Aerospace, renewables dominate Colorado’s incentivized job growth as 2 companies awarded $1.6M

Two companies are looking to expand or open operations in Colorado.

The Colorado Economic Development Commission approved more than $1.6 million in strategic fund job growth incentives Thursday for the two companies — one in the aerospace industry and the other in renewables.

Aerospace and renewables were two of the largest job creators from the state’s economic incentives program, said Mike Landes, the senior business development manager at the Colorado Office of Economic Development and International Trade, at the EDC’s board meeting.

Aerospace accounted for nearly 40% of new jobs in its fiscal year between July 2023 and June 2024 with more than 3,500 jobs added, according to the EDC presentation. Renewables accounted for 36% with 3,200 jobs.

The third largest sector was semiconductors, accounting for 7.5% of net new jobs.

Though many of those sectors, Landes noted, cross over each other as a renewable company may also be considered a manufacturer. 

The largest incentive on Thursday went to a Florida-based aerospace company known as “Project Peaches,” a code name to protect the confidentiality of the business, totaling $1.07 million. The company manufactures and designs rockets, propulsion systems and missile engines using non-toxic and non-explosive technology.

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Project Peaches is considering building a factory to mass produce rocket engines and a test facility in Pueblo due to the area’s talent pool, costs and closeness to Department of Defense facilities, according to the EDC. The company is also considering its home state, Florida.

The factory is expected to generate 165 jobs for engineers, technicians and management with average wages of $89,000 for Pueblo County.

The incentive is contingent on the creation of the jobs and the company must raise at least $37.5 million in funding from the $50 million they expect, according to the EDC.

The second company, called Project Maverick 2024, is a renewable energy manufacturer.

The EDC approved $160,000 over five years in incentives for the creation of 40 jobs with average wages of nearly $77,000.

The company is considering expanding its location in Colorado and is considering Adams County, according to the EDC. It plans to hire operators, chemists and engineers.

Project Maverick is also considering expanding in Columbia, South Carolina.

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