Canoo Successfully Completes First Hiring Milestone and Receives Non-Dilutive Incentives from Oklahoma
Government incentives are a critical part of supporting job growth in advanced manufacturing and other important global technologies
Justin, TX, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Justin, TX – (February 27, 2024) – Canoo Technologies (NASDAQ: GOEV), a leading high-tech advanced mobility company, announced it has received its first funding from the State of Oklahoma for successfully achieving an employment milestone from previously announced agreements awarded on workforce and economic development incentives from the state of Oklahoma. The state is now home to over 20% of Canoo’s total workforce.
“We selected the state of Oklahoma as our manufacturing home due to the state’s strong support and hardworking employees. We are very proud to reach this first hiring milestone and excited to bring high paying advanced manufacturing jobs to the area. We will continue to support this movement in the state,” says Tony Aquila, Investor, Executive Chairman and CEO.
This milestone was achieved through an agreement with the Oklahoma Department of Commerce enabling Canoo to receive performance-based payments from the Quick Action Closing Fund and to receive workforce training support. The Department of Commerce has issued a letter confirming Canoo’s eligibility for certain state tax credit and tax exemption programs.
Canoo continues to hire for both its Oklahoma City and Pryor, OK sites and is advertising for its open positions. Together, these facilities will create over 1,400 jobs at average wages that exceed state and local salaries, according to Department of Commerce data. The company is working closely with the Cherokee Nation, the State of Oklahoma, local career technology schools and staffing agencies to recruit and train a skilled advanced manufacturing workforce.
About Canoo
Canoo's mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with their pioneering technologies, unique design, and business model that spans multiple owners across the full lifecycle of the vehicle. Canoo designed a modular electric platform that is purpose-built to maximize the vehicle interior space and is customizable for all owners in the vehicle lifecycle, to support a wide range of business and consumer applications. Canoo has teams in California, Texas, Oklahoma, and Michigan. For more information, visit www.canoo.com and investors.canoo.com.
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However, while Canoo may elect to update these forward-looking statements at some point in the future, Canoo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Canoo’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Released February 27, 2024