Virginia-Based Sustainable Biotech Firm Will Invest $10.6 million
Governor Ralph Northam today announced that Grenova Inc., a Virginia-based sustainable biotech firm, will invest $10.6 million to expand in the City of Richmond. With the funding, the company will relocate its operations from Manchester to a larger facility in Scott’s Addition.
The new facility will increase capacity in response to the shortage of pipette tips used for COVID-19 testing. Governor Northam joined leaders to celebrate the project, which will add 250 new jobs over three years.
“We are thrilled to celebrate this homegrown sustainable biotech firm expanding and adding to its workforce,” said Governor Northam. “It is remarkable to see Virginia’s life sciences businesses respond to critical needs as we fight this pandemic. Grenova is an emerging industry leader that has achieved exponential growth in a short time. I applaud them for leveraging technology and expertise to address a global shortage and reduce environmental waste.”
Grenova’s History, Product Offering, and Global Presence
Founded in Richmond in 2014, Grenova’s mission is to help lower costs and reduce biohazard waste. The company’s products enable laboratories to wash and sanitize pipette tips for reuse, cutting costs by up to 96 percent.
Ten pipette tips are used to fully conduct one COVID-19 test, resulting in a worldwide shortage of the plastic consumable. The technology allows labs to wash and reuse tips, helping to end shortages and improve access to COVID-19 testing.
Due to demand for Grenova’s products, the company has quadrupled in size in the last year. Grenova sells products to laboratories across the United States, as well as in Europe and Asia.
Local Leaders Are in Support
“This expansion project is an important win that will create 250 new, high-quality jobs,” said Secretary of Commerce and Trade Brian Ball. “Grenova is a great success story for the Commonwealth. We are confident the region will continue to provide the business climate and workforce needed for years to come.”
“Our growth is a sign that the world is ready to rethink, reimagine, and reinvent plastic consumables,” said Ali Safavi, Founder and CEO of Grenova. “We’re proud to make our solution possible thanks to the Commonwealth’s thriving ecosystem of world-class talent, resources, and infrastructure.”
Obtaining Funding
The Virginia Economic Development Partnership worked with the City of Richmond to secure the project for the Commonwealth. With that, Grenova is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Additionally, funding and services to support the company’s recruitment and training will be provided through the Virginia Jobs Investment Program.
“Grenova’s sustainable solution for lab testing consumable products is a premier example of how great ideas and ingenuity flourish in the City of Richmond,” said Mayor Levar Stoney. “The City is thankful for the company’s capital investment and new job creation. Grenova’s new facility in Scott’s Addition demonstrates that entrepreneurial and life science ecosystems in Richmond are strong and continue to have a far-reaching impact.”
“The expansion of Grenova Inc. is wonderful news for Richmond,” says Congressman Donald McEachin. “Creating jobs and reducing biohazardous waste are two critical goals that are good for Richmond and for the Commonwealth. Once again, Virginia leads the way.”
“I am so pleased to see Grenova’s expansion to its new and larger facility in Scott’s Addition,” said Senator Ghazala Hashmi. “Grenova’s introduction of innovative technologies helps to address the global shortage of pipette tips during this pandemic and also highlights how we can reduce biohazard waste. This expansion will bring exciting new jobs opportunities and further talent development in Richmond.”
“I am happy to hear that Grenova will expand in the City of Richmond,” said Delegate Jeffrey Bourne. “The work that the company is doing is an essential cog in the machine that is our COVID-19 response. Grenova’s presence in Richmond continues to provide important jobs as well as contributes to Richmond’s status as a place for innovation and growth.”