Delaware Money Moves: RiKarbon expands in Newark with state grant funding

Following the money this month, we’re seeing growth in two vital industries: green technology and semiconductor manufacturing.

Plus, another sale of Christina Crossing might sound like the shopping center — whose ShopRite supermarket is the only full grocery serving the Riverfront, Eastside, Southbridge and Downtown Wilmington — may be going the way of the old Shipyard Shops. But between its rising value and nearby Riverfront East development, it’s possible that the strip becomes more easily accessible to residents of the surrounding neighborhoods. We can dream, at least.

Beyond the Delaware Innovation Space’s new $750,000 Build to Scale grant from the US Department of Commerce’s Economic Development Administration, here are the big deals:

RiKarbon expands in Newark with state grant funding

RiKarbon Inc., an early-stage company that develops technologies for carbon capture and utilization, will continue growing in Newark, where it was founded in 2018. The company will move its Delaware Technology Park incubator space to the Delaware Industrial Park, according to biz attraction and retention org Delaware Prosperity Partnership.

RiKarbon was awarded grants from the Council on Development Finance for a Graduated Lab Space Grant of up to $34,000 and a Jobs Performance Grant of up to $26,000 from the Delaware Strategic Fund, dependent upon the company meeting outlined commitments.

DuPont invests in a Newark semiconductor plant

DuPont has invested an undisclosed amount, described by company officials only as in the tens of millions, into a new Newark-area manufacturing plant to produce Kalrez, a component needed for semiconductor production. The patented polymer technology creates durable sealants for industry applications.

The new 120,000-square-foot Tralee Park Annex plant in the Harmony Industrial Park is the first new manufacturing plant DuPont has built in the United States in decades.

Christina Crossing sells (again) for nearly $30 million

Delaware Business Times reports that Christina Crossing is changing hands again after a $29.8 million deal, just a year after its prior sale in 2022 for $25.8 million. The purchaser is private equity commercial real estate firm First National Realty Partners, headquartered in New Jersey.

Originally a Buccini Pollin project, the shopping center, anchored by ShopRite, is right in the middle of the Riverfront East redevelopment project and is the largest retail deal in the state so far in 2023. There are no plans to remove the supermarket.

More Money Moves

• The federal government has awarded $50 million to construct a container yard at the Port of Wilmington.
• Bloom Energy Corporation reported record revenue for the third quarter as the company cut its operating loss.