The following projects were approved at the February 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: Skyline2025
Summary
The company behind Project Skyline2025 is a designer of resilient backpacks and bags for outdoor recreation, military and firefighting applications. The company is expanding its business due to organic growth and strategic acquisitions. In addition to Colorado, the company is considering Montana for this expansion. Within Colorado, the company is considering the Denver Metro area. Decision-making criteria include cultural fit, incentives, and access to talent.
Jobs
Project Skyline2025, should it occur in Colorado, expects to create 50 net new jobs at an average annual wage of $117,059, which is 120% of the average annual wage in Denver County. The jobs will include research and development and support staff. The company currently has 1,340 employees, 18 of whom are in Colorado.
Incentive
Up to $678,732 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 50 net new full-time jobs at a minimum average annual wage (AAW) of $97,227 (100% of Denver 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 attracting an outdoor products company to Colorado with a unique intersection of outdoor recreation and first responder gear products.
Project Name: Chocolate
Summary
The company behind Project Chocolate designs and manufactures high-speed vehicles and subsystems for transportation assets. Their technology can be used on existing rail lines or adapted to connect with new transportation infrastructure.
The company behind Project Chocolate is adding a new manufacturing and assembly facility to serve North American customers. In addition to Colorado, the company is considering New Mexico. Within Colorado, the company is considering El Paso County. The company’s criteria driving its location decision include access to partners and existing company-owned assets, support from the state and local community, access to talent, and supply chain connectivity.
Jobs
Project Chocolate, should it occur in Colorado, expects to create 107 net new jobs at an average annual wage of $67,952.38, which is 108% of the average annual wage in El Paso County. The jobs will include roles in engineering & design, production, marketing, operations, and administrative support. The company currently has 150 employees, 105 of whom are in Colorado.
Incentive
Up to $918,000 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 107 net new full-time jobs at a minimum average annual wage (AAW) of $63,362 (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.
Consideration
This project would support the state’s economic goals by creating net new high skill jobs and manufacturing operations in the Colorado economy that focus on supporting the creation of transformative transportation infrastructure.
Project Name: Dragon
Summary
The company behind Project Dragon is a critical material extraction and recycling technology company.
Project Dragon represents the company’s building plans for a plant to recycle high-strength magnets, batteries, and other sources to produce raw materials for the clean energy industries. In addition to Colorado, the company is considering Oklahoma. Within Colorado, the company is considering Weld County. The primary considerations for this project are the logistics for obtaining the critical source materials and other business costs. The company has stated that the cost of doing business in Colorado is becoming prohibitive to their activities, hence their search for facilities elsewhere.
Jobs
Should it occur in Colorado, Project Dragon expects to create 35 net new jobs at an average annual wage of $75,571, which is 115% of the average annual wage in Weld County. The jobs will include Managers, Process Engineers, Plant Operators, and Supply and Chain Managers. The company currently has six employees, all of whom are in Colorado.
Incentive
Up to $631,508 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 $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
The company has previously received an Advanced Industries Grant award. This project would support the State’s economic goals by supporting a home-grown Colorado company that has gone through the lifecycle of our programs in the Energy and Natural resource recycling space. This is a critical priority of the governor and to our decarbonization efforts in the State. Keeping them here would signal our support of critical recycling companies and maintain Colorado as a competitive location for companies in the intersection of advanced manufacturing, recycling, and energy and natural resource space.
Project Name: Helix
Summary
The company behind Project Helix is a German manufacturer of polymers for various industries. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind Project Helix wants to establish a new location to support its customers in the Western part of the US. In addition to Colorado, the company is considering Utah and Arizona. Within Colorado, the company is considering El Paso County. Important decision-making factors are the cost of doing business, financial support, and access to talent.
Jobs
Should it occur in Colorado, Project Helix expects to create 145 net new jobs at an average annual wage of $65,569, which is 100% of the average yearly wage in El Paso County. The jobs will include maintenance workers, first-line supervisors, engineers, and executives. The company currently has 20,000 employees worldwide, none of whom are in Colorado.
Incentive
Up to $1,883,905 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 145 net new full-time jobs at a minimum average annual wage (AAW) of $65,338 (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.
Consideration
The company plans to create apprenticeship programs and would recruit young talent from local community colleges as well as “The MiLL” a manufacturing Industry Learning Lab in Colorado Springs that provides students with hands-on learning experiences in manufacturing, construction and welding technology.
This project would support the state’s economic goals by encouraging FDI (Foreign Direct Investment) through supporting a significant advanced manufacturing project in the State that the local community is very supportive of.
Project Name: Kokua
Summary
The company behind Project Kokua is a fabless manufacturer in the semiconductor industry. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company is looking for a new HQ and R&D center for their latest product. In addition to Colorado, the company is considering California and Arizona. Within Colorado, the company is considering El Paso County. The key factors to make their decision are the cost of doing business and access to talent.
Jobs
Should it occur in Colorado, Project Kokua expects to create 20 net new jobs at an average annual wage of $104,250, which is 160% of the average annual wage in El Paso County. The jobs will include applications and quality engineers, sales, and procurement. The company currently has six employees, one of whom are in Colorado.
Incentive
Up to $398,756 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 20 net new full-time jobs at a minimum average annual wage (AAW) of $65,338 (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.
Consideration
This project would support the state’s economic goals by a company that is leading innovation in the semiconductor supply chain. They are discussing the Refundable Tax Credits with the Semiconductor Industry Manager as part of the entire incentives package.
Project Name: ProCaps Colorado
Summary
ProCaps Laboratories manufactures and markets several hundred dietary supplements and an expanding line of functional foods.
The company wants to expand its business due to recent growth and the addition of new products. In addition to Colorado, the company is considering Arizona. Within Colorado, the company is considering Jefferson County. ProCaps is looking for a location that provides the ideal climate, space, and resources for the business to grow and thrive while expanding its product line and customer reach.
Jobs
Project ProCaps Colorado, should it occur in Colorado, expects to create 564 net new jobs at an average annual wage of $80,450, which is 105% of the average annual wage in Jefferson County. The jobs will include C-suite executives, engineers, and facility technicians. The company currently has 400 employees, none of whom are in Colorado.
Incentive
Up to $5,126,456 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 564 net new full-time jobs at a minimum average annual wage (AAW) of $76,856 (100% of Jefferson 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 good-paying jobs in Colorado’s life science industry, further driving innovation, and attracting top talent and investment to strengthen Colorado’s reputation as a leader in the life sciences industry.
Project Name: Q Chips
Summary
The company behind Project Q-Chips is a company in the quantum sector. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company is planning an expansion of its business due to recent growth. In addition to Colorado, the company is considering Minnesota. Within Colorado, the company is considering Broomfield County. Important division makers are financial support and access to talent.
Jobs
Project Q-Chips, should it occur in Colorado, expects to create 195 net new jobs at an average annual wage of $145,990, which is 132% of the average annual wage in Broomfield County. The jobs will include physical, mechanical, and electrical engineers. The company currently has 538 employees, 250 of whom are in Colorado.
Incentive
Up to $4,339,911 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 195 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 will strengthen Colorado’s position as a national leader in quantum technologies, not only through our academic and government institutions—such as the University of Colorado’s CUbit programs and translational quantum research seed grants—but also by expanding support for larger, more established companies in the quantum industry. By providing critical resources beyond research and access to capital programs, the JGITC serves as one of the few tools available to help commercially viable quantum companies thrive in Colorado. This ensures the company remains competitive in the rapidly advancing quantum sector.
Additionally, they are discussing the Refundable Tax Credits with the Semiconductor Industry Manager as part of the entire incentives package.
Project Name: WesCo Mining
Summary
The company behind Project WesCo Mining Operations Hub is a leading infrastructure contractor in the US. The company is planning a substantial expansion of its business by creating a hub for product and material suppliers to consign substantial inventory and equipment to provide quicker delivery to end users. In addition to Colorado, the company is considering Tennessee. Within Colorado, the company is considering Mesa County. The primary considerations for the company are the cost of doing business and access to talent.
Jobs
Should it occur in Colorado, project WesCo Mining Operations Hub expects to create 893 net new jobs at an average annual wage of $92,447, 167% of the average annual wage in Mesa County. The jobs will include engineers, electricians, and finance roles. The company currently has 226 employees, 196 of whom are in Colorado. They also currently have operations in the other location under consideration.
Incentive
Up to $10,890,875 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 893 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 advanced manufacturing jobs in rural Colorado and encouraging growth for a company with a significant presence in rural Colorado.