The following projects were approved at the February 2023 Colorado Economic Development Commission meeting. The Colorado Economic Development Commission (EDC) develops incentive packages to assist with existing business expansions and new company relocations to grow jobs in all regions of the state. They typically meet on the third Thursday of every month.
The incentives requiring approval for these kinds of projects are:
Job Growth Incentive Tax Credit
Strategic Fund Job Growth Incentive
Location Neutral (LONE) Worker Incentive
These awards do not guarantee that the companies will accept the offer and/or expand in relocating to Colorado.
PROJECT NAME: Project Snowflake
Summary
The company behind Project Snowflake is a geohazard mitigation firm. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. The company behind Project Snowflake is expanding its business operations and looking to form a more centralized location. To accomplish this, they are looking to hire many "back-office" and HQ employees. The plan is to bring on approximately 50 employees a year over 3 years, in order to accomplish this they will either need to expand their current facility in Adams County in order to hold these additional employees, take over more of their current building or relocate to a new facility. In addition to Colorado, the company is considering Kentucky. Within Colorado, the company is considering Adams County. The driving factors for the company are access to talent, centralized location, and cost of doing business.
Jobs
Project Snowflake, should it occur in Colorado, expects to create 129 net new jobs at an average annual wage of $129,981, which is 199% of the average annual wage in Adams County. The jobs will include Contracts Administrators, Engineers, and HQ director roles. The company currently has 740 employees, 87 of whom are in Colorado.
Incentive
Up to $2,324,821 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
- The creation of up to 129 net new full-time jobs at a minimum average annual wage (AAW) of $65,312 (100% of Adams County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
- The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
- The creation and maintenance of at least 20 net new jobs before any credits are issued.
Considerations
This project would support the state’s economic goals by creating high-wage net new jobs in the economy and supporting expansions for companies with an existing Colorado presence.
PROJECT NAME: Project Pothos
Summary
Project Pothos represents a joint venture between a foreign solar panel manufacturer and a US-based solar panel manufacturer to set up a solar panel manufacturing facility in the US. Due to the nature of the companies involved, further identification would jeopardize the companies’ confidentiality.
The company sees great potential in the US market for solar manufacturers, and the company is interested in building a new manufacturing plant to meet the demand it expects to see domestically. In addition to Colorado, the company is considering expansion in Texas. Within Colorado, the company is considering Adams County. The company is considering Colorado as a potential location because the site they are considering is a modernized facility that meets the company’s needs for production. The company also sees Colorado as an optimal location with easy access to Denver International Airport and the Denver downtown area. Colorado also provides a top-notch workforce with inviting residential areas nearby and has immediate access to I-76, 80, 70, and 25 along the Front Range.
Jobs
Project Pothos, should it occur in Colorado, expects to create 951 net new jobs at an average annual wage of $71,940, which is 110.1% of the average annual wage in Adams County. The jobs will include engineers, technical operators, manufacturing laborers, and administrative staff. While the companies involved in setting up this new company are major employers (the foreign entity employs nearly 2,000 people while the domestically-based entity employs upwards of 6,000, including an office in Denver), this new company initiative has only recently been incorporated and currently has no employees.
Incentive
Up to $9,173,689 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
- The creation of up to 951 net new full-time jobs at a minimum average annual wage (AAW) of $65,312 (100% of Adams County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
- The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
- The creation and maintenance of at least 20 net new jobs before any credits are issued.
- The company must provide proof (via bank statements or other such evidence), that they have raised $18.75M in capital, by the end of 2023 (this is 75% of the $25M in equity the company expects to raise in their next funding round) prior to the execution of this JGITC award contract.
Considerations
This project would support the state’s economic goals by creating net new jobs in the economy in the renewable energy sector.
PROJECT NAME: Project Molecule
Summary
The company behind Project Molecule is a clean energy recycling company that expects to build a waste-to-energy plant that will convert tires and rubber to diesel fuel, recycled carbon black, and clean steel using pyrolysis technology. This technology will convert any type of recyclable and non-recyclable plastic material and uses a closed loop system with near zero emissions, creating a new source of energy and resource recovery with a low carbon footprint. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
When completed, Project Molecule’s plant will have a twenty-five-year operating life and the capacity to process 150 tons/day of waste material. It will produce 5.47m gallons of diesel fuel, 20.8m kg of recycled carbon black, and 6.57 million kg of steel per year. Project Molecule will source feedstock from tire manufacturers, mining companies, and state & city landfills. Customers will include refineries, state & local municipalities, and tire manufacturers.
Jobs
In addition to Colorado, the company is considering Mississippi. Within Colorado, the company is considering Weld County, where the company sees an opportunity to both take advantage of available recyclable materials (including a tire monofil with over 30 million tires, on top of Colorado’s generation of 6 million waste tires per year) and to fill a gap in the market for pyrolysis services.
Project Molecule, should it occur in Colorado, expects to create 90 net new jobs at an average annual wage of $63,340, which is 106.5% of the average annual wage in Weld County. The jobs will include mechanical fitters, electricians, clerks, refinery managers, operators, sales and marketing professionals, and administrative positions. The company currently has 3 employees, none of whom are in Colorado.
Incentive
Up to $663,383 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
- The creation of up to 90 net new full-time jobs at a minimum average annual wage (AAW) of $59,501 (100% of Weld County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
- The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
- The creation and maintenance of at least 20 net new jobs before any credits are issued.
- The company must provide proof (via bank statements or other such evidence), that they have raised $78.75M in capital, by the end of 2023 (this is 75% of the $105M loan the company expects to close in the coming months) prior to the execution of this JGITC award contract.
Considerations
This project would support the state’s economic goals by creating net new jobs in the recycling industry in Colorado which serves as part of the state’s strategy for renewable resources and clean technology.
PROJECT NAME: Project Gudetama
Summary
The company behind Project Gudetama is a cooperative of shell egg-producing farms primarily in the western United States. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
Project Gudetama represents the company working to have the farms join forces for (1) economy-of-scale benefits, (2) logistic efficiencies and (3) risk mitigation. In addition to Colorado, the company is considering Arizona. Within Colorado, the company is considering Arapahoe County.
Jobs
Project Gudetama, should it occur in Colorado, expects to create 80 net new jobs at an average annual wage of $94,219, which is 118% of the average annual wage in Arapahoe County. The jobs will include Distribution Coordinators, HR managers, Regional Sales Directors, Logistics roles, and Accountants. The company currently has 75 employees, 30 of whom are in Colorado.
Incentive
Up to $1,163,974 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
- The creation of up to 80 net new full-time jobs at a minimum average annual wage (AAW) of $79,573 (100% of Arapahoe County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
- The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
- The creation and maintenance of at least 20 net new jobs before any credits are issued.
Considerations
This project would support the state’s economic goals by supporting employee-owned, high-wage net new jobs in the economy.
PROJECT NAME: Project Jade
Summary
The company behind Project Jade provides flexible access to a network of classified facilities and associated networks for use by both industry and government partners; they call this offering Classified-Spaces-as-a-Service (CSaaS). Their mission is to engage the best parts of the US economy in the Great Power Competition and increase the pace of innovation and technology adoption by lowering the barrier-to-entry/scale to classified work. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind Project Jade is considering Colorado for its 3rd market in which it operates. Should the company land in Colorado, the company expects to provide its services to the western US from its Colorado location. In addition to Colorado, the company is considering Florida and California. Within Colorado, the company is considering Colorado Springs and Teller County. The company offers services to data centers around the country, and it is considering Colorado for its central geographic location and existing potential customer base.
Jobs
Project Jade, should it occur in Colorado, expects to create 35 net new jobs at an average annual wage of $165,942.86, which is almost 276% of the average annual wage in El Paso County. The jobs will include site leads, security, and IT specialists. The company currently has 15 employees, none of whom are in Colorado.
Incentive
Up to $763,182 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
- The creation of up to 35 net new full-time jobs at a minimum average annual wage (AAW) of $60,151 (100% of El Paso County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
- The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
- The creation and maintenance of at least 20 net new jobs before any credits are issued.
- The company must provide proof (via bank statements or other such evidence), that they have raised $3M in capital, by the end of 2023 (this is 75% of the $4M capital raise the company expects to close in the next year) prior to the execution of this JGITC award contract.
Considerations
This project would support the state’s economic goals by creating high-paying net new jobs in the economy and enhancing a cross-cutting technology that will have a positive impact across a variety of industry sectors.