An electric plane company could grow its operations in Centennial or Jefferson County after landing almost $3 million in state economic development tax credits.

The Colorado Office of Economic Development and International Trade’s Economic Development Commission on Thursday approved almost $7 million in economic incentives for five companies to either locate, or grow, their businesses here. 

The largest incentive approved would help an electric aircraft company using the code name “Project Galvanic.” The commission keeps the companies’ names secret until all the paperwork is finalized. It approved up to $2,948,218 in performance-based Job Growth Incentive Tax Credits over an eight-year period.

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The company expects to create 433 net new jobs with an annual wage of $80,014. It currently has nine employees who all live in Colorado. It must prove to the state the jobs were created, and held for at least a year, before being allowed to use the credits. It also must prove capital of $11 million by the end of 2023, commissioners decided. This business is considering other locations outside of Centennial and Jefferson County, which include Greensboro, N.C., Lansing, Mich., and Madison, Wis.

A United Kingdom-based indoor farming technology company was awarded up to $2,758,845 in tax credits for up to eight years to create up to 114 net new jobs. The company is considering a few locations around the U.S., but in Colorado the business would settle in Larimer County. The average wage for those jobs would be $98,991, according to the project description.

A company dubbed “Project Hudson” was approved for up to $642,569. It specializes in multifamily development and is looking to find a way to keep up with growing demand in the mountain and West Coast region, according to a project description.

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In Colorado, the company pledged to create 129 net new jobs with an average annual wage of $111,526 in Denver County. The company is also considering Indianapolis, where it’s headquartered, Phoenix, Washington and Massachusetts for its North American operations location.

“Project Strike,” a company that provides materials for the medical device industry, was approved for up to $383,100 to create 41 jobs at an average annual wage of $96,732 in Denver County. The company is also considering Cody, Wyo., for the new facility expansion.

Finally, “Project Dunia,” a Colorado-based manufacturing company that produces hemp-based bioplastics, was approved for up to $203,313. These bioplastics are designed to be used in injection molding applications and can be composted, according to the project description. The company plans to create 28 net new jobs at an average annual wage of $69,548 in Weld County. This business is also considering Texas.

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