The Utah Governor’s Office of Economic Development (GOED) has awarded Lunar Resources, Inc. a post-performance tax reduction for the construction of its HELIX-1 Factory in Salt Lake County. The corporate incentive is provided through the state’s Economic Development Tax Increment Financing (EDTIF) program.
Investment and job creation details
As part of the agreement, Lunar Resources will invest nearly $85 million in Utah over the next 10 years and create more than 400 new high-paying jobs.
GOED commissioner's vision for Utah
Jefferson Moss, commissioner of GOED, stated that the proposed expansion will help elevate Utah’s position as a leader in cutting-edge manufacturing and technologies. He noted that the company's technology aligns with a future-focused mindset and will serve as an economic catalyst for Utahns.
Overview of pulsed power technology
Lunar Resources specializes in pulsed power technologies and systems, which involve extremely high power pulses of energy in short bursts. These technologies are critical to defense, energy, power transmission, and industrial power systems, with applications on Earth, in space, and on the Moon. The new facility is expected to be the largest pulsed power manufacturing facility in the country.
CEO comments on Utah location
Elliot Carol, CEO of LUNAR, said that finding a location that fosters innovation and growth was paramount as the company scales manufacturing for its Helix Driver technology. Carol noted that Utah offers an exceptional talent pool and a supportive business environment.
Projected economic and tax impact
Tax credit projections over a 10-year timeline include the creation of 420 jobs with wages totaling $188,247,625. The project is expected to generate $47,335,857 in new state tax revenue, with an EDTIF new state tax credit of 30%.
