More than $123 million in tax credits and grants from CalCompetes is expected to create more than 6,800 high-paying jobs with an average salary of $113,013
SACRAMENTO – California is investing in cutting-edge industries to boost the economy and create thousands of new high-paying jobs that are estimated to attract more than $1.9 billion in new private investment over the next five years. Companies that receive funding will build electric motorcycles, increase domestic production of next-generation semiconductors and microchips, further commercialize green and safe power, and more.
Governor Gavin Newsom announced today that the Office of the Governor for Business and Economic Development (GO-Biz) has awarded $123 million in CalCompetes grants and tax credits to support over 6,800 full-time positions with an average salary of $113,013 to accomplish.
“California is dominating new industries and investing in the future of the world’s most innovative companies,” Governor Newsom said. “We are on track to become the world’s fourth-largest economy because of our commitment to supporting innovative businesses — creating thousands of high-paying jobs across the state, fostering innovation, and creating new opportunities for thousands of Californians.”
“California Competes remains a key program that attracts and retains employers, who in turn create high-paying jobs and economic opportunity for workers across our state,” said Dee Dee Myers, senior advisor to Gov. Newsom and director of GO-Biz. “We are excited to build on the success of this program over the past nine years and to invest in companies that create the jobs of today and tomorrow.”
🏍️ ELECTRIC MOTORCYCLES
RYVID, Inc. received a $20 million grant to establish its headquarters in Hawaiian Gardens, an electric motorcycle manufacturing facility in San Bernardino, and a lithium battery manufacturing facility in El Cajon. Overall, RYVID intends to create more than 900 new full-time jobs.
“The RYVID team is very grateful to Governor Newsom and the California Competes Program for this scholarship. We welcome the opportunity to serve our California community, nation and the world through sustainable electric vehicle manufacturing,” said Dong Tran, CEO of RYVID. “RYVID’s founders are immigrants and the children of immigrants who came to California for a better life, and we are committed to bringing our home state high-paying manufacturing jobs in one of the fastest-growing electric mobility sectors in the years to come . ”
“These are exactly the types of investments and jobs that were intended in the CalCompetes program,” said Scott Dosick, associate director of CalCompetes. “This grant will enable RYVID not only to establish operations in California, but also to solidify its presence here for the long-term future. California will once again be home to innovation and investment that will increase employment, create jobs with living wages and contribute to the state’s world-leading climate goals.”
💻 SEMICONDUCTORS AND MICROCHIPS
Three California companies will expand their device research, development and manufacturing efforts with the goal of dramatically increasing domestic production of next-generation semiconductors and microchips. Together, ASML, FormFactor and Lam Research Corporation plan to create more than 1,700 high-tech jobs and more than $1 billion in capital investments across California.
⚡ ECO-FRIENDLY AND SAFE ELECTRICITY
Other honorees include Orange County-based TAE Technologies, which receives a $17.4 million grant to continue commercializing clean and safe power using cutting-edge fusion technology.
Click here for the full list of approved companies and award amounts
The California Competes Tax Credit was created in 2013 to help businesses grow and stay in California. GO-Biz evaluates applications based on factors required by law, including total jobs created, total investment, average wage and benefits, economic impact, strategic importance, and more. In 2022, the program was extended for another five years, with at least $180 million in tax credits available to be allocated to companies each year through 2028. The California Competes Grant Program was created to provide $120 million for the 2022-23 fiscal year.