Newsletter and Economic Indicators, Sponsored by

Bioscience Summit Showcases Collaborations Among Industry and Education

“Collaboration” was the watchword of the 2024 BioScience Summit, held Sept. 17-18 in Fargo.  

Drawing members of the industrial, higher education and entrepreneurial sectors, the conference sparked conversations and connections among the more than 300 attendees from 16 states, and Israel, Norway and Singapore.  

Citing a worldwide biotechnology market of $1.3 trillion, Bioscience Association of North Dakota (BioND) executive director Richard Glynn said the time is right to capture more of those dollars in North Dakota—particularly with the state’s powerful incentive packages. 

A biotech magnet on the Northern Plains  

When BioND was established in 2010, the only substantial foothold biotechnology had in the region was Aldevron, Glynn said.  

Founded in Fargo in 1998, Aldevron’s 2024 annual revenues exceeded $750 million. The company now exerts what North Dakota Commerce Commissioner Josh Teigen described as a “gravitational pull,” bringing in talent, capital and infrastructure.  

Creating plasmid DNA, proteins, enzymes and other biologicals, Aldevron has spun off two additional companies, Genovac and Agathos Biologics, also based in Fargo.  

Just five years ago, the Fargo-Moorhead MSA’s biotechnology sector was valued at $100 million in Gross Regional Product. Today, it’s at more than $300 million, said Joe Raso, President and CEO of the Greater Fargo Moorhead Economic Development Corporation.  

The Red River Valley has momentum, and, as Teigen said, there is plenty of room to grow.

Click on the link below for the full story and check out the video. 

Grab Your Ticket!

GFMEDC Annual Meeting

On behalf of the Greater Fargo Moorhead Economic Development Corporation Board of Directors, we are excited to invite you to our Annual Meeting on February 18th, 2025 at The Armory in Moorhead from 4:30-6:30 p.m. 

There will be a brief presentation at 5:30 where we’ll highlight our work and some of the exciting regional economic development successes within the past year.

You will also be able to learn from and interact with several companies and partners that highlight the regional work happening to support our vibrant economy.

Sponsor Packs $275.00

We have sponsor packs available this year which include six tickets and a gift.

• February 18, 2025 
• Armory Event Center
• Thank you to Alerus, our main event sponsor!

Packet Digital Awarded $7.2 Million Contract

Congrats to Packet Digital, the company recently announced it has been awarded an additional $7.2 million as part of its contract with the Air Force Research Lab to build space power solutions.

After successfully completing an initial $8-million contract with AFRL in which Packet Digital built a high-powered SmallSat power converter with a 98% efficiency, the follow-on contract was awarded.

Now, Packet Digital will leverage that technology and scale for both SmallSat and CubeSat power systems for future space launches.

Packet Digital is a leading provider of power management solutions for autonomous systems. Founded in 2003, Packet Digital develops and manufactures batteries, chargers, battery management systems, battery fleet management systems, and maximum power point trackers that enable devices to run faster, longer and cooler. Packet Digital's products are used by customers in various industries, including aerospace, defense, and telecommunications. Packet Digital is headquartered in Fargo, N.D.

Dakota Business Lending Awarded $50 Million for Investment in Low Income/Distressed Areas

Dakota Business Lending (DBL) has been selected by the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund to receive a $50 million New Markets Tax Credit (NMTC) award.

This is their third NMTC allocation, following two $30M awards received in 2021 and 2022. They remain the first and only North Dakota-based financing entity to be chosen and one of the country’s top 100 community-focused organizations recognized this year. 

NMTC is run and administered through the U.S. Department of Treasury. This year, the program allocated a total of $5 billion to 104 of the 196 Community Development Entity (CDE) applicants across the nation through a competitive and challenging application process, who then use their NMTC awards to further the mission of the program: to encourage and jumpstart investments in low-income census tracts to create jobs, bring new opportunities to qualifying areas, and fill a financing gap for transformative projects. DBL’s NMTC priorities remain the same in assisting small businesses in low-income or distressed areas and creating employment opportunities in those areas through jobs that are both quality and accessible.

Bloomberg Story Highlights Local Company, Cardinal IG

Check out this Bloomberg TV story focused on how immigration is impacting the U.S. job market. The story highlight local company, Cardinal IG. 

You Just Have to Look

Check out our brand identity video created to support talent attraction campaign sells the region's quality of life.

Download and share it!