Consultants Forum Advertise
Subscribe
Close

  • Free for qualified executives and consultants to industry

  • Receive quarterly issues of Area Development Magazine and special market report and directory issues

Subscribe Now
Renew

Area Development - Site Selection, Facility Planning and Workforce Development

Kairos Power Expands Albuquerque, New Mexico, Operations

10/01/2024
Kairos Power, a clean energy technology, engineering, and manufacturing company, plans to expand its operations in Albuquerque, New Mexico. The project is expected to create 100 jobs.

The investment will include the construction of a new salt production facility to produce high-purity molten salt coolant for advanced reactors at the company’s existing campus alongside a TRISO Development Lab.

“Kairos Power is pleased to continue growing our presence in New Mexico and contribute to the local ecosystem of clean energy innovation,” Kairos Power CEO and co-founder Mike Laufer said. “The infrastructure and capabilities we are investing in here are critically important to our long-term commercial strategy and will enable the delivery of a safe, reliable, and affordable technology, starting with the Hermes demonstration reactor. We thank the City of Albuquerque and the State of New Mexico for their continued support as we work to bring value to the region while advancing our clean energy mission.”

To support the project the New Mexico Economic Development Department has committed $3 million in Local Economic Development Act (LEDA) funding. Kairos Power will also be eligible for New Mexico’s High Wage Jobs Tax Credit and Manufacturing Investment Tax Credit. Additionally, the project will receive $1.8 million in Job Training Incentive Program (JTIP) funding to train 100 new employees, most of which are high-wage jobs.

“The New Mexico Economic Development Department is proud to support this innovative company so that we can bring more high-wage jobs to the state. Additionally, this type of technology greatly reduces water consumption and is wonderful for arid regions looking for clean energy," noted New Mexico Economic Development Department Secretary Rob Black. “Since 2019, Kairos Power has invested in NM, and we’re thrilled for their continued growth.”

The City of Albuquerque Economic Development Department has committed $500,000 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 (IRB), which will result in a company investment of more than $269 million in building and equipment purchases. All incentives are pending approval by the Albuquerque City Council.

“Kairos Power’s expansion is a big win for Albuquerque,” City of Albuquerque Economic Development Director Max Gruner added. “This project is a prime example of how public-private collaboration can fuel economic growth and innovation.”

Kairos Power focuses on the delivery of a clean, affordable and safe energy solution through the integrated design, licensing and demonstration of advanced reactor technology. The company currently has locations in Albuquerque, New Mexico, Oak Ridge, Tennessee, and Charlotte, North Carolina.

Exclusive Research