Governor Newsom announces new tax credits that will generate $2.1 billion investment in world’s 4th largest economy

The awardees represent a diverse range of sectors critical to California’s future:

• Element Resources is investing $1.85 billion in a hydrogen fuel manufacturing facility in Lancaster.
• Fuse Energy Technologies is bringing fusion energy R&D to San Leandro and the East Bay, with a $152 million in investment.
• Legendary Foods will expand food manufacturing across Bell and Santa Monica, with over $70 million in investment.
• Ariat International is expanding its San Leandro headquarters and design operations, investing $19 million.
• Marine Terminals Corporation will invest $8 million to expand port operations in Port Hueneme, supporting logistics and supply chain infrastructure.
• Cloacina will manufacture wastewater treatment equipment in Arroyo Grande, with a $3.9 million investment.
• Rural Power Systems will scale water pump manufacturing in Davis, investing $9.15 million.

“These awards reflect the incredible diversity and strength of California’s economy,” said Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz. “Whether it’s rural communities or urban innovation hubs, companies across the state are choosing to grow here because of our unmatched talent, infrastructure and vision for the future.”

Since 2013, California Competes has awarded tax credits to more than 1,200 businesses, creating nearly 160,000 jobs, and resulting in more than $50 billion of private investment across the state.

Over the past five years, CalCompetes has invested in companies such as Pacific Steel to construct the first steel mill in California in more than 50 years in Kern County; Relativity Space to expand their ability to manufacture 3D-printed rockets to carry satellites into space; AES to expand solar energy and battery storage operations across the state; and many more.

See Full Award Details Here

California Jobs First: A bold plan, realized locally

In February, Governor Newsom released the California Jobs First Economic Blueprint – a new economic vision for California’s future. The Blueprint, which is being implemented by the nine state agencies on the California Jobs First Council, outlines key initiatives to support regional growth, invest in 21st century job training, create an attractive environment for job creators and strengthen California’s innovation economy – all to help increase access to good-paying jobs for Californians.

California’s economic leadership

With a nation-leading GDP and more Fortune 500 companies than any other state, California’s economy remains a global powerhouse driven by diversity, creativity and opportunity.

• 4th Largest Economy in the World: California’s $4.1 trillion GDP recently surpassed Japan.
• #1 in the Nation: Leads the U.S. in Fortune 500 companies, new business starts, venture capital access, manufacturing output, high-tech industries and agriculture.
• Major Trade Powerhouse: Over $675 billion in two-way trade, making California the largest importer among U.S. states and a key driver of job creation.
•  Manufacturing Hub: Home to 36,000+ manufacturing firms, employing over 1.1 million workers, with strengths in aerospace, electronics, and zero-emission vehicles.
• AI & Innovation Leader: California hosts 32 of the world’s top 50 AI companies and produces 25% of global AI patents and conference papers.