April 10th, 2019 – Janesville, WI – SHINE Medical Technologies, Inc. (SHINE), a Wisconsin-based company dedicated to being the world leader in the safe, clean, affordable production of medical isotopes, announced today that the City of Janesville (the City) has officially transferred a 91-acre parcel on the south side of Janesville to the company. The transfer is part of a tax increment financing (TIF) deal between SHINE and the City. The land will soon be home to SHINE’s U.S. medical isotope production facility.
The land transfer comes after SHINE met several conditions set by the City, including approval of the necessary construction permits from the City, State, and the U.S. Nuclear Regulatory Commission (NRC), as well a financial audit providing proof of financial viability through construction of the facility.
“This transfer represents the next step toward production of life-saving medical isotopes, and I am grateful to the entire Janesville community for their early support and belief in SHINE,” said Greg Piefer, founder and CEO of SHINE. “We are thrilled to take ownership of the SHINE site and begin construction.”
SHINE plans to break ground in early May.
“The City of Janesville is excited about the recent land transfer to SHINE Medical Technologies. We have all been anticipating this part of the process and look forward to the continuing growth of SHINE. Their upcoming groundbreaking ceremony will represent years of continued work and partnership between the company, the City of Janesville, and the community. Congratulations to SHINE!” said Mark Freitag, Janesville City Manager.
Gale Price, Janesville Economic Development Director, added “This is an exciting partnership between SHINE and the City of Janesville, and we are delighted that Greg and the SHINE team continue to advance this project to fruition. With construction of this state-of-the-art isotope production facility, SHINE will allow Janesville to be the hub of production for many lifesaving medical treatments in the near future.”
The deed signing took place March 29th at City Hall, with members of City Council and the SHINE construction project team present (see photo).
Medical isotopes are radioisotopes that are used in the diagnosis and treatment of disease. Molybdenum-99 (Mo-99) is a radioisotope that decays into the diagnostic imaging agent technetium 99m (Tc-99m). The workhorse of nuclear medicine, Tc-99m is used in more than 40 million medical imaging procedures each year, primarily in stress tests to diagnose heart disease and bone scans to stage cancer. SHINE was founded to deploy a safe, cost-effective and environmentally friendly technology to produce a variety of medical isotopes, including Mo‑99. Roughly 1% of all Mo-99 in the world decays every hour, meaning it must be continuously produced. Current production is limited to only a handful of government-owned nuclear research reactors, the majority of which are overseas.
Based in Janesville, Wisconsin, SHINE deploys its safe, cost-effective and environmentally friendly fusion technology in a stepwise approach. Its systems are used to inspect industrial components in aerospace, defense, energy and other sectors. SHINE’s proprietary medical isotope production processes create non-carrier-added lutetium-177 and are expected to create molybdenum-99. In the future, SHINE plans to scale its fusion technology to help solve one of energy’s toughest hurdles by recycling nuclear waste. Through a purpose-driven and phased approach, SHINE aims to generate fusion power to deliver clean, abundant energy that could transform life on Earth. Want to learn more about SHINE? Follow us on social media @shinefusion and sign up for our email newsletter to follow us on our journey!
Media Contact: info@shinefusion.com
