Swisspod’s expands US presence with a manufacturing and assembly facil
Swisspod’s expands US presence with a manufacturing and assembly facility
With the expansion into Colorado Springs, Swisspod, a manufacturer of high-speed vehicles and subsystems for transportation assets, will create over 100 new jobs while advancing the region’s transportation infrastructure. The startup will receive several incentives to support its development.
Swisspod, a Lausanne-based company, offers a solution to support the States’ strategy. Pioneering high-speed, emission-free Hyperloop for the transportation of assets, the company has developed patents for propulsion and levitation technologies that have the potential to transform current track-based transportation systems and extend into industries like aerospace, automotive, and more.
Building on the success of their pilot project – the installation of the first 200 meters of its full-scale hyperloop infrastructure in Colorado – the company is expanding its North American presence with a new manufacturing and assembly facility in Colorado Springs. There, access to talent, supply chain connectivity, and proximity to partners, as well as the development of a prototype of its hyperloop transportation system in Pueblo, Colorado, will support the company’s growth.
New 107 jobs to be created and State incentives
With an office in Colorado and a growing team of ten employees, the company expects to create 107 net new jobs in Colorado Springs at an average annual wage of $67,952.38, which is 108% of the average annual wage in El Paso County. The positions will include roles in engineering and design, production, marketing, operations, and administrative support.
“We've built deep ties to Colorado. This is the home to our full-scale hyperloop infrastructure in Pueblo, and now, our newest R&D hub in Colorado Springs. Setting up an operational office and a manufacturing & assembly space here was a natural next step”, said Swisspod CEO and Co-Founder Denis Tudor.
The Colorado Economic Development Commission approved up to $918,000 in a performance-based Job Growth Incentive Tax Credit for Swisspod over an eight-year period. These incentives are contingent upon Swisspod, referred to as Project Chocolate throughout the OEDIT review process, meeting net new job creation and salary requirements.
The Colorado Springs City Council has approved $5,250 over a four-year period in performance-based incentives. The sales and use tax rebates apply to the purchases of construction materials, equipment, machinery, furniture, and fixtures. The City’s Economic Development Department also offered to support the company through its Rapid Response Program, as well as talent and workforce development support. Additionally, El Paso County approved $1,041,609 in incentives.
“We are proud to welcome Swisspod Technologies to Colorado Springs as they open their first North American headquarters. Their forward-thinking approach to technology and transportation aligns with our goals of creating vibrant economic growth, high-quality jobs, and positioning our community as a hub for cutting-edge industries. Hyperloop transportation has captured the attention and imagination of the world, and Colorado Springs is proud to be home to the people who are leading this innovative and ambitious work,” said Mayor Yemi Mobalade, City of Colorado Springs.
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