Boulder is in the running to land another quantum computing firm, one that could create 150 jobs in research, development and manufacturing and invest $40 million in new facilities.
The Colorado Economic Development Commission awarded up to $2.76 million in Job Growth Incentive Tax Credits to Project Electron, the codename given to the undisclosed tech firm. The award is conditioned on the company providing the 150 jobs targeted within an eight-year window.
The company, which is also considering New Mexico, said the jobs proposed would have an average annual wage of $168,422, which is 172% of the average annual wage in Boulder County. Quantum scientists, system engineers and operations managers are among the jobs that will be created.
Colorado is a federally designated quantum tech hub and Boulder and Broomfield counties are home to one of the densest clusters of quantum computing, and more than 50 firms active in the wider region. Some of the better-known names are Quantinuum, which claims to have the world’s best-performing quantum computer and is a “decacorn” (a startup valued at $10 billion or more); Infleqtion, a leader in cold atom computing; and Atom Computing, a neutral atom quantum computing firm that setup up an R&D facility in Boulder in 2022.
Quantum computing uses the rules of quantum physics to create devices that can process vast amounts of data at the same time and solve certain types of complex problems far more efficiently than traditional computers can. Their enhanced processing power could lead to breakthroughs in the development of new materials, medicines and semiconductors.
The commission offered $1.9 million in tax credits to Project Oak, an undisclosed aerospace company looking to add 150 new jobs in either El Paso or Elbert counties. The company, which employed 158 people, said it wanted to be nearer to two key customers, the U.S. Air Force and the U.S. Space Force, in Colorado Springs.
A third award, worth up to $1.2 million in tax credits, was extended to Project Cedar, an industrial company that distributes painting and blasting equipment for use in defense, energy, transportation, and manufacturing. The company is looking at either Denver or Dallas for 97 jobs paying an average annual wage of $143,012.
A representative of the company, Matthew Rowland, said Project Cedar conducted an “exhaustive” search to land on the two cities, adding that Denver was more expensive, resulting in the requested incentives to bridge the gap.
“This is a very important decision for our company,” Rowland said.
