Five companies could potentially bring nearly 1,300 new jobs across Colorado with economic development incentives to entice them.
The Colorado Office of Economic Development and International Trade's Economic Development Commission Thursday approved just over $14 million in economic incentives for five companies identified only by project names to keep the company's names secret during negotiations.
The company under the pseudonym "Project Snowflake" is a a geohazard mitigation firm. It is looking to expand business operations and find a centralized location by hiring many "back-office" and headquarter employees, according to the application. The company expects to hire 50 employees a year over three years, according to the EDC. In order to successfully execute the plan, the company will either need to expand its current facility located in Adams County, take over more space in its current building or relocate. The company is also considering Kentucky. It expects to create 129 net new jobs, including contracts administrators, engineers and HQ director roles, with an average annual wage of average annual wage of $129,981. This company currently has 740 employees, 87 of whom are in Colorado. The Commission allotted up to $2,324,821 in job growth incentive tax credits.
A foreign solar panel manufacturer and a U.S.-based solar panel manufacturer joint venture, under the code name "Project Pothos," is looking to set up a manufacturing facility in the states, possibly Colorado. This company wants to build a plant in the U.S. because of the expected demand for solar power domestically, according to the Commission's report. Colorado is being considered for its appeal including available workforce, easy access to Denver International Airport and the downtown Denver area. This company expects to create 951 net new jobs such as engineers, technical operators, manufacturing laborers and administrative staff at an average annual wage of $71,940 in Adams County. This company has been newly formed through the joint venture: The foreign company employs around 2,000 people and the domestically-based manufacturer employs about 6,000, which includes an office in Denver. Commission members approved $9,173,689 in incentives.
"Project Molecule" is a clean energy recycling company looking to build a waste-to-energy plant. It would covert tires and rubber into diesel fuel, recycled carbon black and clean steel using pyrolysis technology, according to the application. This plant could use recyclable and non-recyclable plastic material in a closed loop system and reach nearly zero emissions, according to company officials. It would create a new source of energy and support resource recovery. The plant would be able to process 150 tons/day of waste material, producing 5.47m gallons of diesel fuel, 20.8m kg of recycled carbon black and 6.57 million kg of steel per year.
Other than Weld County, the company is considering Mississippi. Company officials expect to create 90 net new jobs including mechanical fitters, electricians, clerks, refinery managers, operators, sales and marketing professionals and administrative positions at an average annual wage of $63,340. The EDC approved $663,383 in incentives.
A cooperative of shell egg-producing farms primarily in the western United States under the code name "Project Gudetama" is looking to have these individual farms join forces. This would bring economy-of-scale benefits, logistic efficiencies and risk mitigation. The company that represents the farms in also considering Arizona in addition to Arapahoe County for a headquarters location. It expects to create 80 net new jobs including distribution coordinators, HR managers, regional sales directors, logistics roles, and accountants at an average annual wage of $94,219. This company currently has 30 out of its 75 employees in Colorado. The Commission approved up to $1,163,974 in job growth incentive tax credits.
"Project Jade" provides flexible access to classified facilities for use by industry and government partners called Classified-Spaces-as-a-Service (CSaaS). The goal of this company is to engage the U.S. economy in the “Great Power Competition” and speed up innovation by lowering the barriers of entering classified work. Colorado Springs or Teller County would be the third market for this company, but it is also considering Florida and California. Project Jade expects to create 35 net new jobs including site leads, security and IT specialists at an average annual wage of $165,942.86. The EDC approved up to $763,182 in incentives.
