A new chemical compound is being developed at Solstice Advanced Materials in Buffalo and it could have a major impact on refrigeration and coolant usage.
The project is being developed as part of a $49 million collaborative investment by Solstice and Empire State Development Corporation.
The investment allows Solstice to increase its workforce by about 15%, expecting to reach more than 200 employees before year’s end. Solstice says it already has developed a new chemical for use in refrigeration, though the name has not been released.
The expansion will also improve its capability to build phone batteries and other small batteries for electronics, as well as the completion of a new testing lab, Research and Development Director Jon Herdlein said.
“The practical result is a faster, stronger path from an ideal idea in the lab to a solution that helps customers address real-world challenges. This investment builds on the foundation while positioning the site to support long-term growth in key end markets,” he said.
It’s not just a show of faith in the company, but an investment in the community, according to Buffalo Common Council Majority Leader Leah Halton-Pope.
“The true measure of economic development isn't just how much money we can bring into a community. It's how that investment improves the lives of the people who call this community home," she said. "We want businesses to come to Buffalo. We want them to stay. We want them to grow.”
Since branching off from Honeywell last year, the company can increase emphasis on internal growth and product development, Solstice Senior R and D Director Ryan Hulse said.
“The focus of Solstice comes back to what we're doing on the products here in Buffalo, which means the investments that are being made are being made back here in Buffalo," he said. "We've been able to reinvest in our own our own company. We've been reinvesting in our own people, being able to grow much faster than we ever did previously.”
The project also includes a performance-based state tax credit of more than $1 million. Solstice expects a large portion of its new hires to be new graduates directly from the University at Buffalo.
