The following projects were approved at the November 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 project are:
These awards do not guarantee that the companies will accept the offer and/or expand or relocate to Colorado.
PROJECT NAME: Project Earth II
Summary
The company behind Project Earth II is a sustainable, U.S. based rare-earth magnet manufacturing company focused on onshoring critical component manufacturing and strengthening supply chain resiliency within the aerospace, defense, auto, and energy industries. The company is currently exploring options for where to build their facility and headquarters. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. In addition to Colorado, the company is considering Texas and North Carolina. Within Colorado, the company is considering all Colorado at this time. Primary decision markers are costs of doing business and access to talent.
Jobs
Project Earth II, should it occur in Colorado, expects to create 250 net new jobs at an average annual wage of $85,036, which is 118% of the average annual wage in all Colorado. The jobs will include machinery workers, engineers, sales, and R&D. The company currently has 15 employees, none of whom are in Colorado.
Incentive
Up to $3,917,590 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 250 net new full-time jobs at a minimum average annual wage (AAW) of $72,046 (100% of all Colorado) 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 $3.75M in capital, by the end of 2023 (this is 75% of the $5M in capital the company expects to raise in their next funding round) prior to the execution of this JGITC award contract.
- The company behind project Earth II must provide sufficient proof of obtaining the financing to complete the capital investment of 71 million dollars to build the project in Colorado before contracting with OEDIT.
Considerations
This project would support the state’s economic goals by creating high-paying jobs in the economy, strengthening Colorado’s aerospace and defense industry, and increasing the supply chain resilience for all industries requiring rare-earth magnets.
PROJECT NAME: Project Solitaire
Summary
The company behind Project Solitaire is a producer of tools that are key to creating components in the semiconductor supply chain. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. The company behind Project Solitaire proposes a substantial cleanroom and manufacturing expansion of their equipment for semiconductor devices. In addition to Colorado, the company is considering North Carolina, Indiana, and New York. Within Colorado, the company is considering all Colorado. The main drivers of the company’s decision are access to talent and costs of doing business.
Jobs
Project Solitaire, should it occur in Colorado, expects to create 631 net new jobs at an average annual wage of $123,018 , which is 137% of the average annual wage in Denver County. The jobs will include managers, technicians, engineers, R&D professionals, and sales associates. The company currently has 100 employees, 90 of whom are in Colorado.
Incentive
Up to $7,607,743 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 631 net new full-time jobs at a minimum average annual wage (AAW) of $89,700 (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.
- The company must provide proof (via bank statements or other such evidence), that they have raised $27.45M in capital, by the end of 2023 (this is 75% of the $36.5M in capital the company expects to raise in their next funding round) prior to the execution of this JGITC award contract.
Consideration
The company behind Project Solitaire applied for a JGITC in July 2021 under the code name Project 14er for a facility to improve battery storage for vehicles and mobile devices. However, the company did not execute the JGITC contract within 18 months of the award notification; therefore is not eligible to claim the award.
This project would support the state’s economic goals by creating technical living-wage jobs, expanding the semiconductor ecosystem and manufacturing infrastructure, and drawing in federal funding. It is a priority under the State’s response to the CHIPS Act.
PROJECT NAME: Project Treadstone
Summary
The company behind Project Treadstone is a general contractor based in Colorado. Project Treadstone represents the company's significant expansion and consideration of relocating their headquarters. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. In addition to Colorado, the company considers Nashville TN, Austin TX and Phoenix AZ. Within Colorado, the company is considering Weld County. The company’s primary considerations are cost of doing business and access to talent.
Jobs
Project Treadstone, should it occur in Colorado, expects to create 589 net new jobs at an average annual wage of $80,051, which is 134.5% of the average annual wage in Weld County. The jobs will include engineers, administrators, and management. The company currently has 4,675 employees, 634 of whom are in Colorado.
Incentive
Up to $4,866,978 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 589 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.
Consideration
This project would support the state’s economic goals by supporting the retention of and creation of net new, high-wage jobs in Colorado
PROJECT NAME: Project Hawk
Summary
The company behind Project Hawk is a manufacturer of Lithium Iron Phosphate batteries. The company behind project Hawk wants to establish a cell production facility for their batteries, catering to the expanding Northern American market by supplying batteries for vehicles and energy storage systems for various applications, such as powering small rural housing settlements. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. In addition to Colorado, the company is considering Oregon and New York. Within Colorado, the company is considering all locations at this time, but primarily Colorado Springs, Aurora, Ft.Collins, and Northern Colorado. Important decision markers are an available facility and access to talent.
Jobs
Project Hawk, should it occur in Colorado, expects to create 178 net new jobs at an average annual wage of $75,938, which is 105.4% of the average annual wage of all Colorado. The jobs will include electricians, technicians, marketing, sales, and engineers. The company currently has 350 employees, none of whom are in Colorado.
Incentive
Up to $1,987,193 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 178 net new full-time jobs at a minimum average annual wage (AAW) of $72,046 (100% of statewide Colorado) 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 catering directly to Colorado's ambitious CO2 emission reduction goals - enabling a cleaner, more sustainable energy future. Project Hawk represents a company connected to Colorado via the Global Business Development Division’s proactive outreach to foreign markets. This application qualifies under the office’s metrics for its Wildly Important Goals (WIGs), which include proactive engagement and incentivization of foreign companies to consider Colorado for expansion. In addition, the establishment of a battery production facility will attract numerous suppliers due to its unique demands. The company behind project Hawk emphasizes that it has always hired unique skills and individuals from diverse backgrounds and ethnicities, including numerous apprentices. They are committed to providing support to all team members and welcome anyone with the motivation and skillset to contribute.
PROJECT NAME: Project Waterfall
Summary
The company behind Project Waterfall is a multinational producer and distributor of consumable products and carrier devices for those products. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. The company behind Project Waterfall plans to set up a manufacturing facility that will produce one of its consumable products at scale. Its location is intended to be set up in a location close to global distribution networks as this will be the primary worldwide location for the production of the product in question. In addition to Colorado, the company is considering the Texas I-35 corridor and northern Florida. Within Colorado, the company is considering Aurora in Adams County. The site in question is located within an Enterprise Zone. The company is specifically interested in local labor availability, permitting support, local support for an expedited construction timeline, and education systems for its workforce.
Jobs
The company behind Project is a multinational producer and distributor of consumable products and carrier devices for those products. Due to the nature of the company, further identification would jeopardize the company’s confidentiality. The company behind Project Waterfall plans to set up a manufacturing facility that will produce one of its consumable products at scale. Its location is intended to be set up in a location close to global distribution networks as this will be the primary worldwide location for the production of the product in question. In addition to Colorado, the company is considering the Texas I-35 corridor and northern Florida. Within Colorado, the company is considering Aurora in Adams County. The site in question is located within an Enterprise Zone. The company is specifically interested in local labor availability, permitting support, local support for an expedited construction timeline, and education systems for its workforce.
Incentive
Up to $4,553,743 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 $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.
Consideration
This project would support the state’s economic goals by creating competitively compensated new jobs in the economy and locating a global distribution hub in the Front Range, increasing the state’s bona fides as a competitive manufacturing and distribution location for companies considering expansion.