Today, the Utah Governor’s Office of Economic Development (GOED) awarded Lunar Resources, Inc. (LUNAR) a post-performance tax reduction for its HELIX-1 Factory in Salt Lake County. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
As part of the agreement, Lunar Resources will construct its HELIX-1 Factory in Salt Lake County, creating more than 400 new high-paying jobs and investing nearly $85 million in Utah over the next 10 years.
“Lunar Resources’ proposed expansion will help elevate Utah’s position as a leader in cutting-edge manufacturing and technologies,” said Jefferson Moss, commissioner of GOED. “Their pioneering technology aligns with our future-focused mindset and will serve as a powerful economic catalyst. We are optimistic about how this groundbreaking work will create opportunities for Utahns for many years to come.”
LUNAR specializes in pulsed power technologies and systems, a specialized form of electricity that involves extremely high power pulses of energy in short bursts, critical to defense, energy, power transmission, and industrial power systems. The company applies these technologies to applications on Earth, in space, and on the Moon. As a national leader in pulsed power technologies, LUNAR enables some of America’s most innovative companies. The new facility is expected to be the largest pulsed power manufacturing facility in the country.
“As we scale our manufacturing operations to meet growing demand for our revolutionary Helix Driver technology, finding a location that fosters innovation and growth was paramount,” said Elliot Carol, CEO of LUNAR. “Utah offers an exceptional talent pool and a highly supportive business environment that partners with companies to help ensure mutual success. We look forward to building deep roots here and continuing our mission to shape America’s next frontier on Earth and in space.”
Tax Credit Projections
| Timeline: | 10 years |
| Jobs: | 420 |
| Wages: | $188,247,625 |
| New state tax revenue: | $47,335,857 |
| EDTIF new state tax credit: | 30% |
Learn more about the state’s post-performance EDTIF program here.
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About the Utah Governor’s Office of Economic Development
Under Gov. Spencer J. Cox’s direction, the Governor’s Office of Economic Development provides resources and support for business creation, growth, and recruitment. It also drives increased tourism and film production in Utah. As stewards of the world’s best economy and quality of life, the Economic Development office utilizes federal, state, and private-sector resources to administer programs in areas demonstrating the highest potential for economic development and the most opportunity for Utahns.