California’s Investment in Future Technologies: A Boost for Jobs and Economy

By: Sharjeel Sohaib

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Nov 27, 2023

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  1. California has allocated over $149 million in grants and tax credits to 12 innovative companies, aiming to create nearly 6,000 jobs with an average salary of $118,700, underlining the state’s commitment to economic growth and employment.
  2. The investment targets various sectors, including semiconductor manufacturing, electric vehicles, and electric aircraft.
  3. The program is estimated to mobilize $1.3 billion in investments over the next five years.

SACRAMENTO – In a move to expand the state’s economic growth and technological advancement, Governor Gavin Newsom announced a significant investment by California in cutting-edge companies today. This initiative, involving an investment of over $149 million in grants and tax credits, is set to create nearly 6,000 jobs, affirming California’s commitment to innovation and job creation.

CalCompetes: Driving Economic Growth

The funding, sourced from the Governor’s Office of Business and Economic Development’s (GO-Biz) CalCompetes program, targets 12 innovative companies poised for expansion in California. These businesses span various sectors, including semiconductor manufacturing, electric vehicles, and electric aircraft. The expected outcome is an impressive $1.3 billion private investment over the next five years, with job creation averaging salaries of $118,700.

Newsom’s Vision for a Thriving California

Governor Newsom expressed his enthusiasm for the project, emphasizing the state’s leadership in fostering ingenuity. “Investing in innovation is a proven strategy, and California excels in this domain. The companies we’re supporting today are pivotal to the future of our economy, promising thousands of high-paying jobs and substantial economic investment statewide,” Newsom stated.

A Decade of Success and Future Aspirations

Dee Dee Myers, Senior Advisor and GO-Biz Director, highlighted the success of CalCompetes over the past decade. “The return of the grant program this year allows us to continue supporting entrepreneurial companies, ensuring California’s innovation economy thrives with family-supporting jobs and substantial state investments,” Myers remarked.

Spotlight on Awardees: From AI to Semiconductors

The funding beneficiaries include a diverse array of companies. Joby, a pioneer in electric aircraft, is set to invest over $40 million, creating 700 jobs in Santa Cruz and Marina. AIBOT, specializing in AI and autonomous electric aircraft, received a $15 million grant for its Long Beach and Mojave endeavors.

Tynergy is relocating to Fresno with a $15 million grant in the semiconductor sector, promising 500 new jobs and $21 million in investments. Infinera, another semiconductor player, will expand its San Jose and Sunnyvale operations with a $14 million grant, creating 250 jobs and investing over $180 million.

Embracing the Future: EV Batteries and Augmented Reality

The investments also extend to next-generation technologies. Sparkz, a lithium iron phosphate battery manufacturer, received an $11.2 million grant for creating 500 jobs in Rancho Cordova. Snapchat, Helm.ai, and Humane delving into augmented reality and artificial intelligence, are set for expansion in Palo Alto, San Francisco, and the Bay Area.

The Bigger Picture: Over a Decade of CalCompetes Impact

Since its inception in 2013, CalCompetes has been a cornerstone of California’s economic strategy. The program’s impact is substantial, with over 1,200 businesses supported and nearly 165,000 jobs created. The recent extension of the Tax Credit and Grant Program until 2028 with annual allocations of $180 million and $120 million, respectively, reflects the state’s long-term commitment to fostering a dynamic business environment and leveraging federal funds under the CHIPS Act.

California’s recent investments through CalCompetes signal a strong commitment to nurturing technological innovation and economic growth. This strategic move is creating thousands of jobs and positioning the state at the forefront of global technological advancement.

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