New Round of State Funding to Generate $15.5 Billion in New Investments, 2,100 New Jobs
SACRAMENTO — As part of the California Jobs First initiative, Gov. Gavin Newsom April 30 announced that the state has awarded $120 million in tax credits to eight innovative companies. It will generate more than 2,100 full-time jobs with an average annual salary of over $100,000 and bring in an estimated $15.5 billion in private investment over the next five years.
The funding, from the Governor’s Office of Business and Economic Development’s or GO-Biz California Competes program, is going to companies expanding their operations in California and supporting the type of cutting-edge industries that are the hallmark of the Golden State.
Securing The EV Battery Supply Chain
Lithium Valley is on track to become one of the world’s largest sources of lithium, the essential material for EV batteries – positioning California to be a global hub for battery production and a leader in securing a clean energy future.
Controlled Thermal Resources received a $30 million tax credit to help construct a facility near the Salton Sea to sustainably extract lithium and other critical minerals from geothermal brine in Imperial County.
In exchange for this tax credit, the company is expected to make capital investments of more than $14.7 billion and create nearly 450 new, full-time jobs in Calipatria and Imperial.
Constructing The State’s First Steel Mill in Over 5o Years
Pacific Steel, which is poised to construct the first steel mill in California in more than 50 years, received a $30 million tax credit to hire employees and invest in manufacturing equipment as part of its expansion in Kern County.
In exchange for this tax credit, the company is expected to make capital investments of more than $540 million and create nearly 450 new jobs.
Developing Next-Generation Energy Storage Systems
Two California businesses will be advancing their efforts to design and manufacture battery energy storage systems – a technology that is critical to ensuring the state meets its climate goals.
Moxion Power, which develops mobile energy storage products and technologies that accelerate last-mile electrification, received a $25 million tax credit to expand its manufacturing capabilities in both Richmond and Los Angeles.
Paired Power, a commercial solar and battery energy storage system manufacturer, received a $3.5 million tax credit to expand its operations in Campbell as well as the Central Valley.
Collectively, these two companies will make nearly $130 million in capital investments and create more than 540 new, full-time jobs across California.
Designing The Electric Motors of The Future
Tau Motors received a $7 million tax credit to further its R&D capabilities in Redwood City as it continues to partner with leading automakers, suppliers, and industry to design and deploy advanced technologies across a wide range of platforms and powertrains. In exchange, they will create more than 150 new jobs and invest nearly $60 million.
Biotech and More
- MicroVention, based in Aliso Viejo, will use their award to further develop, manufacture and market medical technology products focused on the treatment of neurovascular diseases and cerebral aneurysms.
- Elve, headquartered in Davis, will use their award to expand manufacturing capacity for wireless communication networks.
Details: https://tinyurl.com/CA-Competes
California’s Population is Increasing
SACRAMENTO — California’s population increased by 67,000 people last year to 39,128,162, according to new data released April 30 by the California Department of Finance or DOF. The state’s population growth can be attributed to an increase in legal foreign immigration and a natural population increase. This is the first year since 2020 that the state has seen a net increase.
With the improvement of federal legal immigration processing backlogs, rebounding legal immigration levels – not including people seeking asylum at the border – and mortality rates returning to long-term trends, a stable foundation for continued growth has returned. Net domestic migration has receded to its lower rates of the 2010s, and DOF estimates California is likely to experience continued positive population growth.
The report contains preliminary year-over-year January 2024 and revised January 2021 through January 2023 population data for California cities, counties, and the state. These estimates are based on information through January 1, 2024.