California Invests $149 Million in Cutting-Edge Companies, Creating Nearly 6,000 Jobs - California Governor’s Office of Business and Economic Development
Summary
This latest round of CalCompetes grants and tax credits awarded to 12 companies is projected to bring in almost $1.3 billion of private investment and create nearly 6,000 jobs with an average salary of $118,700 In total, CalCompetes has awarded grants and tax credits to more than 1,200 businesses, creating nearly 165,000 jobsSACRAMENTO Governor Gavin Newsom today announced that California has awarded more than $149 million in grants and tax credits to 12 innovative companies, creating nearly 6,000 full-time jobs and bringing in an estimated $1.3 billion in private investment over the next five years.The funding, from the Governors Office of Business and Economic Developments (GO-Biz) CalCompetes program, is going to companies expanding their operations in California and advancing the states semiconductor manufacturing capabilities, building the next generation of electric vehicles and electric aircrafts, and more.WHAT GOVERNOR NEWSOM SAID: Investing in ingenuity and innovation works, and no place does it better than California. Businesses like the ones were investing in today will drive the future of our economy, helping create thousands of good-paying jobs and bringing billions in economic investment to communities up and down the state.SENIOR ADVISOR AND GO-BIZ DIRECTOR DEE DEE MYERS: With the return of the grant program this year, were excited to continue building on the incredible success of CalCompetes over the last decade. Supporting these types of forward-thinking, entrepreneurial companies helps guarantee that Californias innovation economy will continue to provide family-supporting jobs and return sizeable investments back to the state for years to come.Joby, a leader in the electric aircraft field, will be making over $40 million of capital investments and creating nearly 700 new jobs as part of its expansion efforts in Santa Cruz and Marina.AIBOT received a $15 million grant to further its manufacturing and R&D capabilities in Long Beach and Mojave as it continues developing artificial intelligence software and building autonomous electric aircrafts. In exchange, they will create almost 700 new jobs and invest nearly $500 million across the two locations.Two California businesses will be expanding their efforts to increase domestic production of the next generation of semiconductors and microchips in the hopes of attracting additional federal investments through the CHIPS Act.Tynergy received a $15 million grant to relocate its headquarters from Wyoming to Fresno, where they will manufacture semiconductors and energy storage systems. A significant priority for this grant program is to make resources available to businesses who cannot take advantage of a non-refundable tax credit and is one of the states main incentive programs to leverage tens of billions of federal funds available under the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act, and to encourage growth and expansion of semiconductor manufacturing and research and development in California.