EP’s NVE Corp. receives $400,000 in state funding

NVE Corp. of Eden Prairie recently received a $400,000 award from the Minnesota Department of Employment and Economic Development (DEED).

The Minnesota Investment Fund (MIF) awards provide financing to attract new workers and retain high-quality jobs, with a focus on industrial, manufacturing and technology-related industries.

NVE Corp. develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. It produces spintronic products, including sensors and couplers used to collect and transmit data. The MIF funding will be used to purchase new equipment that will provide smaller, more accurate and lower power Wafer Level Chip Scale Package magnetic sensors, improve domestic sensor production and strengthen magnetic sensor technology. The total project cost is approximately $4.7 million and is expected to create up to 15 jobs with an average hourly wage of $29.

Funds are awarded to local government units, which provide loans to help growing businesses. The MIF award for NVE Corp. will be distributed to the city of Eden Prairie, which will then provide a loan to the company.

NVE Corp. is located at 11409 Valley View Road in Eden Prairie.

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