Diode Dynamics to expand its operations in St. Charles, Missouri after closing on $4 million in tax credit financing.
Diode Dynamics, LLC, a St. Louis-based automotive lighting manufacturer and retailer, will expand its St. Charles, Missouri operations using $4 million in New Markets Tax Credits (NMTC). The financing will provide flexible working capital for Diode Dynamics to meet growing demand, invest in research & development, and expand its workforce of 87 full-time staff to over 150 in the coming years.
“This investment enables Diode Dynamics to accelerate growth, expanding our workforce as we engineer and produce more cutting-edge LED lighting products for the automotive industry, right here in St. Charles, Missouri. As a local resident, I am privileged to provide more quality jobs to the region, and help support the overall growth of the community,” said Paul McCain, CEO and majority owner of Diode Dynamics.
Heartland Regional Investment Fund, L.L.C. (HRIF) provided the federal tax credit allocation. Capital One, National Association was the tax credit investor. The financing was sourced and closed by Sanders Capital Consulting.
“We are thrilled to see Diode Dynamics expand locally and grow into its newly constructed facility in St. Charles, MO. Diode’s exponential growth will drive measurable community benefits for the region,” said Jeff Frankel, AVP of New Markets Tax Credits at the St. Louis Economic Development Partnership, HRIF’s managing member.
HRIF, administered by the St. Louis Economic Development Partnership, is a certified community development entity that provides financing to projects in distressed communities through the federal New Market Tax Credits program. HRIF’s program is available in St. Louis County and the City of St. Charles in Missouri, as well as Madison, St. Clair, Bond and Clinton counties in Illinois.