Kairos Power expands in NM
NEW MEXICO – Technology company, Kairos Power announced that it is expanding its operations in New Mexico to build three facilities and create 100 jobs.
Kairos Power is headquartered in Alameda, California, and initially expanded to Albuquerque’s Mesa del Sol community in 2019 for its research and development engineering center to support commercialization of its advanced reactor technology. The company also has locations in Oak Ridge, Tennessee, and Charlotte, North Carolina.
According to the company, it plans to build a salt production facility to produce high-purity molten salt coolant for advanced reactors on the company’s Albuquerque campus along with a TRISO Development Laboratory, where it will optimize fuel fabrication techniques. The salt coolant and TRISO fuel produced at this facility will go to the Hermes demonstration reactor, currently under construction in Tennessee.
The project will generate an estimated total economic impact of up to US$478 million for New Mexico over the next ten years, according to the state’s analysis. The company plans to hire technicians, operators, fabricators, machinists, engineers, etc., with an average salary of more than US$100,000. In addition, the company has a robust internship program that works with UNM and CNM to successfully convert interns into full-time employees.
“Kairos Power is pleased to continue to grow our presence in New Mexico and contribute to the local clean energy innovation ecosystem,” said Kairos Power CEO and co-founder Mike Laufer.
The New Mexico Economic Development Department (EDD) has committed US$3 million in Local Economic Development Act (LEDA) funds to the project.
The company will also be eligible for the High Wage Jobs Tax Credit and the New Mexico Manufacturing Investment Tax Credit. In addition, the project will receive US$1.8 million in Job Training Incentive Program (JTIP) funding to train 100 new employees, the majority of which are high-paying jobs.
Also, the City of Albuquerque Economic Development Department has committed US$500,000 through its LEDA fund and will act as the fiscal agent for the state funding.
Kairos Power has applied for an Industrial Revenue Bond (IRB), which will involve the company’s investment of more than US$269 million in the acquisition of buildings and equipment. All incentives are pending approval by the Albuquerque City Council.
