SHINE will discuss partnership with Indonesia
JANESVILLE--The company that wants to build a medical isotope plant in Janesville is getting more international recognition, and one result could be an influx of money to support the facility's construction and get its products to market quicker.
SHINE Medical Technologies officials were in Washington, D.C., on Monday to sign a memorandum of understanding with representatives of Indonesia that could lead to a capital investment and a possible SHINE plant in Indonesia.
SHINE announced in 2012 that it selected Janesville to build an $85 million medical isotope plant. One of its primary products would be molybdenum-99, an isotope used in more than 30 kinds of diagnostic imaging procedures and more than 40 million medical imaging tests each year.
The company hopes to begin production in 2017 on a 90-acre parcel across Highway 51 from the Southern Wisconsin Regional Airport. SHINE officials have estimated that construction, equipment and regulatory costs will hit $180 million by the time the plant opens.
Greg Piefer, SHINE's founder and CEO, said the agreement signed Monday allows the start of formal discussions about an Indonesian investment in the Janesville operation and a SHINE presence in Indonesia.
The agreement is significant for a number of reasons, he said.
“It's the international recognition of what we've been doing, and these guys have been in the moly business for a long time,” he said. “We've presented to international audiences, and I really think there's momentum building behind SHINE and the perception that we're going to be successful.”
Piefer said international involvement also is important because growth is expected in the Asia-Pacific market.
“Indonesia is proactive and wants to be a leader in addressing the shortfalls that will occur when other reactors shut down around the world,” Piefer said. “They have a strong background in technology; they're good nuclear people, and they support some of our core values, such as free trade and democracy.”
Piefer said foreign investment and involvement will not alter the company's commitment to Janesville.
“This should be seen as a good thing,” he said. “There's a potential to bring a cash influx that could help us get to market faster.”
Having SHINE's world headquarter in Janesville also would be significant, he said.
“It's all good news at this point,” he said. “We don't know for sure where this is going to lead, but we know it does not impact or change our plan to build the plant in Janesville.”
Piefer and his colleagues hosted the Indonesian delegation Tuesday at the company's current headquarters in Monona.
On Wednesday, Piefer and his team will be in Janesville for a community update.
That session will run from 4:30 to 5:30 p.m. at the Holiday Inn Express, 3100 Wellington Place, Janesville.