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2021 Operating Business QLICI of the Year Award Recipient
TemperPack Virginia Inc.
CDE: AMCREF Community Capital
Developer and Owner: TemperPack Technologies, Inc.
Location: Richmond, Virginia
TemperPack Virginia Inc. will benefit from a $15 million QLICI by AMCREF Community Capital that enabled it to expand its production capacity in a severely distressed area with 41.9% poverty and a 17% unemployment rate.
The company’s ClimaCell insulated shipping containers replace nonrecyclable Styrofoam and plastic and are designed to be recycled alongside carboard. The extra capital allowed TemperPack to purchase advanced automation equipment.
TemperPack began as a garage-based business in 2015 and now has more than 300,000 square feet of manufacturing space. The company sought to accelerated its plans to expand operations and increase hiring, but had difficulty with expansion capital. The NMTC funding allowed TemperPack to transition staffing agency jobs to full-time, skilled jobs. The project is expected to create 77 new direct permanent jobs and retain another 151 permanent jobs.
“This project is a great job creator and is manufacturing a recyclable insulated packaging which will provide long-term benefits to all of us,” said DiPietro.
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