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Governor Newsom announces $1B in private investment generated through California Competes Tax Credits, driving business expansion in key industry sectors

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May 6, 2026

Governor Newsom announces $1B in private investment generated through California Competes Tax Credits, driving business expansion in key industry sectors

What you need to know:  As part of the California Jobs First initiative, the state is awarding California Competes Tax Credits to 17 companies to support business expansion across aerospace & defense, high-tech, clean economy, manufacturing and creative economy sectors. These investments are expected to generate $1 billion in private investment and create nearly 4,500 new jobs across the state.

SACRAMENTO – Governor Gavin Newsom today announced the Governor's Office of Business and Economic Development (GO-Biz) awarded California Competes Tax Credits (CalCompetes) to 17 innovative companies across the Golden State. The awards will support the creation of 4,489 new jobs, with an average weighted annual salary of $132,218, and generate $1 billion in new private investment in communities up and down the state.

"Through programs like CalCompetes, we're going all in on the industries shaping the future of our economy and our country. 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."

Governor Gavin Newsom

Awardees span a range of the California Jobs First Economic Blueprint's "strengthen" and "accelerate" sectors, including aerospace & defense, high-tech, clean economy, manufacturing and creative economy, reinforcing the state's commitment to business expansion and job creation in the industries critical to California's economic future.

Aerospace & Defense

California is the #1 state for aerospace manufacturing and home to one third of all US space tech companies. Continued investment in this sector ensures the state's leadership in talent, infrastructure and public-private partnerships. Awarded companies in this sector include:

🚀Mach Industries is investing $32.5 millon to expand its defense technology manufacturing and research & development in Huntington Beach, Los Angeles and San Francisco, creating 1,057 jobs.

🚀Apex Technology, Inc. is investing $165.5 million to expand its satellite manufacturing presence in Los Angeles and the broader Southern California region, creating 483 jobs.

🚀Voyager Technology Inc. is investing $75 million to expand its Long Beach aerospace component manufacturing facility, creating 152 jobs.

🚀Lanteris Space LLC is investing $16 million and creating 70 jobs to expand its satellite manufacturing facility in San Jose.

Clean Economy

As energy demand grows, California is accelerating its transition to a clean economy by investing in companies advancing decarbonization and energy innovation. Awardees from the clean economy sector include:

🌍MP Materials Corp. will expand its Mountain Pass rare earth mining and recycling facility to recycle rare earth minerals from retired electronic devices, creating 119 jobs with a $120 million investment.

🌍Peak Energy Technology, Inc. is expanding in Sacramento and Burlingame, investing $71 million and creating 348 jobs to support its sodium-ion battery storage system manufacturing facility.

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🌍Harbinger Motors Inc. is creating 343 jobs in Garden Grove and Cypress with a $140 million investment to establish a battery manufacturing facility for use in its electric truck customizable chassis.

🌍Radiant Industries, Inc. is investing $42.5 million to expand its portable power generator manufacturing headquarters in El Segundo, creating 254 jobs.

Creative Economy

By continuing to invest in the creative economy, the state remains committed to its growth and innovation, ensuring that California remains a global leader in the sector. The awarded creative economy company is:

🎬Entropico Inc. is investing $8 million to expand its film production services in Los Angeles.

High-Tech

Home to more than 2,000 semiconductor businesses employing 47,000 workers, California continues to advance the future of innovation and ensure long-term success in this sector. The awarded high-tech company is:

⚡Samsung Semiconductor, Inc. is scaling its San Jose semiconductor manufacturing & research and development with a $79.5 million investment, creating 400 jobs.

Manufacturing

With 1.2 million workers, California is home to the largest manufacturing workforce in the nation. From mass-market production to advanced manufacturing, the state is building on its strengths to support many of the strategic sectors. Awardees in the manufacturing sector include:

⚙️Heron Power Electronics Company is expanding its electrical grid component manufacturing workforce by 601 in Morgan Hill and Scotts Valley with a $140.9 million investment.

⚙️S&E Gourmet Cuts, Inc. is expanding their food manufacturing in Vernon and San Bernardino, creating 338 jobs with a $30 million investment.

⚙️R. Torre & Company Inc. is creating 151 jobs in San Leandro, investing $67.7 million to expand its beverage manufacturing facility.

⚙️Glid Technologies Corporation is investing $11.9 million in heavy freight technology manufacturing facilities in Riverside and Auberry.

⚙️NMI Industrial Holdings, Inc. is investing $2.8 million to expand its metal product fabrication facilities in Los Angeles and Sacramento.

⚙️AB Medical Technologies Inc. (https://abmedtech.com/) is expanding medical device manufacturing facilities in Redding and Santa Clara with a $2 million investment.

⚙️California Nutritional Products, Inc. (https://californianutritional.com/) is expanding its cereal manufacturing facility in Mecca with a $1.4 million investment.

To date, CalCompetes (https://www.gov.ca.gov/2024/04/26/californias-investment-boom-new-round-of-state-funding-to-generate-15-5-billion-in-new-investments-2100-new-jobs/) has awarded tax credits to more than 1,200 businesses committed to creating nearly 169,000 full-time jobs based in California and generating over $54 billion in private investment in the state.

See the full award details here. (https://business.ca.gov/wp-content/uploads/CCTC-Meeting-Approval-4-30-26.pdf)

California Jobs First: A bold plan, realized locally

Last February, Governor Newsom released (https://www.gov.ca.gov/2025/02/26/governor-newsom-announces-statewide-plan-for-economic-growth-245-million-for-more-jobs-with-additional-investment-for-las-recovery/) 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.

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Through the California Jobs First initiative (https://www.gov.ca.gov/2026/02/03/governor-newsoms-statewide-jobs-first-investments-created-more-than-61000-jobs-trained-more-than-142000-workers-in-2025/), nearly $1.6 billion in investment was generated in 2025, training over 142,000 workers and helping to create more than 61,000 new jobs. By accelerating economic growth and investing in regional strategies, the Golden State remains committed to expanding access to good-paying jobs for all Californians.

California's economic leadership

California is not only a national economic powerhouse – it is helping shape the global economy (https://www.gov.ca.gov/2026/04/09/californias-economy-leads-again-grows-another-5-in-2025-to-record-4-25-trillion-gdp/). Since 2019, the state's GDP has grown by $1.182 trillion, outperforming all other states and developed nations. In the fourth quarter of last year, California posted the largest dollar GDP increase at $44.5 billion, more than Texas, New York, and Florida. With startups raising 62% of all U.S. venture capital funding in 2025 and more Fortune 500 companies than any other state, California's economy continues to be driven by innovation, talent, and opportunity.

Economy (https://www.gov.ca.gov/category/content-types/economy/), Press releases (https://www.gov.ca.gov/category/press-releases/), Recent news (https://www.gov.ca.gov/category/recent-news/), Top story (https://www.gov.ca.gov/category/top-story/)

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