An unnamed quantum technology company is considering a significant expansion in Boulder, Colorado, as it aims to establish a new research and development facility. The project, known in official documents as Project Electron and Project Neon, is projected to invest nearly $40 million and create approximately 150 jobs with an average annual salary of nearly $170,000.
During a recent meeting of the Colorado Economic Development Commission, Dan Salvetti, the semiconductor industry manager at the Colorado Office of Economic Development and International Trade (OEDIT), revealed the company’s interest in the new CHIPS Zone, which was established in November 2022. The commission has extended an incentive offer of up to $2,760,641 in job-growth tax credits over eight years, some of which can be converted into refundable tax credits under the CHIPS program.
While the company remains unnamed until it formally accepts the incentives, it has expressed interest in Boulder as well as potential operations in New Mexico. Salvetti noted that the decision factors include proximity to Colorado’s thriving quantum ecosystem, access to skilled talent, and available state incentives. The company currently employs 95 people and anticipates that its payroll could reach around $25 million following the expansion.
In addition to state tax credits, the Boulder project may also benefit from local and federal incentives. Salvetti mentioned that the company has previously received funding from the Defense Advanced Research Projects Agency (DARPA), which could be utilized for the Boulder project.
The Boulder Valley has been a hub for quantum research over the past three decades, bolstered by institutions such as the University of Colorado and the National Institute of Standards and Technology. Recently, companies like Quantinuum LLC and Atom Computing Inc. have made strides in quantum computing, with both firms participating in DARPA’s Quantum Benchmarking Initiative, which supports the scalability of quantum operations.
According to Salvetti, the expansion of Colorado’s quantum economy is a top priority for the state. “We’re a national leader in quantum technologies,” he said, emphasizing that the incentives offered to the unnamed company are crucial for maintaining Colorado’s competitive edge as other states ramp up their efforts in the technology sector.
The CHIPS Zones in Colorado, designed to stimulate economic growth in semiconductor and related industries, were conceived following the CHIPS and Science Act, signed into law in 2022. This legislation aims to enhance the United States’ position in semiconductor research and manufacturing. Although quantum technology firms are not always directly involved in semiconductor production, they qualify for benefits under the CHIPS Zone program.
The Boulder CHIPS Zone encompasses three noncontiguous districts across the city. According to OEDIT, the boundaries were determined based on the concentration of semiconductor and advanced technology businesses, land use regulations, and growth potential. Currently, there are about 46 businesses in the semiconductor, photonics, and quantum technology sectors in Boulder, ranging from startups to established market leaders.
The Gunbarrel district includes notable companies such as Kyndryl (IBM), while the east Boulder area hosts Flatiron Park and the university’s east campus. The central Boulder zone encompasses the main campus of the University of Colorado and various advanced industry businesses, providing opportunities for both startups and expanding firms.
Should Project Electron or Project Neon choose to proceed with establishing its R&D facility in Boulder, it would contribute significantly to the region’s reputation as a leader in quantum technology. As the field continues to evolve, the potential applications of quantum science could transform various industries, from healthcare to data security, although full realization and commercialization may still be years away.
The decision regarding the expansion is anticipated soon, and its outcomes could further solidify Boulder’s status as a key player in the global quantum technology landscape.
