More than $34 million in CalCompetes tax credits projected to generate nearly $2 billion in capital investments across the state

Sacramento, CA – California is investing $34.2 million in cutting-edge industries to bolster the economy and create more than 1,500 new jobs, with the majority of those being green jobs. Companies receiving these funds will develop and manufacture zero-emission, autonomous aircrafts, sustainably extract lithium and other minerals from geothermal brine, provide commercial solar and battery energy storage systems for public utilities, and more.

“We’re excited to support these innovative businesses and new technologies that are the hallmark of our state, especially those that help California meet its zero-carbon emission goals,” said Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz. “CalCompetes had a tremendous impact over the past decade, bringing family-supporting jobs and investment to our state that would otherwise go someplace else.” ️

☀️ RENEWABLE ENERGY
AES received a $6 million tax credit to expand its solar energy and battery storage operations in Adelanto, Bakersfield, Blythe, Lancaster, and San Jose. Collectively, AES intends to create more than 120 new, full-time jobs with an average salary of $97,000.

Additionally, BESS Manufacturing will be investing in battery energy storage system manufacturing equipment and facilities as part of its expansion in Merced. Their $5.04 million tax credit will create 855 jobs and result in more than $250 million of capital investments in the Central Valley.

“The CalCompetes program was created to ensure businesses like these choose California,” said Scott Dosick, CalCompetes Deputy Director. “We continue to prioritize businesses that will create high-quality, green jobs in low-income and high-poverty parts of the state that need them most.”

🛩️ ELECTRIC AIRCRAFTS
Pyka, a developer and manufacturer of electric, autonomous aircrafts received a $7 million tax credit to invest in manufacturing and R&D equipment as part of its expansion in Alameda and Oakland, which is expected to create nearly 150 new jobs that hold an average salary of $100,000.

💻 SEMICONDUCTORS AND MORE
Additional awardees include:

* EUV Tech, Martinez-based equipment manufacturer that builds measuring instruments used in the design and production of semiconductors.
* Smart 72, designer and manufacturer of a smart building control system for HVAC, water heating, lighting, and appliances, who is expanding their operations in Watsonville and San Louis Obispo.
* Keiser, manufacturer of high-end exercise equipment, who is using their award to expand and improve their headquarters and manufacturing capacity in Fresno.

Click Here for the Complete List of Approved Companies and Award Amounts.

The California Competes Tax Credit was created in 2013 to help businesses grow and stay in California. GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage and benefits, economic impact, strategic importance and more. In 2022, the program was extended for an additional five years with at least $180 million in tax credits available for allocation to businesses each year through 2028.