The following projects were approved at the July 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 Blanc
Summary
The company behind Project Blanc is an industrial manufacturer of solar cells and solar modules, headquartered in Switzerland with production facilities in Germany and the US. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. The company is planning a 2GW photovoltaik/solar cell manufacturing plant that will require significant building contractor involvement as well as a semiconductor-like manufacturing supply chain. The company behind project Blanc is also considering relocating their US headquarters to the chosen location. In addition to Colorado, the company is considering expansion in New York, Indiana, and Arizona. Within Colorado, the company is considering El Paso County. The main drivers for the decision are an existing facility, Colorado’s commitment to renewable energy, and access to talent. Additionally, the company behind project Blanc values a local supply chain: more than 80 per cent of the purchasing volume for their German production plant was purchased from local suppliers. Establishing a U.S. manufacturing plant in Colorado would support a local supplier network.
Jobs
Project Blanc, should it occur in Colorado, expects to create 380 net new jobs at an average annual wage of $77,842, which is 129.4% of the average annual wage in El Paso County. The jobs will include project managers, operators, facility managers, process engineers, and maintenance personnel. The company currently has 1400 employees, 0 of whom are in Colorado.
Incentive
Up to $4,944,960 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 380 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 6 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
Project Blanc would support the state’s economic goals by creating new high-wage net jobs and supporting Colorado’s transition to clean energy. The project would bring green jobs and support Colorado moving towards zero emission buildings as outlined in the Governor's administration’s roadmap to 100% renewable energy by 2040. Additionally, OEDIT staff has had confidential discussions with NREL about the technologies developed by the company behind Project Blanc, and NREL has provided positive statements about the inclusion of this type of facility in CO.
PROJECT NAME: Project Bullseye
Summary
The company behind Project Bullseye is a women-owned Aerospace and Defense engineering company headquartered in Colorado Springs. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. The company is in a high-growth mode through company acquisitions to build up capabilities and bid for new government and commercial contracts with these recent acquisitions. Their goal is to double in size over the next 5-8 years, and they are considering where to focus this growth. To support these contracts, they will build out a large SCIF space in the next year. In addition to Colorado, the company is considering Huntsville, Alabama ,and Weber County, Utah, both locations where they have an existing presence and could reasonably relocate this growth. Within Colorado, the company is considering El Paso County. The main drivers for the decision are proximity to talent, major DoD contractors and cost of doing business.
Jobs
Project Bullseye, should it occur in Colorado, expects to create 620 net new jobs at an average annual wage of $160,484, which is 266% of the average annual wage in El Paso County. The jobs will include Software and Systems Engineers. The company currently has 400 employees, 240 of whom are in Colorado.
Incentive
Up to $7,499,388 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 620 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.
Considerations
This project would support the state’s economic goals by creating new high-wage net jobs in the economy, supporting an award-winning women-owned business’s continued growth in Colorado, encouraging DoD contracted companies to stay and grow in Colorado as they win new projects, and solidify our status as the best aerospace economy in the world.
PROJECT NAME: Project Verge
Summary
The company behind Project Verge is a technology company focused on modeling & simulation and cyber security. Due to the nature of the project, further identification would jeopardize the company’s confidentiality.
Project Verge represents the company's plans to increase modeling and simulation support for DoD customers. In addition to Colorado, the company is considering Albuquerque, New Mexico and Fort Walton Beach, Florida. Within Colorado, the company is considering Colorado Springs Metro. The main drivers for their decision include talent, cost of doing business, and proximity to DoD contractors.
Jobs
Project Verge, should it occur in Colorado, expects to create 61 net new jobs at an average annual wage of $130,253.17, which is 216.51 % of the average annual wage in El Paso County. The jobs will include software developers and analysts. The company currently has 49 employees, 1 of whom are in Colorado.
Incentive
Up to $691,288 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 61 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.
Considerations
This project would support the state’s economic goals by creating net new jobs in the economy and increasing the density of cyber security companies in Colorado. This project would bolster Colorado’s reputation as an cyber industry leader and demonstrate our competitiveness compared to other markets with strong aerospace and cybersecurity sectors. EDC approval of this project would demonstrate to companies seeking government contracting throughout the USA that Colorado is a supportive, business-friendly environment for projects, especially in the Cybersecurity sector.
PROJECT NAME: Project Tycho
Summary
The company behind Project Tycho is focused on developing one innovative business platform with three disruptive verticals: Space Transportation, Space Destinations, and Space Applications. The company behind Project Tycho and its affiliated companies have produced thousands of space systems, subsystems, and components to customers worldwide while engaging in hundreds of space missions. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
The company behind Project Tycho’s continued growth has created capacity constrictions for both manufacturing and support operations. Expanded manufacturing facilities are required to handle the simultaneous production of multiple spaceplanes. Additional space will also be required for expanded administrative, engineering, and support operations. In addition to Colorado, the company is considering Florida. Within Colorado, the company is considering Boulder County. The decision behind Project Tycho’s eventual location is contingent upon proximity to available talent, supply chain, and incentive support from the communities under consideration.
Jobs
Project Tycho, should it occur in Colorado, expects to create 500 net new jobs at an average annual wage of $115,670, which is 134% of the average annual wage in Boulder County. The jobs will include roles in production, support, and management. The company currently has 1,800 employees, 1,200 of whom are in Colorado.
Incentive
Up to $7,051,196 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 500 net new full-time jobs at a minimum average annual wage (AAW) of $86,333 (100% of Boulder 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 building on Colorado’s growth. This project would support the state’s economic goals by creating net new jobs in the aerospace industry, particularly in the area of satellite technology and space manufacturing and transportation. Project Tycho represents the cutting edge of space technology, and their continued presence and expansion in Colorado is a significant part of our state’s aerospace industry strategy.