Kairos Power Selects Albuquerque for Research and Development Center
[Excerpted and updated from a Kairos Power press release dated 12.13.19]
ALBUQUERQUE – Kairos Power LLC, an innovative CleanTech engineering company, has chosen Albuquerque as its home for a new engineering center to support the development of its advanced reactor technology. The company will be located in Albuquerque’s Mesa del Sol master-planned community, where it purchased an existing building on 32 acres of land for future expansion. Over the next few years, the company will invest up to $125 million on the campus and create more than 65 high-paying jobs.
Headquartered in California, Kairos Power is expanding operations to Albuquerque to create a research and development facility focused on engineering and testing of high-temperature salt technology. At no time will any nuclear material be on site at the Albuquerque facility, nor will the facility generate any spent nuclear materials, according to the company.
Albuquerque puts Kairos Power in close proximity to two national laboratories, highly regarded universities, and the opportunity to revitalize an existing industrial facility previously used by another advanced energy company.
“Our new facility in Albuquerque will allow us to expand our engineering research and development program in support of our mission to enable the world’s transition to clean energy,” said Mike Laufer, Chief Executive Officer of Kairos Power. “We are excited to build our team and start work in New Mexico, which brings great people and partner organizations to support our efforts.”
The project would generate an estimated total economic impact of up to $292 million over 10 years, according to an analysis by the State of New Mexico. The company plans to hire a diverse set of technical roles including engineers, technicians, mechanics, machinists, and welders in addition to non-technical operational roles.
The Albuquerque location allows Kairos Power the ability to access a diverse and highly educated workforce, while bringing high-paying, long-term jobs and significant capital investment to the state.
“By bringing Kairos Power to Albuquerque we are building on or strengths as a technological research and development hub,” said Albuquerque Mayor Tim Keller. “Further, we are adding quality jobs that cover three areas: professional, technical, and skilled labor with competitive and desirable salaries averaging $100,000 that will bring up our city’s average salary.”
“Kairos Power has seen what Albuquerque brings to the table for companies: a skilled workforce, a network of existing assets in the national labs and our research university, competitive incentives, and opportunity,” said City of Albuquerque Economic Development Director Synthia Jaramillo. “Kairos Power will bring additional activity to Mesa del Sol, and we are thrilled to welcome the company to Albuquerque.”
The New Mexico Economic Development Department has committed $4 million from the Local Economic Development Act (LEDA) to the project. That includes a $1 million bonus for locating in an Opportunity Zone, making this the first deal to utilize New Mexico's one-of-a-kind incentive for Opportunity Zone development.
The City of Albuquerque Economic Development Department has committed $1 million through its LEDA fund, and will serve as the fiscal agent for the state’s funding. Kairos Power has applied for an Industrial Revenue Bond (IRB), which will result in a company investment up to $125 million in building and land acquisition, new construction, and equipment purchases by 2025. All incentives are pending approval by the Albuquerque City Council.
KAIROS POWER is a mission-driven engineering company focused on the delivery of a clean, affordable and safe energy solution through the integrated design, licensing and demonstration of advanced reactor technology. For more information, go to kairospower.com
NAI Maestas & Ward Senior Director, JIM HAKEEM, represented Kairos Power in this transaction: "Kairos Power purchased the former Scott Solar building that was vacated in 2014 and bought by a local investment group. While the total building size is approximately 135K SF Kairos purchased approximately 113K SF. In addition, they purchased an additional 32 acres of land adjacent to the building for future expansion. The purchase of this facility is a continuing indicator and momentum boost for companies looking to invest and locate to Albuquerque. The close proximity to Sandia and Los Alamos National Labs aided in the decision making for Kairos. Albuquerque was one of 15 cities being considered for this facility and with the efforts of AED, NMED and other government entities, Albuquerque rose to the top. Kairos plans to bring more than 65 high-paying jobs to the facility." Learn more about Jim Hakeem and his listings here.