A move is on in Colorado Springs to secure the construction of an advanced semiconductor manufacturing plant.
The effort, currently known only as Project Garnet, is being conducted somewhat in secrecy in terms of revealing the company involved.
But city, El Paso County, and State of Colorado economic development officials have been involved in a protracted process of putting together an attractive incentives package in the hope of securing the plant.
To date, Colorado Springs and El Paso County have pledged a combined $111 million for the project. Now, members of the Colorado Economic Development Commission have added another nearly $4 million in incentives for the project.
According to published sources, the project would bring with it a potential capital investment of $631 million initially, growing to more than $1 billion during its phase two development.
The project, according to local economic development officials, may be eligible for federal funding via the Chips Act, otherwise known as the Creating Helpful Incentives to Produce Semiconductors and Science, which was signed into law last summer by President Biden.
While speculation has only naturally been heightened regarding the identity of the company, state officials, according to the Colorado Springs Gazette, have described it as a “world leader in electronic materials and process solutions for the semiconductor, life sciences, and other high-tech industries.”
A timeline for when Project Garnet may be officially announced is not yet known.
By Garry Boulard