A decade after its founding, Hyperion Technology Group is expanding its operations for the second time and adding jobs. The $500,000 investment will create 25 jobs as it moves from its current facility on West Jackson Street to the former Mitchell Distributing warehouse on Commerce Street. The company now employs 40. "We are excited about Hyperion 's expansion and the continued growth of this local company. These high-paying, high-tech jobs will be a great boost for our local economy," said Tupelo Mayor Jason Shelton . Hyperion Technology Group provides custom electronic systems, such as embedded systems, signal processing, intelligen t power and control systems to government and industry consumers around the world. The company started in 2009 at the Renasant Center for IDEAs business incubator and "graduated" in 2012. "It's what we envisioned with the incubator process back in 2002," said Community Development Foundation President and CEO David Rumbarger. " We put some flesh on it with a building in 2006, and now a graduate is now employing another 25 high -tech, high-paying careers. We've had other graduates, like Homestretch (furniture), which employs 400. To say they're a success is almost an understatement." Hyperion's move to Commerce Street will be into a 48,000-square-foot building, quadrupling its current space. Company president and CEO Geoffrey Carter said hiring of the 25 employees - all engineering and technology jobs - has begun, and he hopes to have them on staff within 18-24 months. "Over the past year, we've had tremendous growth, not only with our military sales but our industrial and commercial sales," he said. "We've simply outgrown our facility and had to find a bigger facility." The Mississippi Development Authority is providing assistance for building renovations, as well as a loan to the city of Tupelo for the purchase of the building. Hyperion will lease the facility on a long-term basis from the city. Carter said Hyperion will be moving some staff into its new location in the next few weeks, with some equipment now in storage to be shifted over almost immediately. Additionally, as part of the renovation of the building, some 30 offices will be added. That work is expected to be finished by the fall to allow a complete move-in of the company's operations. Shelton said the deal will not cost city taxpayers any money. Hyperion Technology Group received the Governor's Award for Innovation last year. The company is recognized as an industry leader in custom electronic systems development.