LANSING – Two projects generating $7.1 million in private investment will be spent in the Ann Arbor region after receiving $1.1 million in performance-based grants from the Michigan Strategic Fund.
Navitas Systems is a leader in integrated design, technology development, and manufacturing of innovative energy-enabled system solutions and energy storage products for commercial, industrial, and government agency customers. Navitas Systems’ products range from customized energy storage solutions for defense-related applications to custom renewable energy integrated power systems.
The company is located in Ann Arbor, with both a 48,000-square-foot R&D, engineering, and manufacturing center, as well as a 100,000-square-foot lithium battery systems manufacturing center. In 2013, Navitas was awarded a $1 million Michigan Business Development Program grant for the creation of 125 new jobs and a $9.2 million investment at its facility in Pittsfield Charter Township. The company has since exceeded the job requirement and closed out the MBDP successfully.
Navitas is experiencing growth in its commercial segment and plans to expand into a second facility in Scio Township, where it will house its commercial battery manufacturing, additional engineering resources and battery cell production, and office space. The project is expected to generate a total private investment of $3.36 million and create 111 high-paying new jobs, resulting in a $750,000 MBDP performance-based grant. Michigan was chosen over competing sites in Illinois and Pennsylvania.
Homepoint is a national multi-channel mortgage loan originator and servicer. The company, which has quickly grown into the third-largest wholesale mortgage lender in the country, funds residential mortgage loans in all 50 states through its network of mortgage broker and correspondent partners.
In 2018, Homepoint announced plans to relocate its headquarters facility to Ann Arbor Township, investing more than $4 million and creating 50 high-paying jobs. As a result of the expansion and job creation, the company was awarded a $360,000 MBDP performance-based grant from the Michigan Strategic Fund.
The company has met its hiring milestones and, due to continued rapid growth, is looking to add an operations center in Ann Arbor, a project that will generate an additional private investment of $3.7 million and create 155 new jobs. The positions will include originators, underwriters, closers and disclosure analysts. The Michigan Strategic Fund today approved an increase of the total new jobs from 50 to 205, resulting in an increase of Homepoint’s MBDP grant from $360,000 to $960,000. The terms of the agreement were extended from June 1, 2021 to Dec. 1, 2023. Michigan was chosen over an alternate site in the Midwest.
Homepoint provides individual training development for its associates along with organization-wide career opportunities. The project also supports MEDC’s strategic focus of supporting companies that create jobs in the professional and corporate services industry. Ann Arbor SPARK is supporting the project with staff time and resources. Individuals interested in careers with Homepoint should visit Homepoint.com/careers.