Pebble Labs USA Inc. finalized the purchase of the New Mexico Consortium Biological Laboratory in Los Alamos, New Mexico, for $11.5 million.
LOS ALAMOS, N.M., Sept. 26, 2019 /PRNewswire/ -- Pebble Labs USA Inc., the biotechnology company developing solutions to safely and sustainably increase natural crop yield and food security, today finalized the purchase of the New Mexico Consortium Biological Laboratory (Biolab) in Los Alamos, New Mexico, for $11.5 million.
“Pebble Labs is grateful to the State of New Mexico and Los Alamos County for making our acquisition of this world-class research center possible here in New Mexico,” said Michael Harrison, Chief Executive Officer, Pebble Labs. “Securing the Biolab enables us to continue our innovative research on increasing food production. Our crop protection and yield enhancing technologies will eliminate the need for pesticides, herbicides, and antibiotics, creating a healthier environment.”
“Collaborating with the New Mexico Consortium Biolab provided Pebble Labs with access to top-tier facilities and equipment, and allowed us to focus on research and attracting premier talent from the very beginning,” said Dr. Richard Sayre, Chief Science Officer, Pebble Labs. “We love being in Los Alamos and could not be more pleased that we’re staying here and expanding our technologies to address critical global needs, like vector-borne disease and sustainable food supply.”
Public-Private Partnerships Grow Biotechnology Industry in New Mexico
Strong public-private collaborations by state leaders, regulators, and businesses, share a commitment to advanced science and the economic growth of New Mexico. In July, New Mexico Governor Michelle Lujan Grisham and New Mexico Economic Development Cabinet Secretary Alicia J. Keyes pledged $4 million in Local Economic Development Act (LEDA) funds to facilitate the expansion of Pebble Labs in Los Alamos.
“Technology transfer success stories like Pebble Labs in Los Alamos are a great example of innovation taking root in New Mexico,” said Governor Michelle Lujan Grisham. “I’m proud to have invested state economic development support in a vibrant start-up like Pebble Labs that exemplifies the kind of cutting edge job creators that will expand and diversify the state’s economy.”
“By investing in promising industries like biosciences and technology, we are creating sustainable, high-paying jobs, and growing our local economies,” said Secretary Keyes. “This is exactly the kind of business expansion and industry growth that will diversify the state’s economy and keep talent here in New Mexico.”
“Los Alamos has a documented history of attracting highly talented scientists who create globally influential technologies,” said Sara Scott, Los Alamos County Chair. “We celebrate Pebble Labs long-term commitment to Los Alamos County, and look forward to continuing to work together.”
Pebble Labs today employs more than 40 scientists and 40 technical staff from 20 countries. The biotechnology start-up expects to reach 100 workers by the end of 2019.
Pebble Labs Economic Impact to New Mexico
According to independent economic impact analysis conducted in 2019 by Columbus State University, the direct economic contribution of Pebble Labs to the State of New Mexico is estimated to reach $300 million within four years. Total direct and indirect state economic impact of current and future operations could top $1 billion.
“The New Mexico Consortium is delighted to have helped Pebble Labs develop since its founding in 2016,” said Steve Buelow, Chief Executive Officer, New Mexico Consortium. “Now that the Biolab is operating at full capacity with Pebble Labs researchers, it makes sense to sell the building to them and move to a new facility planned for occupancy in mid-2021. And most importantly, we will continue our role in supporting economic development in New Mexico.”
ABOUT PEBBLE LABS
Pebble Labs is a biotechnology company developing solutions to safely and sustainably increase natural crop yield and food security. Its mission is to develop breakthrough disruptive technologies that address the greatest agricultural, aquacultural, and environmental challenges facing the globe. Pebble Labs is committed to urgently solving these challenges. More information at PebbleLabs.com.
MEDIA CONTACTS
Colleen Rubart
Pebble Labs
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Peaks Strategies
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SOURCE Pebble Labs USA Inc.
