The following projects were approved at the April 2025 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 incentive requiring approval for these kinds of projects is:
Job Growth Incentive Tax Credit
This award does not guarantee that the company will accept the offer and/or expand or relocate to Colorado.
Project Name: Moose
Summary
The company behind Project Moose is a North American manufacturer of nutritional solutions and ingredients to the food and nutraceutical industries.
The company wants to establish a manufacturing facility in the western half of the US to better support their west coast customers. In addition to Colorado, the company is considering Salt Lake City, Utah. Within Colorado, the company is considering Mesa County. Important factors for their decision making include incentives, tax environment, and an existing supply chain.
Jobs
Project Moose, should it occur in Colorado, expects to create 403 net new jobs at an average annual wage of $61,642, which is 109% of the average annual wage in Mesa County. The jobs will include engineers, logistics personnel, HR, and management positions. The company currently has 420 employees, 18 of whom are in Colorado.
Incentive
Up to $4,565,105 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 403 net new full-time jobs at a minimum average annual wage (AAW) of $56,524 (100% of Mesa 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.
Consideration
This project would support the state’s economic goals by creating net new jobs in the growing health and wellness sector and driving innovation in sustainable and nutritious products that align with the state’s focus on health-conscious living.
Project Name: Catch
Summary
The company behind Project Catch is an emerging leader in durable carbon removal technology focused on converting biomass residues primarily into stable liquid carbon that can be securely stored underground. Their process is designed to permanently remove carbon from the atmosphere, offering verified removals to organizations aiming to meet net-zero or carbon-negative goals, aligning with the objectives of the Paris Climate Agreement.
Project Catch represents the company's efforts to increase bio oil production. They will hire more employees and build machines that break down the biomass in their location. In addition to Colorado, the company is considering Kansas and California. Within Colorado, the company is considering Weld County. The driving factors behind their decision are access to talent, community support, and the cost of doing business in one of the three locations.
Jobs
Should it occur in Colorado, Project Catch expects to create 100 net new jobs at an average annual wage of $131,422, which is 200% of the average annual wage in Weld County. The jobs will include Managers, Engineers, Logistics, Finance, and Supply Chain roles. The company currently has 115 employees, 74 of whom are in Colorado.
Incentive
Up to $1,605,551 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 100 net new full-time jobs at a minimum average annual wage (AAW) of $65,767 (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.
Consideration
This project directly supports the state’s climate tech agenda and advances Colorado’s Greenhouse Gas Emission Reduction goals. The company’s technology enables high-integrity permanent carbon removal, and their mobile units provide a flexible approach to biomass sequestration. Their expansion in the state would bolster Colorado’s leadership in next-generation climate innovation.
Experts agree that carbon removal is essential to meeting global climate targets to offset emissions from hard-to-decarbonize sectors like aviation, manufacturing, and agriculture. Scalable carbon capture technologies like this are critical for drawing down legacy emissions already in the atmosphere, complementing efforts to reduce new emissions at the source. In addition to its climate benefits, the company’s expansion in Colorado strategically positions the state to benefit from its carbon sequestration projects in national forests, unlocking new opportunities to sequester biomass from forest management efforts.
Project Name: Celcius
Summary
The company behind Project Celsius develops and operates satellites that produce high resolution imagery. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind Project Celsius is ramping up satellite production capacity and planning out the next major growth phase of the company, which includes the in-house development of the company’s payloads. The company’s new facility will be able to support the development of multiple types of satellites in parallel, as well as have office space for hundreds of employees. In addition to Colorado, the company is considering Los Angeles, CA. Within Colorado, the company is considering Broomfield County. Incentives, access to talent, quality of life, research ecosystem, tax environment, and concentration of industry partners are the main considerations for the company’s decision to locate Project Celsius.
Jobs
Project Celsius, should it occur in Colorado, expects to create 302 net new jobs at an average annual wage of $182,392, which is 165% of the average annual wage in Broomfield County. The jobs will include engineering, supervisory, administrative, finance, and production roles. The company currently has 50 employees.
Incentive
Up to $3,664,169 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 302 net new full-time jobs at a minimum average annual wage (AAW) of $110,266 (100% of Broomfield 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.
Consideration
This project would support the state’s economic goals by concentrating additional production in Colorado’s aerospace sector, particularly the state’s concentration of satellite and optics companies, which is a sector with cross-cutting technologies connected to a variety of other advanced industries in the state.
Project Name: Kelly
Summary
The company behind Project Kelly is a lithium and sodium-ion battery cell manufacturing company for grid-scale energy storage.
The company behind project Kelly is looking to set up a battery cell manufacturing plant in the U.S. In addition to Colorado, the company is considering states in the Midwest. Within Colorado, the company is considering Weld County. Important factors for their decision making are access to talent, quality of life, and the concentration of industry partners.
Jobs
Project Kelly, should it occur in Colorado, expects to create 337 net new jobs at an average annual wage of $92,270, which is 140% of the average annual wage in Weld County. The jobs will include direct manufacturing, skilled machine operation, quality control, inventory, procurement, and logistics. The company currently has 62 employees.
Incentive
Up to $6,141,396 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 337 net new full-time jobs at a minimum average annual wage (AAW) of $65,767 (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.
Consideration
This project would support the state’s economic goals by creating high-paying net new jobs and enhancing large-scale energy storage capabilities, which are essential for stabilizing the power grid, maximizing the use of renewable energy, and reducing the reliance on scarce critical minerals.
In addition to the Job Growth Incentive Tax Credit, the company will also apply for the CHIPS Refundable Tax Credit Program as both incentives together will influence the company’s decision making.
Project Name: Superdrive
Summary
The company behind Project Superdrive is a European manufacturer of electric motors for multiple advanced industries.
The company behind Project Superdrive is expanding its business market to the United States, and this project represents its expansion of a manufacturing facility in the US. In addition to Colorado, the company is considering Phoenix, AZ. Within Colorado, the company is considering Weld County. Proximity to potential customer base and supply chain availability are important considerations in their choice of location to expand.
Jobs
Project Superdrive, should it occur in Colorado, expects to create 68 net new jobs at an average annual wage of $85,809, which is 130% of the average annual wage in Weld County. The jobs will include engineers, operators, and supervisory roles. The company currently has 70 employees, none of whom are in Colorado.
Incentive
Up to $891,034 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 68 net new full-time jobs at a minimum average annual wage (AAW) of $65,767 (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.
Consideration
This project would support the state’s economic goals by contributing to the growing clean tech sector, creating high-quality jobs, and supporting the transition to sustainable energy solutions in multiple advanced industries.
Project Name: Carbon
Summary
Project Carbon is the Refundable Tax Credit name for the project awarded a JGITC under the name “Project Kelly.” It became the sixth Refundable Tax Credit application approved by Colorado’s Economic Development Commission (EDC) on Thursday, April 17, 2025. It is also the first non-semiconductor project in the program.
The company behind Project Kelly is a lithium and sodium-ion battery cell manufacturing company for grid-scale energy storage.
The company will construct and operate a battery cell manufacturing plant in unincorporated Weld county by retrofitting an existing vacant industrial building of 392,000 square feet. This is the first phase of a potential multi-phase battery manufacturing campus, which could lead to substantial additional investment and jobs.
The company received a $6.1 million Job Growth Incentive Tax Credit (JGITC) award in April 2025 and does not expect to earn any Enterprise Zone credits. In its application, it requested this $6.1 million total from the Commission. After evaluation, OEDIT staff recommended and the EDC approved a total award amount of $3.4 million.