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BUSINESS UPDATES | Local collaboration recognized in White House council report

Among today's business updates: AAA East Central’s Gas Price Report.
BRITE Energy 03022020
BRITE Energy Innovators, 125 W. Market St., Warren. (Photo by William D. Lewis)

WARREN — Collaboration between BRITE Energy Innovators and the Youngstown/Warren Regional Chamber Foundation resulted in the City of Warren receiving recognition in a White House council report.

The report, “Best Practices and Case Studies: Qualified Opportunity Funds,” was created by President Donald Trump’s White House Opportunity and Revitalization Council. The 23-member group was established in December 2018 to carry out the administration’s plan to encourage public and private investment in urban and economically distressed areas, according to a news release.

The report cites two examples of work being done by BRITE portfolio companies:

  • “Qualified Opportunity Fund capital enabled an energy incubator in Northeast Ohio to assist two startups by funding their work in medical software and Internet of Things hardware solutions.”
  • "One product, an artificial intelligence-powered medical diagnostic, and patient care tool, was deployed in response to COVID-19. The other investment scaled implementation of energy optimization Internet of Things devices for smart buildings."

Mahoning Valley Opportunity Zone efforts were showcased to White House officials last summer when the Regional Chamber Foundation and BRITE launched the Mahoning Valley’s opportunity zone investment prospectus. It was produced and continues to be maintained by the regional chamber economic development staff, according to the release.

"This is further proof of how much we can accomplish through collaboration between our organizations,” Regional Chamber Foundation President Guy Coviello said in the release. “We should all be tickled that federal officials recognize this work.”

"It's quite an accomplishment for two of our portfolio companies to have their work recognized by the White House,” said Rick Stockburger, BRITE president and chief executive officer. “We were grateful for the chamber's partnership on the event last year. It really put us on the map.”

Northeast Ohio sees
1-cent increase in gas price

YOUNGSTOWN — The average price for gasoline across Northeast Ohio is a penny higher this week at $2.22 per gallon, according to AAA East Central’s Gas Price Report.

The average price for unleaded self-service gasoline in the Youngstown area is $2.21 per gallon.

— Do you have a business announcement you'd like to share? Email news@mahoningmatters.com.




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