A Cheyenne-based manufacturing firm that produces electrical equipment has chosen Riverton for it’s next assembly line facility. Inductance Energy Corporation Government Liaison Richard Hawley of Powell asked the city council Tuesday night to begin the process that would result in the the company receiving a $10 million industrial revenue bond.
The city council in December approved a formal process for the bonding procedure. “This is the first step in moving towards the issuance of such bonds, it does not require the city to approve those bonds or obligate the city for the bonds,” said City Administrator Tony Tolstedt. The company will use a professional bonding company to finance the project.
Hawley told the council that his company “is excited to to be in your community.” He said the firm would hire 20 employees to begin with, but he said they are “budgeted for up to 200 workers by the time we are done.” He said the jobs would carry decent wages of $19.40/hour to $37.50 /hour with benefits, depending on the job.
“We’ve been looking at the old Stylehomes facility on South Second Street as one option,” he said. “It’s 54,000 square feet and set up for manufacturing already. It would work perfect for us for a full assembly line. We can pick any empty building.” Hawley said the firm ideally likes to build new, but he said they also look at abandoned buildings that can be put back into use with some remodeling. The former Stylehome sites is four acres in size.
Tolstedt said Inductance Energy is the manufacturer of wiring harnesses, flywheel components plus alternators and that it provides laboratory services and has a sales and service component for electrical generating equipment.
The firm already has manufacturing plants in Arizona and Nevada.