Versogen will return to its Newark roots as part of a $4.8 million expansion that will create hundreds of new employment.
The company will relocate from its existing facilities at The Innovation Space at DuPont’s Experimental Station near Wilmington to a larger location at FMC Stine Research Center in Newark.
Council on Development Finance, the state’s investment body, unanimously authorized a $450,380 lab space grant and a $151,343 job performance grant to generate 49 new engineering, manufacturing, and executive positions over the next three years. Versogen currently has sixteen employees.
“Versogen has been strongly supported by the State of Delaware directly or indirectly from its inception,” said Yushan Yan, Versogen co-founder and CEO. “The grants approved today for Versogen from the Delaware Strategic Fund demonstrate Delaware’s unwavering commitment to building a vibrant entrepreneurial environment for startups and to providing critically needed facilities grants for them to grow.”
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