California Invests $149 Million in Cutting-Edge Companies, Creating Nearly 6,000 Jobs

The California Governor’s Office of Business and Economic Development (GO-Biz) announced today that it is investing $149 million in 29 cutting-edge companies, which is expected to create nearly 6,000 jobs across the state. The funding will be used to support a variety of projects, including research and development, manufacturing, and commercialization.

The companies receiving funding are working on a wide range of innovative technologies, including artificial intelligence, robotics, and clean energy. The investment is expected to help these companies grow and create new jobs in California.

“This investment is a critical step in California’s efforts to build a strong and innovative economy,” said Governor Gavin Newsom. “These companies are developing cutting-edge technologies that will help California lead the way in the future.”

The GO-Biz investment is part of the state’s broader efforts to support economic growth and job creation. California has a number of programs and initiatives in place to help businesses grow and create jobs, including tax incentives, workforce training, and access to capital.

California Awarded Up to $1.2 Billion to Advance Hydrogen Roadmap and Meet Climate and Clean Energy Goals

The California Energy Commission (CEC) today awarded up to $1.2 billion in funding to 32 projects that will advance California’s Hydrogen Roadmap and help the state meet its climate and clean energy goals. The projects will support the development of hydrogen production, storage, and transportation infrastructure, as well as the deployment of hydrogen fuel cell vehicles and equipment.

“Hydrogen is a critical component of California’s clean energy future,” said CEC Chair David Hochschild. “This investment will help us develop the infrastructure and technology we need to make hydrogen a reality in California.”

The funding is part of the CEC’s Hydrogen Research, Development, and Demonstration Program, which was created to support the development of a hydrogen economy in California. The program has awarded over $2 billion in funding since its inception.

The projects receiving funding today are located across California and will involve a variety of organizations, including private companies, universities, and research institutions. The projects are expected to create jobs and economic benefits in addition to advancing California’s clean energy goals.

California’s Minority-Owned Small Businesses Contribute $192.8 Billion in Economic Output and Support Over 2.5 Million Jobs Annually, New Report Shows

A new report from the California Economic Development Department (DED) shows that minority-owned small businesses (MSBs) in California contribute $192.8 billion in economic output and support over 2.5 million jobs annually. The report also found that MSBs are more likely to be located in low-income communities and to hire workers from diverse backgrounds.

“MSBs are a vital part of California’s economy,” said DED Secretary Lourdes Ramirez. “This report highlights the important role that MSBs play in creating jobs and economic opportunity in our state.”

The report found that MSBs are more likely than non-minority-owned small businesses to be owned by women and immigrants. MSBs are also more likely to be located in low-income communities and to hire workers from diverse backgrounds.

The DED is committed to supporting the growth of MSBs in California. The department offers a number of programs and resources to help MSBs succeed, including access to capital, business training, and technical assistance.

In addition to the above, here are some other notable California business news stories from today:

  • San Francisco-based biotechnology company Theranos has been ordered to pay $400 million to settle a class-action lawsuit alleging that the company misled investors about its technology.
  • Los Angeles-based electric vehicle maker Rivian has announced that it is delaying the launch of its R1T pickup truck and RVS SUV until 2024.
  • Silicon Valley tech giant Apple has been fined $14.7 million by the Italian competition authority for abusing its dominant market position in the App Store.

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