ForwardEdge ASIC Establishes St. Paul, Minnesota, Operations
05/26/2023
“Forward Edge ASIC is an investment in the defense industrial base right here in Minnesota,” said Jay Malave, chief financial officer at Lockheed Martin. “Saint Paul’s high-skilled labor force will lead our industry with secure, customer-focused microelectronics that meet or exceed mission expectations.”
The State of Minnesota is supporting the ForwardEdge expansion with $800,000 from the Department of Employment and Economic Development’s Minnesota Investment Fund (MIF) program and $500,000 from the Job Creation Fund (JCF) program. The MIF award, made in the form of a forgivable loan, will be administered by the City of Saint Paul. To qualify for funding, ForwardEdge must create and maintain at least 113 jobs over the next two years, with pay ranging from $40 to $70 per hour.
"Lockheed Martin considered multiple U.S. sites for this project but ultimately chose to expand in Saint Paul," noted Governor Tim Walz. "The company's decision is a testament to the area's world-class talent and access to business support and infrastructure. This expansion is tremendous news for Minnesota’s economy and workforce."
The project is also eligible for the capital investment rebate for renovations to an existing building, which would be rebated up to 5% under the JCF program.
"This is an exciting opportunity to support business expansion and job creation in our city," added Saint Paul Mayor Melvin Carter. "This investment supports our local and statewide vision of being a technology hub attractive to our 21st century workforce."
ForwardEdge ASIC is a microelectronics design startup that makes application specific integrated circuits.
Project Announcements
PEAK Precision Manufacturing Plans Bowling Green, Kentucky, Operations
07/26/2024
Italy-Based Sipcam Agro USA Upgrades Wayne County, Mississippi, Operations
07/26/2024
Cleveland-Cliffs Plans Weirton, West Virginia, Operations
07/26/2024
IDEXX Laboratories Plans Wilson, North Carolina, Production Operations
07/26/2024
Germany-Based Ritz Instrument Transformers Plans Waynesboro, Georgia, Operations
07/26/2024
AirJoule Plans Newark-Wilmington, Delaware, Operations
07/26/2024
Most Read
-
19th Annual Area Development Gold and Silver Shovel Awards
Q2 2024
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
The CHIPS and Science Act will bring jobs back to the United States
Q2 2024
-
The Bring Your Own Energy (BYOE) Party Is Starting
Q2 2024
-
2023 Top States Commentary: Top-Ranked States Have What It Takes to Win Mega Projects
Q3 2023
-
How to Overcome NIMBYism in Data Centers
Q2 2024