California announces latest round of tax credits that will spur $87 million in private investment across the state
What you need to know: As part of the California Jobs First initiative, the state is awarding $34.4 million in California Competes tax credits to five companies looking to expand in California, supporting investment in a range of cutting-edge sectors throughout the state.
Sacramento, CA – Today, the Governor’s Office of Business and Economic Development (GO-Biz) announced the latest round of awards through the California Competes Tax Credit (CalCompetes) program, creating good-paying jobs and spurring $86.8 million in new investment across the Golden State.
“California is turning bold ideas into real opportunities. With major investments in the industries driving our economy, we’re creating good-paying jobs, bringing in millions in private investment, and building a resilient economy that supports all Californians.” — Governor Gavin Newsom
The awardees span a number of strategic sectors, including the clean economy, aerospace and defense, high-tech and manufacturing, that continue to drive the future of California’s economy:
- Nextracker is investing nearly $33 million to deliver reliable solar power and integrated software solutions in Fremont
- A.S. Aerospace is investing $19 million to continue manufacturing precision aerospace hardware
- EVO Power USA is investing more than $1 million to deliver fully integrated battery energy storage solutions in Rancho Santa Margarita
- RIS Rx will expand development of their personalized healthcare software in Newport Beach through a $4 million investment
- Le Vecke Corporation is investing $30 million to expand their adult beverage manufacturing facility in Jurupa Valley
“Companies focused on long-term, sustainable growth are expanding across the state, creating new opportunities for California’s worldclass workforce,” said Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz. “These investments reinforce California’s continued leadership in the emerging sectors shaping the state’s economic future.”
Since 2013, CalCompetes has awarded tax credits to more than 1,200 businesses who collectively committed to creating nearly 160,000 jobs and spurring more than $50 billion of private capital investment across the state.
Over the past five years, CalCompetes has invested in companies such as Pacific Steel to construct the first steel mill in California in more than 50 years in Kern County; Relativity Space to expand their ability to manufacture 3D-printed rockets to carry satellites into space; AES to expand solar energy and battery storage operations across the state; Element Resources to build a hydrogen fuel manufacturing facility in the Antelope Valley; and many more.
California Jobs First: A bold plan, realized locally
In February, Governor Newsom released the California Jobs First Economic Blueprint – a new economic vision for California’s future. The Blueprint, which is being implemented by the nine state agencies on the California Jobs First Council, outlines key initiatives to support regional growth, invest in 21st century job training, create an attractive environment for job creators and strengthen California’s innovation economy – all to help increase access to good-paying jobs for Californians.
California’s economic leadership
With a nation-leading GDP and more Fortune 500 companies than any other state, California’s economy remains a global powerhouse driven by diversity, creativity and opportunity.
- 4th Largest Economy in the World: California’s $4.1 trillion GDP recently surpassed Japan.
- #1 in the Nation: Leads the U.S. in Fortune 500 companies, new business starts, venture capital access, manufacturing output, high-tech industries and agriculture.
- Major Trade Powerhouse: Over $675 billion in two-way trade, making California the largest importer among U.S. states and a key driver of job creation.
- Manufacturing Hub: Home to 36,000+ manufacturing firms, employing over 1.1 million workers, with strengths in aerospace, electronics, and zero-emission vehicles.
- AI & Innovation Leader: California hosts 33 of the world’s top 50 AI companies and produces 25% of global AI patents and conference papers.
About GO-Biz
The Governor’s Office of Business and Economic Development (GO-Biz) serves as the State of California’s leader for job growth and economic development efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit the GO-Biz website.
Willie Rudman
Deputy Director of Communications
Email, HERE
