Golden State Today

In a move aimed at bolstering California's economy and job market, Governor Gavin Newsom has announced a significant investment initiative that is set to create over 2,100 new jobs and attract an estimated $15.5 billion in private investment over the next five years.

Under the California Jobs First initiative, the state has allocated $120 million in tax credits to eight innovative companies, with a focus on supporting cutting-edge industries in the Golden State. Governor Newsom emphasized the importance of this funding, stating, "California’s economy is the fifth largest in the world and we’re supporting workers and businesses as they reach success."

Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz, highlighted the impact of programs like California Competes in driving economic growth and job creation, stating, “California Competes continues to be a critical program within the California Jobs First portfolio that attracts and retains businesses, who in turn create family-supporting jobs and economic opportunity for workers across our state."

One of the key beneficiaries of this funding is Controlled Thermal Resources, which received a $30 million tax credit to establish a facility in Lithium Valley for sustainable lithium extraction. This initiative aims to position California as a global hub for battery production and clean energy technologies, creating nearly 450 new full-time jobs in the process.

Another notable recipient, Pacific Steel, is set to construct California's first steel mill in over 50 years with the help of a $30 million tax credit, promising significant capital investments and the creation of nearly 450 new jobs in Kern County.

The investment also extends to the development of next-generation energy storage systems, with companies like Moxion Power and Paired Power receiving tax credits to expand their operations and create more than 540 new jobs collectively across California.

Furthermore, Tau Motors, MicroVention, and Elve are among the recipients using the funding to drive innovation in electric motor design, medical technology, and wireless communication networks, respectively. These investments are part of California's broader strategy to stimulate economic growth and support industries vital to the state's future prosperity.

The California Jobs First initiative reflects the state's commitment to fostering a dynamic business environment and creating opportunities for job seekers. With a focus on innovation and sustainability, these investments are poised to solidify California's position as a leading hub for technology, manufacturing, and renewable energy industries.