Three companies have committed to expanding in Utah and are expecting to add a total of up to 624 jobs to the state during the next few years.
Varo Money Inc. will bring 331 jobs to Salt Lake County over five years in a $2.8 million project. Litehouse Inc. will expand its manufacturing operations in Hurricane, adding up to 165 jobs over eight years with the $40 million project. Electronic Power (EP) Systems LLC will expand in Logan, adding up to 128 jobs over seven years with the $11.6 million manufacturing project.
The companies made the announcements last week after being approved for tax credit incentives from the Governor’s Office of Economic Development. The Varo incentive is up to $336,382, while Litehouse could receive $346,763 and EP Systems was approved for nearly $1.7 million.
Varo, based in San Francisco, offers a mobile banking platform aimed at helping millennials manage monthly expenses, accumulate savings and optimize finances. The company has not yet determined a site for the Utah expansion. The project is expected to generate a total of $44.5 million in wages over five years and $1.7 million in new state tax revenue during that time. The company also considered Phoenix for the project.
The company received a GOED policy waiver because it is less than three years old.
“Varo Money is excited to leverage the great financial services and technology talent in the Wasatch Front market,” Colin Walsh, co-founder and chief executive officer, said in a prepared statement. “The entrepreneurial spirit in the Salt Lake Valley will be a perfect fit with Varo’s culture. We look forward to growing in Utah.”
Litehouse, based in Sandpoint, Idaho, produces and markets refrigerated salad dressings, cheeses, dips, sauces, apple ciders and frozen dried herbs. The company has 800 employees, including more than 160 in Hurricane. The project is expected to generate $44.9 million in new wages over eight years and more than $1.7 million in new state tax revenue during that period. The company also considered Idaho and South Carolina for the project.
“Our goal is to continue to add jobs to the communities that have helped us grow into a dominant leader in our industry,” Jim Frank, CEO, said in a prepared statement. “We are so pleased to announce our expansion in Hurricane, and we look forward to being a strong partner to the community that has been so supportive of Litehouse.”
EP Systems, based in Industry, California, designs and manufactures energy storage systems, complex systems that integrate technologies such as lithium-ion batters, converters, controllers, software and mechanical packaging. It primarily serves the aerospace and defense industries. The expansion is expected to result in new total wages of $38.9 million over seven years and nearly $8.4 million in new state tax revenue during that time.
“We are happy to announce our expansion plans into the state of Utah,” Nathan Millecam, CEO, said in a prepared statement. “We are excited to tap into the state’s industrious, innovative workforce and build a world-class energy storage system product line that makes the world safer, cleaner and more mobile.”