Company: Canoo Parent Company: Canoo Inc. Subsidy Source: multiple Location: Oklahoma Project Description: EV manufacturing facility Year: 2023 Major Industry of Parent: motor vehicles Specific Industry of Parent: electric vehicles Subsidy Value: $114,000,000 Program Name: multiple Awarding Agency: multiple Type of Subsidy:
Number of Jobs or Training Slots: 1,362 Wage Data: $60,512 Wage Data Type: Average annual wage Capital Investment: $321,600,000 Source of Data: Clifton Adcock, "Canoo could collect up to $110 million in state incentives over the next decade, but three previous Oklahoma deals fell through," The Frontier, August 21, 2023, (click here). For more information on the company's previous subsidy offers in Oklahoma, see Brianna Bailey, "Land and millions of dollars for infrastructure are part of a deal to lure a startup electric car maker to Oklahoma," The Frontier, October 13, 2021, (click here) article appendix breaking down subsidies: (click here) NDA at (click here). Notes: In June 2021, Canoo, an electric vehicle start-up company, announced plans to build a production complex at the state-run Mid-America Industrial Park near Pryor and a tech hub in Tulsa with $300 million in pledged incentives from the state. Those deals have since been cancelled and the company now intends to instead proceed with a battery plant in Pryor and a factory in Oklahoma City. Canoo's VP has said that the Tulsa tech hub "remains part of Canoo's future plans." For these two projects, the company is eligible for up to $114 million in state and local support: $40 million over 10 years through the state's Quality Jobs Program, $7.5 million from the Governor's Quick Action Closing Fund, $28 million in Investment/New Jobs tax credits, sales and use tax exemptions worth at least $27.6 million, $5.4 million through the state's freeport tax exemption, $1.9 million through the Oklahoma Training Incentive Program, $1.7 million in automotive engineer tax credits, $663,312 from the Cherokee Nation's workforce development program, and $1 million through Oklahoma City's Strategic Investment Program. Canoo's battery plant in Pryor could also be eligible for $208 million in federal income tax credits between 2025 and 2032 through the IRA's 45X Advanced Manufacturing Production Credit (not included in Megadeal total). Job, wage, and investment information are requirements to receive Quick Action Closing Fund subsidy. Overlaps with main data: none. Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.