California invests in cutting-edge technologies to drive innovation and create more than 6,800 new jobs

More than $123 million in CalCompetes tax credits and grants 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 support the economy and create thousands of new high-paying jobs, which is 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, scale up domestic production of the next generation of semiconductors and microchips, further commercialize green and safe electricity, and more.

Governor Gavin Newsom today announced that the Governors Office of Business and Economic Development (GO-Biz) has awarded $123 million in CalCompetes grants and tax credits to create more than 6,800 full-time jobs with an average salary of $113,013.

“California is mastering new industries and investing in the future of the world’s most innovative companies,” Governor Newsom said. “We are on track to become the fourth largest economy in the world through the work we are doing to support forward-thinking businesses, creating thousands of well-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, which in turn creates good-paying jobs and economic opportunity for workers across our state,” said Dee Dee Myers, Senior Advisor to the Governor Newsom and Director of GO-Biz. “We are excited to build on the success of this program over the past nine years by investing in companies that are creating the jobs of today and tomorrow.”

🏍️ ELECTRIC MOTORCYCLES

RYVID, Inc. was awarded 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 plans 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 the production of sustainable electric vehicles,” said Dong Tran, CEO of RYVID. “RYVID’s founders are immigrants and children of immigrants who they 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 electric mobility industries.”

“These are exactly the types of investments and jobs the CalCompetes program provides,” said Scott Dosick, deputy director of CalCompetes. “This grant will enable RYVID to not only establish business operations in California, but also solidify its presence here for the long-term future. Once again, California will be the home of innovation and investment that will boost jobs, create living wage jobs and contribute to the climate goals of the world’s leading state.”

💻 SEMICONDUCTOR AND MICROCHIPS

Three California companies will expand their efforts to research, develop and manufacture equipment with the goal of greatly increasing domestic production of the next generation of semiconductors and microchips. Collectively, ASML, FormFactor and Lam Research Corporation plan to create more than 1,700 high-tech jobs and make more than $1 billion in capital investments throughout California.

ECO-FRIENDLY AND SAFE ELECTRICITY

Other winners 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.

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 salary 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 awarded to businesses each year through 2028. The California Competes Grant Program was created to allocate $120 million for the 2022-23 fiscal year.

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