As part of the California Jobs First initiative, Governor Gavin Newsom announced that the state has awarded $120 million in tax credits to eight innovative companies. It will generate more than 2,100 full-time jobs with an average annual salary of over $100,000 and bring in an estimated $15.5 billion in private investment over the next five years.
The $120 million investment will assist multiple economic endeavors throughout the state, including building a sustainable lithium production campus and constructing California’s first steel mill in over 50 years.
“California’s economy is the fifth largest in the world and we’re supporting workers and businesses as they reach success. This funding will help businesses create good-paying jobs — from steel manufacturing in Kern County to sustainable lithium production in Imperial Valley — and support the state’s economic dominance for years to come,” Newsom said.