New York offers Zinc8 Energy $9M in inducements to manufacture in the state
by CM staff
Zinc8 plans to create up to 500 jobs in New York.
Photo: CNW Group/Zinc8 Energy Solutions Inc.
VANCOUVER — Zinc8 Energy Solutions gained the approval for a grant from the Empire State Development of up to US$9 million in performance-based Excelsior Jobs Program tax credits to incentivize the company to locate and establish its first US-based production facility in New York State. The tax credits are available immediately for a period of up to five years, in whole or part, depending on the level of investment and jobs created.
Once the final site selection has been determined, Zinc8 intends to make an investment over a five-year span to automate and build out the site, making this Zinc8’s U.S. headquarters and initial production facility. Further to the build out, Zinc8 plans to create up to 500 jobs.
The Excelsior Jobs Program provides job creation and investment incentives to firms in targeted industries such as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Firms in these industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to five tax credits. The program encourages businesses to expand in and relocate to New York while maintaining accountability standards to guarantee that businesses deliver on job and investment commitments. Program costs are capped annually to maintain fiscal affordability and ensure that New Yorkers realize a positive return on their investment.
“We’re excited by the level of support and interest we’ve received towards locating a manufacturing facility and creating jobs in the state of New York,” said Ron MacDonald, CEO and President of Zinc8 Energy Solutions. “The EJP tax incentives offered to companies looking to create jobs and help build a green economy is an additional layer of funding that can be utilized concurrently with other financing, including state, municipal and federal funding packages which help companies like Zinc8 access additional sources of capital and expand their business plans.”
