Could This “Seaglider” Company Be Moving From Boston to RI—and Bringing 600 Jobs?
Wednesday, June 01, 2022
The Investment Committee of Rhode Island Commerce on Monday gave the green light for employee tax credits to Regent Craft — the producer of maybe the most unique concept vehicle for moving people on the water -- a "seaglider."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIf the full Commerce Board approves the Qualified Jobs Incentive Tax Credit incentives — the company would be eligible for tax credits for up to 600 employees over the next five years.
The board is scheduled to vote on the incentives at Wednesday’s meeting.
Regent, according to Commerce, already has hundreds of orders for its “all-electric, passenger-carrying, wing-in-ground-effect vehicles.”
Raised $27 Million
In February of this year, Regent announced they closed on a new round of capital.
Investors in this $18 million round include lead investors Thiel Capital and JAM Fund, Mesa Air Group, Toba Capital, and Olive Tree Capital. Regent has now raised over $27 million of capital over two financing rounds: this $18 million round and the $9 million round previously announced in April 2021.
"We were honored to receive the strong interest from investors that led us to this additional strategic capital raise. It has been incredibly confidence inspiring to see our investors and customers come together and truly buy-in on our vision of revolutionizing regional transportation with seagliders. We couldn't ask for a better hard tech investment lead than Thiel Capital, and with participation from Mesa Air Group, we are excited to accelerate seaglider development with a world leader in regional air mobility who is at the vanguard of sustainable transportation technologies," said Billy Thalheimer, CEO of Regent in February.
600 Jobs, Median-Salary $150,000
According to Commerce, the Boston-based company will hire about 600 top-tier workers starting in January 1, 2025. The median salary will be $150,000 -- and the company is looking to locate at Quonset.
"Our first vehicle will carry 12 passengers and our next will carry at least 50 passengers. With existing battery technology, both variants will have a 180 mile range and 180 mph top speed. The vehicles will be as safe as aircraft and have better wave and wind tolerance than existing seaplanes and WIGs [wing-in-ground-effect]," claims the company.
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