Gov. Michelle Lujan Grisham and the City of Santa Fe on Wednesday announced Parting Stone will receive state-backed incentives that will help the company increase its workforce.
Founded in 2019, the Santa Fe-based company will have access to $150,000 in state Local Economic Development Act incentives to create nearly 90 new jobs that pay an average salary of $48,000.
Local Economic Development Act incentives — also known as LEDA — are used to grow existing New Mexico businesses and recruit others to the state.
Pending review and approval by the Santa Fe City Council, the city of Santa Fe will serve as the fiscal agent for the incentives. It has also pledged an additional $25,000 in local LEDA incentives.
Justin Crowe, the company's CEO and founder, developed the business after the death of his grandfather in 2014. He eventually teamed up with Chris Chen, a ceramic engineer at Los Alamos National Laboratory, to create a product for families.
Parting Stone uses cremated ashes and "a small amount of binder" to create a material that is heated and hardened. Once processed, the cremated remains are cleaned, polished and returned to the family, according to Parting Stone.
The company recently moved into an 8,000-square-foot space near the intersection of Interstate 25 and Cerrillos Road. The larger space will allow for increased production.
About 75% of its business comes from funeral homes with the remaining quarter coming from direct-to-consumer sales, though the latter category is one of the company's fastest-growing segments.
In June, Crowe told Albuquerque Business First that production manager Kelse Lighthizer and her team increased monthly output by 188% since Jan. 1, which meant families received the memorialized remains faster. The company had a goal of decreasing costs by purchasing more sophisticated equipment and engineering custom solutions for solidifying human and animal remains into stones.
Parting Stone was named one of New Mexico Inno's series of Startups to Watch for 2022 and was an inaugural recipient of Albuquerque Business First's and New Mexico Inno's Fire Awards, which highlight innovative organizations that have had a year worth celebrating.
