The Utah Governor’s Office of Economic Opportunity awarded Hypercraft a post-performance tax reduction for its expansion in Utah. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
As part of the agreement, Hypercraft projects to add 183 new, high-paying jobs and invest $39,295,000 in Utah during the next seven years.
“Utah is driving innovation in the electric vehicle industry, shaping the future of sustainable, eco-friendly transportation,” said Ryan Starks, executive director of the Governor’s Office of Economic Opportunity. “Our commitment to advancing research and production ensures Utah is leading the charge in manufacturing technology and innovation. Companies like Hypercraft are driving this progress, serving as hubs for groundbreaking solutions that will power a more sustainable future.”
With the goal of making electric vehicle (EV) technology available to everyone, Hypercraft supplies complete, plug-and-play electric drive systems for everything from one-off creations to large-scale electric vehicle production. It exists to give companies access to advanced propulsion technology, and helps companies scale their businesses quicker. Hypercraft believes that engineering is the backbone of innovation — driving advancement through practical solutions — and that quality design leads to a visually and functionally superior electric future.
“We are very grateful for the support we have received from EDC Utah and the Governor’s Office of Economic Opportunity as we continue to grow and scale our business, technologies, and employee base here in Utah,” said Jake Hawksworth, chief executive officer of Hypercraft.
“We are thrilled to celebrate Hypercraft’s expansion in Utah,” said Scott Cuthbertson, president of the Economic Development Corporation of Utah (EDCUtah). “Its innovative advanced propulsion technology is revolutionizing the automotive industry and will be right at home in the Beehive state as a growing company creatively solving the challenges of our day.”