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VOL. 45 | NO. 8 | Friday, February 19, 2021

Openings begin March 4 at Fifth + Broadway

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Brookfield Properties’ mixed-use project Fifth + Broadway in downtown Nashville will begin its first tenant openings March 4.

The event culminates a multiyear effort by the company and local developer Pat Emery on the former site of the Nashville Convention Center.

The tenants featured in Fifth + Broadway’s approximately 200,000 square feet of restaurants and retail represent a dynamic mix of local legends that have made Music City a world class destination as well as some of the nation’s most exciting brands and eateries coming to downtown Nashville for the first time. Their new home is across from Bridgestone Arena and the Ryman Auditorium, alongside the National Museum of African American Music which held its ribbon cutting in January and is now open to the public at Fifth + Broadway.

Asurion: Phones more important than cars

New research from Nashville-based tech company Asurion reports Americans say phones are now the No. 1 necessity in their lives – more important than their vehicles or refrigerators.

An online poll of over 1,000 U.S. adults reveals the country’s collective sense of urgency in staying connected during the pandemic.

This shift is also driving people to get their broken and missing phones repaired and replaced more quickly. Asurion has seen a 20% jump in customers who are filing phone claims the same day they had a phone mishap. This is a big shift from before the pandemic when many customers lingered almost a month with a broken phone before filing a claim for a repair or replacement.

Last year, Asurion and its tech repair retail subsidiary uBreakiFix together helped over 1 million Americans with same-day phone repair or replacement without having to leave the safety of home. Customers also have the option of heading to one of over 600 uBreakiFix stores or participating carrier stores or select carrier partner stores to get their device repaired, or have a replacement device shipped to them as soon as next-day.

Battery manufacturing coming to Clarksville

Microvast officials have announced the company will establish a new manufacturing facility in Clarksville.

Microvast will invest $220 million and create 287 jobs in Montgomery County.

In 2019, at the request of the U.S. Department of Energy, Microvast began the process of establishing a Li-ion battery facility in the United States. As part of the project, Microvast will renovate and expand a facility located at 780 International Boulevard in Clarksville to manufacture battery cells, modules and packs.

Founded in 2006, Microvast is a global provider of next-generation battery technologies for commercial and specialty electric vehicles, a $30 billion total addressable market. It has an established portfolio of battery technologies that out-perform its competitors on battery life, charging times, safety and total cost of ownership.

On Feb. 2, Microvast announced that it signed a definitive merger agreement to merge with Tuscan Holdings Corp. that will result in Microvast becoming a publicly listed company. The merger will provide up to $822 million in gross cash proceeds to fund capacity expansion and to position the company to capitalize on its signed contracts with total value of over $1.5 billion.

Microvast plans to begin the recruitment process in the fourth quarter of 2021 and into 2022, with employment opportunities available as early as August 2021. Additionally, careers for Microvast will be posted at Clarksvilleishiring.com, a resource provided to community employers by the Aspire Foundation.

$40B in Provider Relief Fund still not distributed

PYA, a national public accounting firm with offices in Nashville and Knoxville, has released an analysis of the Provider Relief Fund.

Since March 2020, Congress has appropriated $178 billion to the fund to assist hospitals, physicians, and other providers with lost revenue and health care-related expenses attributable to the coronavirus.

However, the new analysis shows approximately $40 billion of those funds have yet to make it into the hands of health care providers across the nation.

In the absence of a comprehensive accounting from the Health Resources and Services Administration, PYA’s health care consultants analyzed what information has been released along with publicly available data, and has published an article breaking down the payments so far.

Artiphon boosted by Swiftarc investment

Swiftarc Venture Labs has completed an investment in Nashville-based Artiphon, a consumer electronics company pioneering the future of music creation.

Artiphon designs interactive musical experiences by combining smart hardware and interactive content. The hardware maker is known for its music-making gadgets that are democratizing access for the musically curious.

“This investment reflects Swiftarc’s high conviction in forward-thinking innovation as we look forward to partnering with Artiphon’s talented team to continue their meaningful pursuit of making music creation accessible to all,” says Fabian Urquijo, president of Swiftarc Ventures.

INSTRUMENT 1 and Orba, their first two smart instruments, launched with record-setting success on Kickstarter, both raising $1M+ in pre-orders. The company has also raised capital from AOL co-founder Steve Case and Warner Music Group. The Artiphon team is composed of designers, musicians and engineers from groundbreaking companies including Space X, Blue Origin, Line 6 and Yamaha. The INSTRUMENT 1 was named a TIME Best Invention of the Year and a NAMM Best in Show.

COVID-conscious live event scheduled by Elite

Nashville-based Elite Multimedia Productions will host its third COVID-conscious live event venue in Huntsville March 19.

When the pandemic first hit, events across the world were immediately and indefinitely put on hold. As a production company, Elite Multimedia pivoted to continue to meet the need for live music while taking the necessary precautions.

The company’s first action was to create a Virtual Event Studio in Nashville. This studio allowed artists and leaders to bring entertainment, connection, and hope to their audiences right in their homes while keeping their production value high. Throughout the following months, the space hosted over 15 artists, bringing entertainment to fans around the country.

To create even more safe opportunities for both artists and fans, Elite Multimedia partnered with Big Spring Entertainment to launch a safe venue where fans could attend in person. But rather than just play the role of a production company, the partnership made Elite Multimedia a co-promoter.

Lipman to distribute Kona Gold Beverage

Lipman Brothers has signed a distribution agreement with Kona Gold Beverage, Inc., a holding company focused on product development in the hemp and CBD functional beverage sector.

Lipman Brothers will distribute OOH LA Lemin throughout Tennessee.

Established in 1939, Lipman Brothers was the first distributor of wine and spirits in Tennessee. Lipman Brothers’ corporate headquarters is in Nashville with additional facilities in East Tennessee. The company services all trade channels including retail, grocery, convenience and bars/restaurants.

Lipman delivers wine, spirits and beer to 74 of the 96 Tennessee counties, representing over 77% of the state’s population. As a family-owned and operated enterprise, Lipman Brothers continues to serve as an educational resource for both trade and consumer markets.

Monogram launches Kidney Care Clinic

Nashville’s Monogram Health has launched the Monogram Kidney Care Clinic, which will provide access to patients facing kidney disease.

The clinic allows those with kidney disease to receive preventive renal care as early as possible and allows for ready access to renal specialists for those with urgent kidney-related needs.

Currently operating in 10 states, the Monogram Kidney Care Clinic serves a growing national cohort of high-risk chronic kidney disease and end-stage renal disease members enrolled in Medicare Advantage and managed Medicaid plans, following enactment of the 21st Century Cures Act.

The clinic provides access to patients through in-home and virtual visits conducted by its team of kidney-focused physicians, nurse practitioners and other clinicians.

The clinic’s telehealth capabilities will enable greater access for all kidney disease patients, including those living in remote or rural areas without local renal specialists.

Citizens Saving Bank receives investment

Wells Fargo has announced equity investments in six African American Minority Depository Institutions, including Nashville’s Citizens Savings Bank & Trust.

The investments are part of the company’s March 10, 2020, pledge to invest up to $50 million in Black-owned banks. As part of the capital investment, the banks will have access to a dedicated Wells Fargo relationship team that will provide financial, technological, and product development expertise in order to help each institution grow and benefit their local community.

In the ongoing pandemic, communities of color have been disproportionately impacted, and this investment is part of Wells Fargo’s effort to generate a more inclusive recovery across the country.

ProviderTrust gains investment

Nashville’s ProviderTrust, Inc has announced it has received a significant minority investment from Susquehanna Growth Equity, LLC.

ProviderTrust is a provider of health care compliance screening, monitoring, and verification tools to acute and post-acute providers, payers and their vendors. SGE is a growth equity firm exclusively focused on internet, software, and information services companies.

Financial terms of the investment were not disclosed.

SGE’s investment marks ProviderTrust’s first significant outside capital funding since 2012 and furthers its mission to create a safer and smarter health care for patients, providers and payers.

ProviderTrust, co-led by Chris Redhage, Michael Rosen and Andrew Luers, works with acute and post-acute providers, payers and their vendors across all 50 states. Their roster of clients include Amerihealth Caritas, Community Health Systems (CHS), DentaQuest, HCR ManorCare, Kindred Healthcare, Tenet Health and Vanderbilt University.

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