SACRAMENTO – California is investing in cutting-edge industries to bolster the economy and create thousands of new high-paying jobs, estimated to bring in more than $1.9 billion in new private investment over the next five years. Companies receiving funding will build electric motorcycles, increase domestic production of the next generation of semiconductors and microchips, further commercialize environmentally friendly and safe electricity, and more.
Governor Gavin Newsom today announced the Governor’s Office of Business and Economic Development (GO-Biz) awarded $123 million in CalCompetes grants and tax credits to create over 6,800 full-time jobs with an average salary of $113,013.
“California is dominating new industries and investing in the future of the world’s most innovative companies,” said Governor Newsom. “We’re on track to become the world’s 4th largest economy because of the work we’re putting in to support cutting-edge businesses – creating thousands of high-paying jobs across the state, fostering innovation, and generating new opportunities for thousands of Californians.”
“California Competes continues to be a key program that attracts and retains employers, who in turn create good-paying jobs and economic opportunity for workers across our state,” said Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz. “We’re excited to build on the success of this program over the past nine years, investing in companies that are creating the jobs of today and tomorrow.”
🏍️ ELECTRIC MOTORCYCLES
RYVID, Inc. received a $20 million grant to establish its headquarters in Hawaiian Gardens, a manufacturing facility in San Bernadino for electric motorcycles, and a lithium battery manufacturing facility in El Cajon. Collectively, 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 grant. We welcome the opportunity to serve our California community, the nation, and the entire globe through sustainable electric vehicle production,” said Dong Tran, CEO of RYVID. “The founders of RYVID are immigrants and children of immigrants who came to California for a better life, and we are committed to providing high-paying manufacturing jobs to our home state for years to come in one of the fastest growing sectors of electric mobility.”
“These are exactly the types of investments and jobs that were envisioned by the CalCompetes program,” said Scott Dosick, CalCompetes Deputy Director. “This grant will enable RYVID to not only establish business operations in California, but also cement its presence here for the long-term future. Once again, California will be the home for innovation and investment that will increase employment, create living-wage jobs and contribute towards the state’s world-leading climate goals.”
💻 SEMICONDUCTORS AND MICROCHIPS
Three California businesses will be expanding their efforts to research, develop, and manufacture equipment with the goal of dramatically increasing domestic production of the next generation of semiconductors and microchips. Collectively, ASML, FormFactor, and Lam Research Corporation plan to create over 1,700, high-tech jobs and make more than $1 billion of capital investments throughout California.
⚡ ENVIRONMENTALLY FRIENDLY AND SAFE ELECTRICITY
Additional awardees include Orange County-based TAE Technologies, which is receiving a $17.4 million grant to further commercialize environmentally friendly and safe electricity using cutting-edge, fusion technology.
The California Competes Tax Credit was created in 2013 to help businesses grow and stay in California. GO-Biz evaluates applications based on the factors required by statute, including total jobs created, total investment, average wage and benefits, economic impact, strategic importance and more. In 2022, the program was extended for an additional five years with at least $180 million in tax credits available for allocation to businesses each year through 2028. The California Competes Grant Program was created to allocate $120 million for the 2022-23 fiscal year.