Powering the Future: Stored Energy Systems Expands in Longmont, Colorado

LONGMONT - Today, Governor Polis and the Global Business Development Division of the Colorado Office of Economic Development and International Trade (OEDIT) announced that Stored Energy Systems (SENS), a provider of nonstop direct current (DC) power for critical infrastructure, has selected Longmont, Colorado for expansion.

"Our state is the best place to live, work and do business, and we are thrilled to see Stored Energy Systems expand right here in Colorado. Their work will power critical infrastructure and create 314 new good-paying jobs for hardworking Coloradans," said Governor Polis.

SENS provides integrated power systems, battery chargers and battery monitoring solutions for life support systems such as hospitals, utilities, communications services, energy exploration and transportation. The company focuses on minimizing the risk of system downtime and has outgrown its current Longmont facility due to high demand of its products.

"Since moving to Longmont in 1992 with only three people, we have been most grateful for our fantastic staff, Longmont and OEDIT for all their support. As a primary employer, we estimate the economic benefit to northern Colorado of SENS exceeds $300 million per year as of 2024. Our growth, which has exceeded 50% CAGR for the last four years, means that this economic benefit will only increase," said CEO of SENS Bill Kaewert.

In Longmont, the SENS expects to create 314 net new jobs at an average annual wage of $97,493, which is 109% of the average annual wage in Boulder County. Positions to be added include: engineers in various specializations, manufacturing, customer service, quality, sales representatives and managers, marketing strategists and specialists, and support staff in finance, human resources, and IT.

"When companies like Stored Energy Systems choose to stay and grow in Colorado, they continue our state's growing leadership in advanced manufacturing and create good-paying jobs for Coloradans. This is a win for Longmont and our state," said OEDIT Executive Director Eve Lieberman.

The Colorado Economic Development Commission approved up to $5,581,873 in a performance-based Job Growth Incentive Tax Credit over an eight-year period and up to $397,315 in a performance-based Strategic Fund incentive over a five-year period. These incentives are contingent upon SENS, referred to as Project Bobcat throughout the OEDIT review process, meeting net new job creation and salary requirements.

The Longmont City Council approved an Economic Incentive Agreement with SENS in January, which will provide rebates on eligible City of Longmont development fees and business personal property tax, as well as incentives for NextLight dedicated internet service, and a primary employer entrepreneur and retention grant.

Erin Fosdick, President & CEO for the Longmont Economic Development Partnership shared, "Stored Energy Systems has been an integral part of Longmont's economy for decades. We are thrilled that the Longmont City Council and the Economic Development Commission recognize their contributions and approved incentives to keep this growing company in Longmont, Colorado. We look forward to supporting their continued innovation, growth, and success."

About OEDIT's Global Business Development Division

Global Business Development (GBD) is a division of the Colorado Office of Economic Development and International Trade. GBD supports Colorado businesses and communities by using a data-driven approach to recruit, support, and retain businesses that contribute to a robust and diversified economy. We align our portfolio of programs, services, and incentives with industries that benefit Colorado companies and elevate the state's national and international competitiveness. GBD also hosts foreign delegations and participates in trade and investment missions around the world to strengthen global awareness of Colorado. With a highly educated and motivated workforce, a thriving innovation economy, and nation-leading entrepreneurial spirit, Colorado is a top market for business development.

About the Colorado Office of Economic Development and International Trade

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado's economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire-and make it accessible to everyone. Learn more about OEDIT.

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