Brice Wallace
A company producing electric drive systems for racing, defense, marine, street and commercial vehicles will grow by 183 employees over the next seven years.
Provo-based Hypercraft Inc. made the announcement after being approved for a tax credit incentive of nearly $2 million over seven years through the state’s Economic Development Tax Increment Financing (EDTIF) program. The Governor’s Office of Economic Opportunity board approved the incentive at its December meeting.
Brian Bowers, the company’s president, said many of the jobs will be focused on software, technical engineering and other technology, with others expanding the manufacturing capabilities and facilities of the company.
“We are very grateful for the support we have received from EDCUtah (the Economic Development Corporation of Utah) and the Governor’s Office of Economic Opportunity as we continue to grow and scale our business, technologies and employee base here in Utah,” Jake Hawksworth, CEO, said in a prepared statement.
The company website indicates Hypercraft’s goal is to make electric vehicle technology available to everyone. It supplies complete, plug-and-play electric drive systems for customers including chassis fabricators; custom and restomod shops; manufacturers of automobiles, boats, off-road, powersports and racing vehicles; fleets; small equipment “and anything in-between,” it says.
Hypercraft was founded three years ago and is located at the Provo Towne Centre mall.
“This has been just a great place for us to grow and develop this business and to assemble and build these systems that are technically complex and has allowed us to actually develop some technology that’s very cutting-edge,” Bowers told the GOEO board.
The next opportunity for the company is smart mobility and technologies that people are seeing in consumer autos that are not available to middle-market or smaller vehicle makers, he said.
The company was boosted in February 2023 by raising $6.5 million in seed funding, led by RevRoad Capital, also based in Provo.
The new jobs are expected to pay an average of $126,571. Total wages over seven years are projected at more than $92.6 million, and new state tax revenue is estimated at $9 million during that time. The project’s capital investment is nearly $39.3 million.
“We’re excited to see what you can do,” Jesse Turley, acting chair of the GOEO board, said to Bowers after the incentive approval.
“Utah is driving innovation in the electric vehicle industry, shaping the future of sustainable, eco-friendly transportation,” Ryan Starks, GOEO’s executive director, said in a prepared statement. “Our commitment to advancing research and production ensures Utah is leading the charge in manufacturing technology and innovation. Companies like Hypercraft are driving this progress, serving as hubs for groundbreaking solutions that will power a more sustainable future.”
“We are thrilled to celebrate Hypercraft’s expansion in Utah,” said Scott Cuthbertson, president of EDCUtah. “Its innovative advanced propulsion technology is revolutionizing the automotive industry and will be right at home in the Beehive State as a growing company creatively solving the challenges of our day.”
GOEO does not provide upfront cash incentives. Each year that an incentivized company meets the obligations in its contract with the state, it will qualify to receive a portion of the new, additional state taxes the company paid to the state.
