COLORADO SPRINGS, Colo. (KOAA) — Governor Jared Polis announced on Wednesday that Terra Ferma, a company that designs and manufactures new technologies for the communications industry, is starting a Light Fidelity, or "LiFi," manufacturing facility in Colorado Springs.
The governor says that the new facility will bring 120 new, good-paying jobs with an average annual wage of $68,108. New jobs will include sales, engineering, and warehouse roles.
According to the governor's office, Terra Ferma specializes in rapid prototyping, engineering, and manufacturing solutions for LiFi.
LiFi is a wireless communication technology that uses light to transmit data and power over Ethernet. Terra Ferma's customers include the U.S. military and government, and NATO.
Terra Ferma will be investing $1.3 million to develop the manufacturing facility and its necessary support structure. The governor says they chose Colorado Springs for its proximity to Department of Defense assets.
The Colorado Economic Development Commission approved up to $1,010,584 in a performance-based Job Growth Incentive Tax Credit for the company over eight years.
The Colorado Springs City Council approved $8,975 over four years in performance-based incentives.
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