NV: 3 Companies Receiving Tax Abatements to Invest $120.7M, Generate 219 Jobs Over Five Years | Trade and Industry Development

NV: 3 Companies Receiving Tax Abatements to Invest $120.7M, Generate 219 Jobs Over Five Years

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Jan 26, 2024
these companies will make a capital equipment investment of $120,717,140 and generate $37,536,026 in new tax revenues over the 10-year abatement period.

The Nevada Governor’s Office of Economic Development (GOED) approved three companies that will receive $14,520,823 in tax abatements. In return, these companies are projected to create 148 jobs in the next two years at an average weighted hourly wage of $37.49. That figure is expected to grow to 219 jobs in five years. Additionally, these companies will make a capital equipment investment of $120,717,140 and generate $37,536,026 in new tax revenues over the 10-year abatement period.

“These companies are making a major investment and creating exceptional jobs for our state,” said Governor Joe Lombardo. “These three companies alone will invest more than $120 million in Nevada, paying an average wage of $37.49. Since I took office, 28 companies have been assisted and are projected to create 5, 427 jobs in their first five years of operation. They have invested more than $4.1 billion in capital equipment and will generate more than $1 billion in new tax revenues,”

Two of the companies receiving abatements are in Clark County. The other one is in Storey County. The companies approved for abatements today include:

  • Aqua Metals Reno, Inc. is looking to expand its operation in the Tahoe Reno Industrial Center (TRIC) in Storey County. It recently acquired a 21,000 square foot building in TRIC. Aqua Metals Reno, Inc. recovers minerals from recycled lithium-ion batteries. It was approved for $2,213,944 in tax abatements. It is projected to create 39 jobs in the first two years of operation at an average weighted hourly wage of $41.30. It is expected to grow to 50 jobs in five years. This company will make $17,067,140 in capital equipment investment in the first two years of operation and generate $4,625,743 in new tax revenues over the 10-year abatement period.
  • Edgewood Renewables, LLC plans to establish a biorefinery, manufacturing and distribution facility in Clark County. Edgewood is in the process of constructing a biorefinery on the site that will produce more than 120 million gallons of Renewable Diesel and Sustainable Aviation Fuel (SAF) each year. It was approved for $11,720,431 in tax abatements. It is projected to create 60 jobs in the first two years of operation at an average weighted hourly wage of $40.71. This company will make $96,509,000 capital equipment investment in the first two years of operation and generate $21,613,752 in new tax revenues over the 10-year abatement period.
  • Hard Eight Nutrition, LLC plans to expand its existing Clark County manufacturing facility from 45,500 square feet to 137,000 square feet within the next few months. Hard Eight Nutrition supplies more than 500 pure nutritional supplement ingredients to hundreds of thousands of consumers and manufacturers. It was approved for $586,448 in tax abatements. It is projected to create 49 jobs in the first two years of operation at an average weighted hourly wage of $30.52. It is expected to grow to 109 jobs in five years. This company will make $7,141,000 in capital equipment investment in the first two years of operation and generate $11,296,531 in new tax revenues over the 10-year abatement period.
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