H3X job creation: Colorado approves multi-million tax incentive
H3X has revealed the State of Colorado has approved a multi-million dollar tax incentive for the creation of 433 jobs in the state over the next seven years.
The funding comes at a “critical time” for the company as H3X begin to transition from technology development to scaling production to support growing customer demand, it revealed.
Jason Sylvestre, co-founder and CEO of H3X, said: “We’re grateful to have support from the state and this incentive is a testament to Colorado’s belief in our mission of becoming the world leader in advanced electric motors to drive deep decarbonisation in the aviation, marine, and industrial sectors. We love it here and are eager to continue enriching the local aerospace, electrification, and startup ecosystems in our community.”
The State of Colorado is actively trying to increase the amount of aerospace companies in the region. Michelle Hadwiger, director of Global Business Development for the Colorado Office of Economic Development and International Trade, said: “This project would support the state’s economic goals by adding to the density of aerospace companies in Colorado, creating high-paying jobs in aerospace, one of the most important industries to Colorado’s economy, which continues to have year-over-year growth.
“And the project demonstrates that Colorado is an ideal place for startups to access both talent and customers, showing that Colorado is a startup-friendly environment,” she added.
H3X shipped its first HPDM-250 motor drive to a customer back in August. The 250 is an ultra-high power density integrated motor drive that combines the electric motor, power electronics and gearbox (optional) into one unit. It was delivered to Australia-based Stralis Aircraft. It plans to integrate the HPDM-250 into its Beechcraft Bonanza aircraft and undertake ground testing.