Kairos Power, a CleanTech engineering company, will locate a new engineering center in Albuquerque, New Mexico. The facility will support the development of the company's advanced reactor technology.
According to New Mexico Economic Development, the company will be located in Albuquerque’s Mesa del Sol master-planned community, where it plans to purchase an existing building on 32 acres of land for future expansion. Over the next few years, the company will invest up to $125 million on the campus and create more than 65 jobs.
Headquartered in California, Kairos Power is expanding operations to Albuquerque to create a research and development facility focused on engineering and testing of high temperature salt technology. At no time will any nuclear material be on site at the Albuquerque facility, nor will the facility generate any spent nuclear materials, according to the company.
Albuquerque puts Kairos Power in close proximity to two national laboratories, highly regarded universities, and the opportunity to revitalize an existing industrial facility previously used by another advanced energy company.
“Our new facility in Albuquerque will allow us to expand our engineering research and development program in support of our mission to enable the world’s transition to clean energy,” said Mike Laufer, CEO of Kairos Power. “We are excited to build our team and start work in New Mexico, which brings great people and partner organizations to support our efforts.”
New Mexico Economic Development Department Cabinet Secretary Alicia J. Keyes noted, "New Mexico, once again, is the place to be for innovation. The high-paying jobs at Kairos Power will help build wealth in our community and provide an exciting path for STEM students coming out of our higher education institutions.”
The Albuquerque location allows Kairos Power the ability to access a diverse and highly educated workforce, while bringing high-paying, long-term jobs and significant capital investment to the state, according to Albuquerque Economic development.
“Kairos Power has seen what Albuquerque brings to the table for companies: a skilled workforce, a network of existing assets in the national labs and our research university, competitive incentives, and opportunity,” said City of Albuquerque Economic Development Director Synthia Jaramillo. “Kairos Power will bring additional activity to Mesa del Sol, and we are thrilled to welcome the company to Albuquerque.”
The New Mexico Economic Development Department committed $4 million from the Local Economic Development Act to the project. That includes a $1 million bonus for locating in an Opportunity Zone, making this the first deal to utilize New Mexico's one of-a-kind incentive for Opportunity Zone development.
The City of Albuquerque Economic Development Department committed $1 million through its LEDA fund, and will serve as the fiscal agent for the state’s funding. Kairos Power has applied for an Industrial Revenue Bond, which will result in a company investment up to $125 million in building and land acquisition, new construction, and equipment purchases by 2025. All incentives are pending approval by the Albuquerque City Council.
"New Mexico has long been a center for energy innovation and it’s truly exciting to see a cutting-edge company like Kairos Power recognize the unique opportunity provided by the deep scientific and engineering R&D capabilities here in New Mexico," said Tim Nitti, CEO of the New Mexico Partnership.
Jim Chynoweth, Chair of Albuquerque Economic Development, Inc. added, “Kairos Power’s vision to change the world’s energy landscape matches the innovative mindset and expertise readily available in New Mexico with our national labs and universities. We welcome our newest employer and look forward to watching the evolution of its technology open doors for industry and for our area economy.”