17 companies to receive CalCompetes tax credits — catalyst for jobs, investment
Seventeen companies across California in industries like aerospace, manufacturing, film production and battery storage will receive in-state tax credits with the aim of creating almost 5,000 in-state jobs, Gov. Gavin Newsom said Wednesday.
The companies will be rewarded via California Competes, a program within the Governor’s Office of Business and Economic Development that grants tax credits to firms located in the state. The committee overseeing the program, which is composed of Business Director Dee Dee Myers, State Treasurer Fiona Ma, and two legislative appointees, met and agreed to reward the most recent round of awardees last week.
“Through programs like CalCompetes, we’re going all in on the industries shaping the future of our economy and our country,” Newsom said in a statement. “We’re investing in the sectors that drive California’s growth, creating good-paying jobs, spurring innovation, and expanding opportunities for residents across the state.”
The companies being awarded in the most recent round include defense and aerospace companies Mach Industries, Apex Technology, Voyager Technology, and Lateris Space; recycling and battery storage companies MP Materials, Peak Energy Technology, Harbinger Motors, and Radiant Industries; film production company Entropico; Samsung Semiconductor; and manufacturing firms Heron Power Electronics, S&E Gourmet Cuts, R. Torre & Company, Glid Technologies, NMI Industrial Holdings, AB Medical Technologies, and California Nutritional Products.
Newsom’s office said the credits would “generate $1 billion in new private investment up and down the state,” and would create 4,489 new jobs, with an average employee salary of $132,218.
CalCompetes dates back to former Gov. Jerry Brown’s administration and has previously rewarded an array of companies from small Novato biotechnology firm XCell Science to the defense behemoth Lockheed Martin.
Applicants are weighted based on factors like how many jobs they are expected to create, employee compensation, duration of their proposed project and how long they expect to stay in California, and if the project would lead to jobs being relocated from states that allow discrimination against LGBTQ people or restrict reproductive rights.
This story was originally published May 6, 2026 at 9:31 AM with the headline "17 companies to receive CalCompetes tax credits — catalyst for jobs, investment."
