Sarcos Robotics Expands Operations in Salt Lake City, Utah
As an incentive, Sarcos has been awarded the GOED Economic Development Tax Increment Financing and may earn up to 20 percent of the new state taxes they will pay over the five-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate. As part of the contract with Sarcos, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1,233,247. Each year as Sarcos meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
“Sarcos is growing rapidly, we’ve doubled our workforce in the last year as we realize our vision of delivering robotic systems that simultaneously reduce the risk of workplace injuries while also increasing productivity and efficiency,” said Ben Wolff, CEO & Chairman of Sarcos Robotics. “The GOED award will support our continued growth of our team in Utah and address the unmet global demand for robotic systems that create the safest, most productive workforce possible.”
“Sarcos is one of Utah’s leading innovative companies,” said Val Hale, Executive Director of GOED. “This Utah company has created wonderful robotics at the University of Utah Research Park and we are excited to see where this expansion takes them.”
Sarcos is a robotics company founded in the early 1980’s as a spin-out of the University of Utah. Currently the company is focused on the commercialization of three energetically autonomous, highly mobile and dexterous robot products representing the culmination of decades of advancements in complex electro-mechanical and biologically-inspired engineered systems.
“It’s always exciting to see companies grow in Utah, but it’s especially exciting when those companies are like Sarcos, with such strong historical ties to the state and our universities,” said Theresa Foxley, CEO of the Economic Development Corporation of Utah. “The company’s innovative robotics technology is accelerating progress across a diverse set of industries; we look forward to seeing the similarly-transformative impact of an expanded Sarcos presence on our Utah communities.”
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