By LIBBY CUDMORE • Special to www.AllOTSEGO.com
ONEONTA – Otsego Now President Jody Zakrevsky may save Ioxus.
“Ioxus is in the process of being sold to XS Power Batteries,” he said, appearing Tuesday, Nov. 17, at Common Council, via Zoom. Its CEO Scottie Johnson “indicated he was planning on closing Ioxus and moving the company to Knoxville, Tenn., but we worked with him to keep the facility here.”
Doing so, he said, would invest $14 million in expanding the building and double the current employment at the company.
XS Power Batteries, based in Knoxville, is “a premium battery group and one of the fastest-growing players in vehicle and stationary battery space.”
“He plans on expanding his product line,” said Zakrevsky. “He wants to get into ultra-capacitors. We can keep him here and grow his company.”
Initially, he said, Johnson was interested in purchasing the equipment and moving it to his Knoxville location, but the equipment was too big to move and the plant there was too small to accommodate it.
Instead, Zakrevsky put together “a strong package,” with a PILOT agreement, sales-tax exemptions and a $1 million Empire State Development Excelsior Tax Credit award.
He also had Johnson meet with the Otsego County Chamber and local realtors who showed houses. They engaged in a discussion with U.S. Sen. Chuck Schumer, D-NY, and heard a presentation from the state Power Authority.
“I think he appreciated that,” he said.
Zakrevsky said “it’s not a done deal,” but “it’s going forward.”