Colorado approves $2.5M in tax incentives for 3 companies eyeing expansions

The Colorado Economic Development Commission approved more than $2.5 million in total tax incentives on Thursday for three companies looking to expand, or move, into the state.

Most of the tax incentives went to an unnamed renewable energy company based in the U.K. looking to set up a headquarters and factory for its North American operations. The EDC approved $1.8 million for “Project Juniper” over eight years if the company adds at least 137 jobs anywhere in the state.

The company manufactures renewable energy generation systems and is also considering Texas, Delaware and California, according to the EDC.

If the company chooses Colorado, it aims to establish itself in Golden to be near the National Renewable Energy Lab and Global Energy Park.

The state hopes the company’s expansion will help Colorado’s goals in growing the renewable energy economy and getting to 100% renewable energy by 2040.

The EDC voted to give a second company, an engineering firm under the code name “Project Cypress,” nearly $300,000 in job growth incentives over eight years to add at least 42 jobs.

The company, represented by WMD Squared Engineering Co-Founder Willem Mast at the EDC meeting, is considering expanding to Colorado Springs as well as Missoula, Mont. and Portland, Ore.

“We’ve done a lot of research for quite some time, and I think this is gonna be a great fit for us,” Mast told the EDC.

The company was attracted to Colorado because of its workforce and supply chain.

“Project New Vernon,” an aerospace and defense company, was the third company to get awarded state incentives this month.

The company wants to build an electric propulsion thruster factory in the U.S. and is considering opening in the metro Denver area, as well as Irvine, Calif. It’s likely the company is Safran Space and Defense, Inc., a Virginia-based aerospace company, as the company’s president Pier Michele Roviera spoke to the EDC ahead of their vote.

The company is interested in Colorado because of its workforce and its large aerospace ecosystem.

“We think Colorado would be a very good fit for us both in terms of partnership and the talents that we can find in that area,” Roviera said. “So we are really looking forward to moving as fast as we can.”

The company was awarded $371,000 and is expected to create 20 jobs.