Terra Ferma has just announced the selection of Colorado Springs as the site for its new LiFi manufacturing facility, which is slated to generate 120 jobs in Colorado, as reported by the Colorado Governor’s Office. The company, known for its communication technology products, plans to invest $1.3 million into the region for this project, capitalizing on the local talent and its proximity to Department of Defense assets.
“Terra Ferma’s decision to establish a LiFi manufacturing facility in Colorado Springs is exciting news for our state, these new positions will bring not only new employment opportunities but contribute to our community’s technological advancement and economic growth,” Governor Polis said, as per the Colorado Governor’s Office, emphasizing the importance of the project; meanwhile, Dennis Roark, founder and president of Terra Ferma, highlighted the existing technology ecosystem in Colorado Springs and expressed enthusiasm about utilizing the local resources and talent. Colorado Springs promises to offer a fertile ground for tech innovation, aligning with the company’s mission to fill capability gaps and create custom solutions, especially for defense sector applications. Their partnership with ITS, LLC, a local IT engineering firm, is expected to keep them at the cutting edge of their field.
In terms of financials, the new jobs, boasting an average annual wage of $68,108, are due to play a pivotal role in strengthening the area’s employment landscape. The expansion comes with a surge of various roles, encompassing sales, engineering, and warehousing slots. The Colorado Economic Development Commission has approved tax credits of $1 million over eight years for Terra Ferma, assuming that the company meets job creation and salary targets set forth. Additionally, potential benefits from the Colorado Enterprise Zone program, estimated at more than $200,000, could create even further tax incentives for the burgeoning company…