Explanation
BACKGROUND: The Columbus Department of Development is proposing a Jobs Growth Incentive Agreement with Hyperion Companies, Inc.
Hyperion Companies, Inc. (“Hyperion”) is a hydrogen technology company founded in 2011 and currently headquartered in Orange, California. Hyperion focuses on manufacturing hydrogen fuel cells for both mobile and stationary applications along with manufacturing hydrogen vehicles, refueling stations, and home chargers. Hyperion's advanced fuel cell stacks are cutting edge with technology validation from NASA, Shell, Department of Energy (DOE), and National Renewable Energy Lab (NREL). Hyperion has formally engaged with Barclays Capital, Inc. to bring over $500M towards mass production of its products and sees Columbus, Ohio as a favorable climate for a manufacturing/HQ operation.
Hyperion is proposing to invest a total project cost of approximately $296,900,000 to build out a manufacturing facility, which includes $6,400,000 in improvements to existing buildings, $289,500,000 in machinery and equipment, and $1,000,000 in furniture and fixtures to renovate an approximately 500,000 square-foot manufacturing space at 5300 Crosswinds Drive, Columbus, Ohio 43228, parcel number 570-109437 (“Project Site”), to accommodate its increased business growth and to meet its consumer demands. The company will create 687 net new full-time permanent positions with an annual payroll of $58,293,012 and relocate 10 out-of-state full-time positions with an estimated annual payroll of approximately $1.3 million at the proposed Project Site.
This legislation is presented as 30-day legislation.
FISCAL IMPACT:
No funding is required for this legislation
Title
To authorize the Director of the Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement with Hyperion Companies, Inc. for a term of up to six (6) consecutive years in consideration of the company’s proposed capital investment of $296,900,000.00, the reloca...
Click here for full text