California Awards Tax Credits To 17 Companies

-Editorial 

Gov. Gavin Newsom announced that the Governor’s Office of Business and Economic Development has awarded California Competes Tax Credits to 17 companies across the state, supporting 4,489 projected jobs and approximately $1 billion in private investment.

The awards are part of California’s California Competes program, which provides tax credits to businesses that commit to creating jobs and investing in in-state operations. The average weighted annual salary for the newly created positions is $132,218.

“Through programs like CalCompetes, we’re going all in on the industries shaping the future of our economy and our country,” Newsom said. “We’re investing in the sectors that drive California’s growth, creating good-paying jobs, spurring innovation, and expanding opportunities for residents across the state.”

The companies awarded credits operate across several sectors outlined in the California Jobs First Economic Blueprint, including aerospace and defense, clean energy, high-tech manufacturing, advanced manufacturing and the creative economy.

The aerospace and defense sector, a major component of California’s industrial base, includes several of the largest individual investments in the round.

Mach Industries is investing $32.5 million to expand defense manufacturing and research and development operations in Huntington Beach, Los Angeles and San Francisco, with plans to create 1,057 jobs. 

Apex Technology Inc. will invest $165.5 million in satellite manufacturing operations across Los Angeles and Southern California, adding 483 jobs.

Voyager Technology Inc. is expanding aerospace component manufacturing in Long Beach with a $75 million investment expected to create 152 jobs.

Lanteris Space LLC is investing $16 million to expand satellite manufacturing in San Jose, creating 70 jobs.

Clean energy and decarbonization projects also represent a significant share of the awards.

MP Materials Corp. will invest $120 million to expand its Mountain Pass facility, including rare earth mineral recycling from electronic waste, and create 119 jobs.

Peak Energy Technology Inc. is investing $71 million in Sacramento and Burlingame to expand sodium-ion battery storage manufacturing, creating 348 jobs.

Harbinger Motors Inc. will invest $140 million in Garden Grove and Cypress to develop a battery manufacturing facility for electric vehicle chassis production, adding 343 jobs.

Radiant Industries Inc. is investing $42.5 million in El Segundo to expand portable power generator manufacturing, creating 254 jobs.

Samsung Semiconductor Inc. is scaling operations in San Jose with a $79.5 million investment in semiconductor manufacturing and research and development, expected to create 400 jobs.

California remains home to more than 2,000 semiconductor-related businesses employing tens of thousands of workers statewide.

Manufacturing projects account for the largest share of awarded companies in this round, spanning food production, industrial components, medical devices and energy systems.

Heron Power Electronics Company is expanding electrical grid component manufacturing in Morgan Hill and Scotts Valley with a $140.9 million investment and 601 new jobs.

S&E Gourmet Cuts Inc. is expanding food manufacturing operations in Vernon and San Bernardino, investing $30 million and creating 338 jobs.

R. Torre & Company Inc. is investing $67.7 million in San Leandro to expand beverage manufacturing, creating 151 jobs.

Glid Technologies Corporation is investing $11.9 million in Riverside and Auberry for heavy freight technology manufacturing.

NMI Industrial Holdings Inc. is investing $2.8 million to expand metal fabrication operations in Los Angeles and Sacramento.

AB Medical Technologies Inc. is expanding medical device manufacturing in Redding and Santa Clara with a $2 million investment.

California Nutritional Products Inc. is expanding cereal production in Mecca with a $1.4 million investment.

Entropico Inc. is investing $8 million to expand film production services in Los Angeles, adding to the state’s long-standing role in global media production.

Since its inception, California Competes Tax Credits have been awarded to more than 1,200 businesses. The program is tied to commitments totaling nearly 169,000 projected full-time jobs and more than $54 billion in private investment.

The awards are part of the California Jobs First Economic Blueprint, a long-term economic strategy implemented through multiple state agencies aimed at workforce development, regional investment and industry expansion.

Recent state economic data shows California continues to lead the nation in total GDP growth, venture capital investment and startup formation, with its economy expanding faster in dollar terms than other large states in recent years.