From electric planes to hemp bioplastics, Colorado offers $7 million in incentives

Five diverse businesses received approval from the Colorado Economic Development Commission on Thursday for up to $6.94 million in tax incentives tied to creating 745 new jobs along the northern Front Range.

The top prize of $2.95 million in job growth incentive tax credits went to Project Galvanic, a Colorado-based electric plane maker that plans to locate a 24-hour manufacturing facility. $.5 million in Centennial or Jefferson county. The company expects to create 433 net new jobs, mostly in manufacturing, and pay an average annual salary of $80,014. Other cities in the running include Greensboro, NC; Lansing, Michigan, and Madison, Wisconsin.

“This project would support the state’s economic goals by increasing the density of aerospace businesses in Colorado, creating well-paying aerospace jobs, one of the most important industries to Colorado’s economy,” said said Michelle Hadwiger, director of global business development for Colorado. Economic Development Bureau told EDC members.

As is common with most incentive awards, the company name has not been released to the public. Bye Aerospace is Colorado’s most famous electric airplane maker. Centennial has developed a trainer aircraft that allows aspiring pilots to get the hours they need at a much lower cost for flight time and is also working on business jets that can carry more passengers.

But Bye has many more employees than the nine employees listed at Project Galvanic. The XTI Aircraft Companyalso in Arapahoe County, is a young company developing the TriFan 600, a hybrid-electric business jet that can take off and land vertically on buildings like a helicopter and fly between 700 and 900 miles. It has an order book of more than 300 orders but does not expect to deliver its planes before 2027.

The second-largest prize, at $2.76 million, went to Project Sprout, a British manufacturer of vertical or indoor farming equipment and technology that is looking to establish a base of operations to serve its customers in America. North. Washington and Massachusetts are also in the running.

“Operating our first station in the United States is a real challenge,” said Lawrence Ross, chief product officer at Intelligent Growth Solutions, the company behind the Sprout project.

IGS is eyeing Larimer County for 114 net new jobs paying an average annual salary of $98,991. Positions include engineers, supply chain managers, and human resources, legal, marketing, and sales personnel. Of the company’s 180 employees currently, only one is based in Colorado.

Project Hudson, an Indianapolis-based development and construction company specializing in multi-family projects, is considering Denver, as well as Phoenix and Indianapolis, for a new regional headquarters. Of the company’s current 185 employees, 88 already work at Lone Tree.

He received approval for $642,569 in Job Growth Incentive Tax Credits tied to the creation of 129 jobs. These jobs would pay an average annual salary of $111,526.

“Expanding housing inventory is critical to maintaining economic growth in our state,” Hadwiger said.

EDC has awarded two small incentive packages to Colorado businesses looking to expand. Project Dunia, a manufacturer of hemp-based bioplastics that are compostable and can be used in injection molding applications, is looking to add a new manufacturing line in Weld County that would require an investment of $20 million and employ 28 people with an average annual salary of $55,432. He is eligible for up to $203,313 in state tax credits if he chooses Weld County over a Texas location.

Project Spike in the Denver metro area received $383,100 in job growth incentive tax credits in exchange for creating 41 new jobs at an average annual salary of $96,732. The company, which currently has 21 employees, manufactures materials for the medical device industry.

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