocque is a PBN employees author. Contact him at Larocque@PBN.com. You may comply with him on Twitter @LaRockPBN.

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