First Oklahoma incentive payment made to EV maker Canoo


While its publicly traded shares have plunged to a dime each, electric vehicle maker Canoo Inc. announced it has received its first funding from the state of Oklahoma where it has operations in Oklahoma City and Pryor.

The company said it received the first funding “for successfully achieving an employment milestone from previously announced agreements awarded on workforce and economic development incentives from the state of Oklahoma.”

Oklahoma now houses about 20% of Canoo’s total workforce, according to the press release.

“We are very proud to reach this first hiring milestone and excited to bring high paying advanced manufacturing jobs to the area. We will continue to support this movement in the state,” says Tony Aquila, Investor, Executive Chairman and CEO.

This milestone was achieved through an agreement with the Oklahoma Department of Commerce enabling Canoo to receive performance-based payments from 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. The announcement did not reveal the amount of the state payment.

Canoo continues to hire for both its Oklahoma City and Pryor, OK sites and is advertising for its open positions. Together, these facilities will create over 1,400 jobs at average wages that exceed state and local salaries, according to Department of Commerce data. The company is working closely with the Cherokee Nation, the State of Oklahoma, local career technology schools and staffing agencies to recruit and train a skilled advanced manufacturing workforce.

Canoo’s pubicly traded shares closed Friday at a dime.

Canoo Inc
0.10 USD−0.00030 
Last fall, Canoo entered into a $45 million purchase agreement with an unnamed foreign strategic institutional investor. Under the agreement, Canoo and the investor also said they would work together to negotiate one or more additional investments for up to $150 million.

Source: Canoo release