Member news: March 2024
First-of-its-kind plastics recycling microfactory to transform waste, create new jobs
A new plastics recycling and remanufacturing “microfactory” will convert waste materials into new products, provide skilled job opportunities and create a cooperative business model in Phoenix.
A first-of-its-kind, the Circular Plastics Microfactory held its opening ceremony on Feb. 6 and is a result of partnerships between Arizona State University, the city of Phoenix, Goodwill of Central and Northern Arizona, and Hustle PHX. Read more >>
Scottsdale solar company Arevon Energy Inc. secures $1 billion to build second phase of California generation-storage facility
Renewable energy company Arevon Energy Inc., which has the bulk of its operations in Scottsdale, has secured more than $1 billion in financing to proceed with a major solar project in Southern California that combines solar power generation and storage. Read more >>
KOREPlex Site Plan Receives Key Approval, Project to Deliver a $1.25B Investment in Buckeye
The KOREPlex, which is central to KORE Power, inc.’s (KORE) plan to build an American lithium-ion battery supply chain, received a key approval this week, when the City of Buckeye’s Planning and Zoning Commission unanimously approved plans for Phases 1 and 2 at the site. Read more >>
Raytheon cites successful test of advanced air missile reconfigured for ground launch
The Raytheon division of RTX (NYSE: RTX) — that has its missile-building operation based in Tucson — has announced the successful completion of a flight test of an updated version of an extended-range air-to-air missile that was reconfigured as a surface-to-air system. Read more >>
New CFO Named at Nikola
Nikola Corporation, a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, announced the appointment of an accomplished and highly regarded financial executive, Thomas “Tom” B. Okray, who has joined the company’s executive team as Chief Financial Officer (CFO). Read more >>
Sky Harbor starts 2024 off strong; airline announces new Phoenix route
Following a record-setting year, Phoenix Sky Harbor International Airport continued that momentum and started off 2024 with more passengers traveling through its gates than any January before.
In January, Sky Harbor recorded 3,939,032 total passengers going through its terminals, a 2.2% increase from January 2023, the previous record, according to data released Feb. 29 by the Phoenix Aviation Department. Read more >>
ASU-led EPIXC initiative to tackle greenhouse gas emissions
Arizona State University is at the forefront of a “clean energy revolution.” Those were the words of U.S. Deputy Secretary of Energy David Turk at the EPIXC launch event held Thursday at the Rob and Melani Walton Center for Planetary Health on the Tempe campus.
EPIXC, which stands for Electrified Processes for Industry Without Carbon, is a multi-institution effort being led by Arizona State University, which in 2023 was chosen by the Department of Energy to receive up to $70 million to establish a new Clean Energy Manufacturing Innovation Institute devoted to the challenge of fighting greenhouse gas emissions from industrial process heating. Read more >>
SRP updates sustainability goals with plans for reduced emissions, more EVs
Salt River Project says it has revised its sustainability goals to make them more ambitious.
The changes to SRP’s 2035 Sustainability Goals are part of a scheduled five-year update for the Tempe-based nonprofit utility since the previous goals were approved in 2019. SRP said the updates — to go into effect in May 2025 — reflect input from the public, cities, businesses, environmental organizations and others. Read more >>
Several Arizona firms, and AZTC members, make Inc.’s regional list of fast-growing companies
Nearly three dozen Arizona companies — all of them in the Valley — have landed on Inc. magazine’s 2024 Southwest Regional list on the way to the final 5000 list. AZTC companies on the list include: The PMO Squad, YellowBird, The RFP Success Company, and WebPT. Read more >>
TSMC set to receive $5 billion for Arizona fabs, report says
Taiwan Semiconductor Manufacturing Co. is slated to land more than $5 billion in federal grants to support its Arizona chipmaking facility, according to Bloomberg.
TSMC is making “steady progress in productive, ongoing discussions” with the U.S. government for federal incentives, Bloomberg reported Friday, citing people familiar with the matter. Read more >>
Sun Corridor Inc., Sonora Global Sign Historic Agreement to Boost Economic Cooperation
Sun Corridor Inc., Tucson and Southern Arizona’s regional economic development organization, and Sonora Global, the economic development organization for the State of Sonora, Mexico have signed a historic Memorandum of Understanding to promote trade and economic development as a megaregion. Read more >>
Arevon Energy announces solar project to power Meta’s regional operations in Missouri
Arevon Energy, a Scottsdale, Arizona-based renewable energy company, announced Wednesday, March 6, that a solar project in Scott County will power Meta’s regional operations.
Known as the Kelso Solar Project, the 2,500-acre facility is actually just north of Blodgett. It consists of two phases: a 200-megawatt section and a 149-megawatt section. Read more >>
Intel awarded $8.5 billion in CHIPS Act grants
The U.S. is awarding Intel with $8.5 billion in direct funding through the federal CHIPS Act to support the company’s semiconductor advanced packaging and manufacturing facilities in Arizona and three other states.
Once loans and tax credits are considered, Intel (Nasdaq: INTC) could receive a package valued at more than $40 billion. Read more >>
Innovative Startup Focused on Developing Clinical Diagnostic Tools Wins Startup Incubation Support through Collaboration Between the University of Arizona and Forward-Looking Legal Firm
The University of Arizona Center for Innovation (UACI) is pleased to announce the winning startup team for the UACI Sponsored Launch Fueled by Spencer Fane LLP competition. The startup, TheraCea, will continue to receive support in the UACI incubation program including resources, facilities, services and expert guidance to grow its business. Read more >>
ASU Business School Launches New AI Degree Program
Following ASU’s groundbreaking announcement of the first university collaboration with OpenAI, the W. P. Carey School of Business is officially launching a new degree program — the Master of Science in Artificial Intelligence in Business (MS-AIB). Backed by faculty from the Department of Information Systems, it is the first AI graduate degree program from a business school in the United States. Read more >>
30th Anniversary for PADT Marks Significant Milestone for the Arizona-Based Engineering Products and Services Company
PADT, a globally recognized provider of numerical simulation, product development, and 3D printing products and services, announced its 30th year in business in March 2024. The company was started back in 1994 by four engineers who had a vision of taking advanced computer aided engineering capabilities that were only being used in aerospace and making them available to other industries. Read more >>
Raytheon gets $1.2 billion deal from Germany for Patriot missile defense system
Under a new $1.2 billion contract awarded this week, Raytheon’s Arizona unit will provide the German military with a fresh supply of Patriot air and missile defense equipment. Raytheon, a division of Virginia-based RTX Corp. (NYSE: RTX), whose missile manufacturing operations are based in Tucson, said the contract will supply the most current Patriot Configuration 3+ radars, launchers and command-and-control stations, along with spare parts and support. Read more >>
E-commerce giant Amazon inks huge lease in West Valley
Amazon.com Inc. has signed another massive industrial lease in metro Phoenix, adding to its substantial portfolio in the Valley. Amazon (Nasdaq: AMZN) will fully lease a 1.2 million-square-foot building for 10 years at The Cubes at Glendale industrial park, according to a new Cushman & Wakefield listing that markets the building for an acquisition opportunity. Read more >>
Arizona EV Manufacturer Lucid Announces Investment of $1 Billion
Lucid Group, Inc. announced that it has entered into an agreement with its majority stockholder, Ayar Third Investment Company (“Ayar”), an affiliate of the Public Investment Fund (“PIF”), to purchase $1.0 billion of newly created series of convertible preferred stock via private placement, subject to customary closing conditions. Read more >>