Banking & Finance  November 16, 2023

Lithium-iron-phosphate battery firm could build factory in Northern Colorado

DENVER — The Colorado Economic Development Commission on Thursday approved an offer of tax incentives worth just under $2 million over eight years to an unnamed foreign manufacturer of lithium-iron-phosphate batteries that’s considering building a factory in the state.

Specifically, the company, referred to in Colorado Office of Economic Development and International Trade documents as Project Hawk, is targeting sites in Colorado Springs, Aurora, Fort Collins and Northern Colorado.

It is the Colorado Economic Development Commission’s practice not to identify companies OEDIT is recruiting until incentives are accepted.

The company behind Project Hawk wants to establish a cell production facility for its LiFePO4, (a commonly used acronym lithium-iron-phosphate) batteries, catering to the expanding Northern American market by supplying batteries for vehicles and energy storage systems for various applications, such as powering small rural housing settlements,” according to OEDIT. 

“This project would support the state’s economic goals by catering directly to Colorado’s ambitious carbon emission reduction goals — enabling a cleaner, more sustainable energy future,” OEDIT said. “Project Hawk represents a company connected to Colorado via the Global Business Development Division’s proactive outreach to foreign markets. This application qualifies under the office’s metrics for its Wildly Important Goals (WIGs), which include proactive engagement and incentivization of foreign companies to consider Colorado for expansion. In addition, the establishment of a battery production facility will attract numerous suppliers due to its unique demands.”

Should Project Hawk accept the incentives offer, it would pledge to create 178 new jobs at an average annual wage of $75,938. 

This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2023 BizWest Media LLC.

DENVER — The Colorado Economic Development Commission on Thursday approved an offer of tax incentives worth just under $2 million over eight years to an unnamed foreign manufacturer of lithium-iron-phosphate batteries that’s considering building a factory in the state.

Specifically, the company, referred to in Colorado Office of Economic Development and International Trade documents as Project Hawk, is targeting sites in Colorado Springs, Aurora, Fort Collins and Northern Colorado.

It is the Colorado Economic Development Commission’s practice not to identify companies OEDIT is recruiting until incentives are accepted.

The company behind Project Hawk wants to establish a cell production facility for its LiFePO4,…

Lucas High

Lucas High
A Maryland native, Lucas has worked at news agencies from Wyoming to South Carolina before putting roots down in Colorado. He loves sports (Go Ravens and O’s!), a good book and a cold beer. From cannabis to banking to startups and everything in between, Lucas has his finger on the pulse of the Northern Colorado and Boulder Valley business beat.

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