Salt Lake City —The Utah Governor’s Workplace of Economic Opportunity (Go Utah) awarded Electrical Electricity Devices, Inc. (EP Techniques) a temporary, marginal tax reduction for its expansion in rural Utah. The post-general performance company incentive is component of the Legislature’s Economic Progress Tax Increment Financing (EDTIF) plan.
As section of the arrangement, EP Programs options to bring up to 3,130 new substantial-paying out careers and commit substantial money expenditure in rural Utah through the future 9 years.
“EP Systems is a pillar in Cache County’s financial state. We’re excited—though not surprised—to see the firm proceed to prosper,” says Dan Hemmert, the Office of Economic Opportunity’s government director. “This expansion will enable EP Systems to establish and manufacture state-of-the-artwork batteries in Utah. EP Systems’ innovative battery cells are a sport-changer, primarily in the aerospace sector.”
EP Techniques is a leading provider of large-voltage, higher-ability, certifiable, and scalable electric power systems for high-dependability apps in the aviation industry. The corporation is an emerging chief in vitality storage and propulsion industries supplying options to marketplaces principally in aerospace and protection, with extra access into automotive, marine, and industrial traction.
“We’re thrilled to proceed to extend our footprint in the condition of Utah,” suggests Nathan Millecam, president and CEO of EP Methods. “After paying out the earlier 5 many years producing our battery engineering right here in Utah, we’re excited to further mature our nearby financial system by building a higher know-how industrial base.”
EP Systems may well acquire up to 25 per cent of the more condition taxes it will pay out over the 9-yr daily life of the arrangement in the form of a Utah Legislature-approved Rural Financial Improvement Tax Increment Financing (REDTIF) tax credit score. Every year that EPS satisfies the requirements in its agreement with the point out, it will qualify for a portion of the full tax credit score.
“EP Systems’ enlargement will support Utah increase its battery-powered sector,” claims Theresa A. Foxley, president and CEO of the Economic Growth Company of Utah. “The enterprise has established alone as the chief in the electrified aeronautics room, and we’re very pleased to contact them a Utah brand.”
Tax Credit rating Projections
Timeline: 9 many years
Work opportunities: 3,130
New point out tax earnings: $279,513,019
REDTIF new state tax credit score: 25%
Discover extra about the state’s article-overall performance REDTIF program here.
About the Utah Governor’s Business office of Financial Option
Underneath Gov. Spencer J. Cox’s course, the Utah Governor’s Place of work of Economic Prospect (Go Utah) provides resources and assistance for company generation, development, and recruitment. It also drives enhanced tourism, film production, outdoor recreation, and mixed martial arts in Utah. Employing condition methods and private sector contracts, the office administers programs in economic parts that display the best prospective for improvement and the most prospect for Utahns.
About Electric Energy Techniques
Electric powered Power Devices (EP Devices) is a top company of large-electrical power, scalable powertrains that are certifiable for electrified aviation. It develops vitality storage devices, DC speedy-charging stations, and electric powered propulsion goods for Aerospace. EP Systems has a lot of battery programs currently powering client flight demonstrator motor vehicles (e.g., Diamond eDA40, NASA X-57, Embraer Sky Ipanema, Boeing Cargo Air Car, Aurora Particular Air Automobile, and many far more). Advanced features make safer battery methods resulting in a perfect basic safety file in the subject. Boeing and Safran invested in EP Devices in 2019 and again in 2021, along with JetBlue Engineering Ventures in 2022, to enhance its investigate and advancement, electricity storage, and electrical propulsion abilities. EP Systems’ existing, publicly introduced shoppers incorporate Diamond Plane, NASA, the FAA, Boeing, Safran, Bell Textron, and Embraer.