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Council Approves $325,000 LEDA Loan For UbiQD

on July 29, 2017 - 8:16am

Dr. Hunter McDaniel, CEO and founder of UbiQD, a local technology company, points out his colleagues in the audience during Tuesday night's regular County Council meeting. Council approved for UbiQD to receive a $325,000 LEDA loan to help with the purchase of the building it occupies  at 134 East Gate Dr.  Photo by Kirsten Laskey/ladailypost.com

 

By KIRSTEN LASKEY 

Los Alamos Daily Post 

kirsten@ladailypost.com

 

UbiQD, a local startup company, received financial assistance from the Los Alamos County Council to purchase the building it is currently headquartered in.

Council approved a $325,000 Local Economic Development Act (LEDA) loan to UbiQD during its regular meeting Tuesday, July 25, in Council Chambers. The loan will help the company purchase its building at 134 East Gate Dr. The cost of the building is $650,000. Council also approved that the transaction should not be closed until the current property owners’ note and security interest agreement is accepted as satisfactory by the staff and the County attorney.

The loan will be beneficial to UbiQD not only because it provides funds to help purchase the building but the loan has no interest and the monthly payments of $3,879 will be deferred for three years.

UbiQD is not the only one benefiting from this loan. It was reported during the meeting that UbiQD will offer employment opportunities to the area as well as contribute to the County’s gross receipt tax.

According to agenda documents, in three years the company will provide 20 fulltime positions with an average salary of $69,750. The company has eight employees now and the majority of them live in Los Alamos. Additionally, UbiQD has agreed to participate in actively promoting the County as a great place to work and live.

It is also stated in agenda documents that UbiQD will add to economic diversification by creating a cleantech materials industry for which there is no competing technology industry in Los Alamos County, and has generated $1.5 million from out-of-state prospective customers or investors since inception. The company anticipates annual revenues of more than $100 million by 2022.

Dr. Hunter McDaniel, founder and CEO of UbiQD, said the company started in 2014. It is a result of the Tech Transfer program at Los Alamos National Laboratory. He explained the company deals with quantum dots, which reshape how people use color and light. The company’s technology is used on greenhouses, agriculture technology, solar windows, security ink for banknotes, solid state lighting and displays and medical imaging.

Although his company is young, McDaniel said they plan to stay in town. “We’re laying our roots right here.”

The County Council showed strong support toward UbiQD.

Councilor Pete Sheehey said, We’re very excited about this technology. The growth of your company is exciting ...we appreciate your commitment to this community.”

Councilor Chris Chandler added, “I’Im pleased to support this activity. I understand the company has been doing well for the past three years.” She added she was also pleased to see the number of current employees who live in Los Alamos.

Council Vice Chair Susan O’Leary said she would love the see the County and UbiQD interact more.  “I think that I would love to see the County participate with you doing your glass on our bus shelters and shade structures in parks and create a municipal market. I would encourage our County team to evaluate this local technology … to benefit our taxpayers as well.”

Los Alamos Commerce and Development Corporation Executive Director Patrick Sullivan said the County was making a good investment. “It’s a young, growing company that’s made smart decisions. When we have a successful company … it breeds entrepreneurial success in town.”

UbiQD’s successes will encourage more companies to come to Los Alamos, Sullivan said.


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