Canoo finalizes incentive package with Oklahoma, Cherokee Nation

Canoo has finalized today agreements on workforce and economic development incentives from the state of Oklahoma and the Cherokee Nation for its vehicle assembly and battery module manufacturing plants in Oklahoma City and Pryor, respectively. The estimated combined value of the incentive agreements is up to $113M over 10 years. The agreements require the company to meet job creation and investment targets. The agreement with the Oklahoma Department of Commerce will enable Canoo to receive performance-based payments from the Quality Jobs program and 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 also signed on-the-job training agreements with the Cherokee Nation. Under these agreements, the Cherokee Nation is committed to working with Canoo to identify skilled workers within their reservation to staff the battery module manufacturing facility in Pryor. Canoo will invest more than $320M in its Oklahoma City assembly facility and Pryor battery module manufacturing plant. Together, these facilities will create more than 1,360 jobs at wages that exceed average state and local salaries, according to Department of Commerce data.