Hypercraft, a cutting-edge provider of electric powertrain systems, announced plans to bring approximately 183 new high-paying jobs and invest $39 million in Utah during the next seven years.

“We are very grateful for the support we have received from EDCUtah and the Governor’s Office of Economic Opportunity as we continue to grow and scale our business, technologies, and employee base here in Utah,” said Jake Hawksworth, CEO of Hypercraft.

EDCUtah assisted Hypercraft in navigating state incentive processes and in coordinating with communities across the Wasatch Front. EDCUtah will continue to help Hypercraft with incentives from other agencies and by connecting them with our network of private and public sector partners. 

“We are thrilled to celebrate Hypercraft’s expansion in Utah,” said Scott Cuthbertson, president of the Economic Development Corporation of Utah (EDCUtah). “Its innovative advanced propulsion technology is revolutionizing the automotive industry and will be right at home in the Beehive state as a growing company creatively solving the challenges of our day.”

With the goal of making electric vehicle (EV) technology available to everyone, Hypercraft supplies complete, plug-and-play electric drive systems for everything from one-off creations to large-scale electric vehicle production. The company’s client base includes chassis fabricators, custom and restomod shops, manufacturers of automobiles, boats, off-road, powersports, and racing vehicles, fleets, small equipment, and anything in between. Hypercraft strives to give companies access to advanced propulsion technology and to help those companies scale their businesses quickly.

The Utah Governor’s Office of Economic Opportunity (GOEO) – an EDCUtah founding investor – assisted the project by approving Hypercraft for Economic Development Tax Increment Financing (EDTIF).

“Utah is driving innovation in the electric vehicle industry, shaping the future of sustainable, eco-friendly transportation,” said Ryan Starks, executive director of the Governor’s Office of Economic Opportunity. “Our commitment to advancing research and production ensures Utah is leading the charge in manufacturing technology and innovation. Companies like Hypercraft are driving this progress, serving as hubs for groundbreaking solutions that will power a more sustainable future.”

Jared Stewart, senior business development manager, led Project Aegis for EDCUtah.

EDCUtah Investors: If you were involved with this project and would like to have your organization mentioned, please email connect@edcutah.org and we’ll update this article.