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These 8 companies are seeking Colorado expansions

By Bernadette Berdychowski February 20, 2025 | updated 5 months ago

Colorado State Capitol Building. Photo Credit: SeanXu (iStock). (copy)

FILE PHOTO: Colorado State Capitol Building.

SeanXu (iStock)

Thursday brought a busy morning for the Colorado Economic Development Commission. 

Eight companies sought job growth tax credit incentives from the state this month to potentially expand into. or within, Colorado. The EDC approved nearly $25 million in incentives at its monthly meeting for companies in industries spanning from mining, dietary supplements, quantum and even hyperloop technologies. 

Here’s a breakdown of all the companies seeking to move to Colorado, from largest to smallest incentives awarded.

$11M goes to mining company

The EDC awarded its largest incentive Thursday to a project dubbed as “WesCo Mining Operations” for nearly $11 million. Company names are kept private during the competitive bidding process against other states.

WesCo Mining Operations, an infrastructure contractor, is seeking a “substantial” expansion to launch a hub in Mesa County, according to the EDC. The company is considering Colorado, as well as Tennessee, due to the cost of business and local talent.

The expansion is expected to add about 890 jobs in Colorado over eight years, with an average minimum wage of $56,500.

Quick facts:

  • Incentive: $10.9 million
  • Possible location: Mesa County
  • Competing states: Tennessee
  • Jobs: 893

Supplement expansion

The second largest incentive went to ProCaps Laboratories, a dietary supplements company.

The EDC granted the company more than $5 million in job growth tax credit incentives for a potential expansion in Jefferson County.

The company is looking to grow its business and add new products. ProCaps Laboratories, which has more than 400 employees, is looking for a place with a good climate, space and resources for its goal to grow and expand its customer reach. The project is expected to create 560 jobs with an average annual wage of $80,000.

The EDC said the expansion would help Colorado’s commitment to developing the state as a leader in the life sciences industry.

Quick facts:

  • Incentive: $5.1 million
  • Possible location: Jefferson County
  • Competing states: Arizona
  • Jobs: 564

Growing quantum hub

A quantum company is looking to expand to Colorado’s federally-designated quantum tech hub.

The EDC awarded the unnamed company dubbed as “Project Q-Chips” about $4.3 million in job growth incentives. The company with 538 employees, with about half based in Colorado already, is growing and looking to scale its operations.

The project is expected to add 195 jobs with an average wage of $110,000 to Colorado and state leaders hope it will strengthen the state’s leadership in quantum technology by attracting larger, established companies in the sector beyond the state’s academic institutions and startup programs.

Quick facts:

  • Incentive: $4.3 million
  • Possible location: Broomfield County
  • Competing states: Minnesota
  • Jobs: 195

Large Germany-based company looking at Colorado

A German manufacturer of polymers is seeking to expand into the Western U.S. and is considering Colorado Springs. Polymers are “any of a class of natural or synthetic substances composed of very large molecules, called macromolecules, that are multiples of simpler chemical units called monomers. Polymers make up many of the materials in living organisms,” according to Britannica.com.

The EDC awarded the unnamed company under the codename “Project Helix” nearly $1.9 million in job growth incentives with the expectation of 145 jobs created with an average wage of $65,000. The German company with more than 20,000 employees wants to establish a new location in the West and is also considering Utah and Arizona.

The EDC said Project Helix’s driving factors on making a decision will be the cost of doing business, financial support and local talent.

Quick facts:

  • Incentive: $1.9 million
  • Possible location: El Paso County
  • Competing states: Utah, Arizona
  • Jobs: 145

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Hyperloop company growing out of Pueblo

A hyperloop company is also considering expanding within Colorado.

Denis Tudor, CEO of Swisspod, was virtually in attendance at the EDC meeting for “Project Chocolate” seeking about $918,000 in job growth tax incentives.

Swisspod has a hyperloop testing facility in Pueblo. It unveiled its first 650 feet of hyperloop infrastructure in November at its Colorado site.

The company wants to build a new manufacturing and assembly facility in the state in the Colorado Springs area, due to its proximity to the Pueblo facility, support from state and local officials and talent, according to the EDC.

“We’re targeting El Paso for the assembly of the vehicle. While in Pueblo, we’re looking for the infrastructure testing,” Tudor told the EDC. “So they are two different things.”

The project is expected to create about 100 jobs with an average wage of nearly $68,000.

Quick facts:

  • Incentive: $918,000
  • Possible location: El Paso County
  • Competing states: New Mexico
  • Jobs: 107

A backpack company

An outdoor recreation and military-grade backpack designer is seeking to make an expansion in the Denver metro area.

The EDC awarded the unnamed company “Project Skyline2025” about $679,000. The company with about 1,340 employees is also looking at potentially expanding in Montana. If Project Skyline2025 chooses Colorado, it’s expected to bring 50 jobs with an average wage of $117,000.

Quick facts:

  • Incentive: $679,000
  • Possible location: Denver metro
  • Competing states: Montana
  • Jobs: 50

Small recycling company concerned about Colorado costs

The EDC awarded a material extraction and recycling company labeled as “Project Dragon” with more than $631,000 in job growth tax credits. The company, which is based in Colorado, plans to build a plant to recycle magnets, batteries to create materials for clean energy initiatives.

It’s considering building the plant in Weld County. It’s also considering Oklahoma.

According to the EDC memo, the company said the cost of business in Colorado is “becoming prohibitive,” thus it’s looking for facilities elsewhere.

The plant could create 35 jobs with an average wage of $75,500.

Quick facts:

  • Incentive: $631,500
  • Possible location: Weld County
  • Competing states: Oklahoma
  • Jobs: 35

Potential semiconductor HQ

The last company to get incentives received nearly $400,000 from the EDC.

An unnamed semiconductor and fabless manufacturing company titled “Project Kokua” is looking for a new headquarters and research facility for a new product. It’s considering expanding to the Colorado Springs area.

It’s also looking at California and Arizona. The project is expected to create 20 jobs for the state, with an average wage of $104,000.

Quick facts:

  • Incentive: $399,000
  • Possible location: El Paso County
  • Competing states: California, Arizona
  • Jobs: 20

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