The following projects were approved at the December 2025 Colorado Economic Development Commission meeting. The Colorado Economic Development Commission (EDC) develops incentive packages to assist with existing business expansions and new company relocations to grow jobs in all regions of the state. They typically meet on the third Thursday of every month.
The incentive requiring approval for these kinds of projects is:
Job Growth Incentive Tax Credit
This award does not guarantee that the company will accept the offer and/or expand or relocate to Colorado.
Project Name: Caraway
Summary
The company behind Project Caraway is a platform for homeowners to find resources and providers for upgrading their homes. Project Caraway represents the company’s efforts to grow their headcount by five times after closing out their series A. In addition to Colorado, the company is considering Austin, Texas. Within Colorado, the company is considering the Metro Denver Region and has not narrowed down their selection yet.
Jobs
Project Caraway, should it occur in Colorado, expects to create 53 net new jobs at an average annual wage of $140,377.36, which is 127% of the average annual wage in Broomfield County, which has the highest average annual wage in Colorado. The jobs will include engineers, operators and supervisors. The company currently has 100 employees, 23 of whom are in Colorado.
Incentive
Up to $745,374 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
- The creation of up to 53 net new full-time jobs at a minimum average annual wage (AAW) of $110,266 or 100% of the AAW of Broomfield County or any county in Colorado the company decides to locate over 8 years.
- The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
- The creation and maintenance of at least 20 net new jobs before any credits are issued.
Consideration
This project would support the state’s economic goals by creating high-paying net new jobs in the economy and building the Technology and IT ecosystem in Colorado.
Project Name: Ladybug
Summary
The company behind Project Ladybug builds propulsion systems for hypersonics, solid rocket motors, in-space mobility, and space launch. The company was a previous Advanced Industries award recipient for $250,000. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
Project Ladybug represents the company’s efforts to expand its office roles, including but not limited to, HR, legal, finance, IT, marketing and compliance and its production/R&D operations. If Colorado is selected for the project, the expansion would result in net new hires across two locations, the company's existing location and a new location that is to be determined. In addition to Colorado, the company is considering Ohio, Mississippi, and California. Within Colorado, the company is considering Metro Denver. A specific location has not been determined. The primary drivers for the company are access to talent, aerospace ecosystem, and cost of doing business.
Jobs
Project Ladybug, should it occur in Colorado, expects to create 1,850 net new jobs at an average annual wage of $128,108.11, which is 116% of the average annual wage in Broomfield County, which is the county with the highest annual average wage in Colorado and used as a placeholder while the company is still considering the whole Metro Denver region. The jobs will include Production roles, Office roles, and Production Technicians. The company currently has 311 employees, 255 of whom are in Colorado.
Incentive
Up to $35,260,763 in performance-based Job Growth Incentive Tax Credits over an 8-year period, 96 months, is requested from the EDC. The amount of this incentive as recommended above takes into account OEDIT staff’s analysis of the four factors identified in C.R.S. § 39-22-531 (3)(c).
This incentive is contingent upon:
- The creation of up to 1,850 net new full-time jobs at a minimum average annual wage (AAW) of $110,266 (100% of Broomfield County) or 100% of the AAW of any county in Colorado the company decides to locate over 8 years.
- The maintenance of the net new jobs in Colorado for one full year before any credits become vested.
- The creation and maintenance of at least 20 net new jobs before any credits are issued.
Consideration
This project would support the state’s economic goals by supporting a high-tech, advanced manufacturing, home-grown Colorado company's major expansion in the state. It will support the creation of high-paying net new jobs in the economy and support the thriving aerospace industry in the state.
Project Name: Fluorine
This is the same project that came forward under the name Project Ladybug with a Job Growth Incentive Tax Credit application in this EDC meeting. This CHIPS Refundable Tax Credits request, along with the Job Growth Incentive Tax Credit, will make up the full competitive incentive package with which the company will make its site selection decision.
Summary
The company behind Project Fluorine builds propulsion systems for hypersonics, solid rocket motors, in-space mobility, and space launch. Due to the nature of the company, further identification would jeopardize the company’s confidentiality.
Project Fluorine represents the company’s efforts to expand its office roles, including but not limited to, HR, legal, finance, IT, marketing and compliance and its production/R&D operations. If Colorado is selected for the project, the expansion would result in net new hires across two locations, the company's existing location and a new location that is to be determined. In addition to Colorado, the company is considering Ohio, Mississippi, and California. Within Colorado, the company is considering Metro Denver. The primary drivers for the company are access to talent, aerospace ecosystem, and cost of doing business.
Jobs
In total, the company expects the project to include:
- Real Property: TBD
- Personal Property: $8.5M
- R&D: ~$400.0M over 5-years
- Training: ~$3.40M over 5-years
- NNJ: 1,850
- AAW: $128,108
The direct wage impact, job numbers, and workforce training commitments put it among the largest projects that the state has seen in recent years. It is an advanced industry project in aerospace that aligns with the State’s goals, while simultaneously building out our manufacturing base and bolstering our national lead in scientific and engineering activities.
Incentive
The company expects to earn $35,260,763 in eligible credits over the next 8 years through the JGITC program.
Given the eligible credits, the requested refund, and the project evaluation, OEDIT staff recommend a CHIPS Refund Certificate value of $23,000,000, with which the company may claim an 80% refund against the following types of income tax credits, after they have been earned via the JGITC incentive.
This approval is predicated on the following: Staff is suggesting that in order to preserve some CHIPS Refundable Tax Credits for other projects for the remainder of FY26, the EDC approve $8M in CHIPS Refundable Tax Credits from the FY26 annual EDC allocation, and earmark the remaining amount of $15M from the FY27 annual allocation which will require the EDC to officially approved in July 2026 as allowed by statute (see below). The JGITC model shows that it will take over three years for the company to earn $7M in JGITC certificates under their employment plan.
Per statute, the Commission may approve all, part or none of the amount of a taxpayer’s application (see below). To date, this is the first application for which OEDIT staff are recommending utilizing this procedural option to split the award over two fiscal years.
C.R.S. § 24-46-108(6)(a) The Commission may approve all, part, or none of the amount of a taxpayer’s application for a refund certificate made pursuant to subsection 3(b) of this section. If the commission approves a taxpayer’s application in part, the commission may approve additional refund certificates up to the full amount of the taxpayer’s original application in a subsequent fiscal year through fiscal year 2028-29.
Consideration
This company is not of the highest priority under statute - C.R.S. § 24-46-108 (4) because it is not receiving federal funding, but is still eligible due to it being a project in advanced manufacturing.
HB23-1260 delineates between priority and eligibility for the refund program.
For priority, it states that “...the Commission shall give highest priority to taxpayers engaged in semiconductor manufacturing that have received or are expected to receive matching money under ARPA, the CHIPS Act, or other federal legislation…” during fiscal years 2023-24 and 2024-25, and “...highest priority to taxpayers engaged in advanced manufacturing or semiconductor manufacturing…” seeking federal funds during fiscal years 2025-26 through 2028-29, which began on July 1, 2025.
For eligibility, it states that eligible applicants under the program include anyone that meets the definition of “taxpayer:” “a person engaged in advanced manufacturing or semiconductor manufacturing that is subject to tax under Article 22 of Title 39.”
As Project Fluorine is not for semiconductors specifically and is not currently seeking federal funding, it does not meet the legislative definition of the highest priority, but as an advanced manufacturer, it meets the eligibility definition to receive CHIPS refundable tax credits.
The project is strong and of highest strategic importance. The company has not previously been approved for CHIPS Refundable Tax Credits.