Twelve million dollars of Local Economic Development Act funds will be leveraged to create significant economic impact for the greater Albuquerque region
January 6, 2023
(ALBUQUERQUE, N.M.) – A three-year economic-impact analysis conducted by the Albuquerque Regional Economic Alliance (AREA) of the Universal Hydrogen manufacturing and assembly plant estimates the project will generate new economic outputs of more than $377 million in just a three-year period.
Universal Hydrogen designs and manufactures technologies for hydrogen commercial aviation. It has received significant investment from aviation-targeted venture fund giants like American Airlines, Toyota, Airbus and GE.
“The City’s decision to provide funding for our manufacturing facility shows a commitment to supporting a modern aviation industry,” stated Jon Gordon, Co-Founder, General Counsel Head of Partnerships & Government Affairs at Universal Hydrogen. “Our facility will not only create at least 500 well-paying jobs and provide workforce training opportunities for New Mexicans, but it will create measurable results on decarbonizing aviation.”
“AREA has worked very closely with Universal Hydrogen since 2021 — and we cannot overstate how important this project is to cement the greater Albuquerque region as a leader of advanced aviation and green energy technologies,” added Danielle Casey, President & CEO of AREA “We are honored to work with state and local partners on this opportunity that will greatly contribute to improving the quality of life for our region.”
Support and funding by the State of New Mexico and City of Albuquerque have been instrumental in making this high impact project possible.
Universal Hydrogen’s manufacturing and assembly plant will produce the storage capsules that hold hydrogen — a zero-carbon aviation fuel that will help alleviate the ten percent share of the country’s transportation greenhouse gas emissions caused by airplanes.
The plant will be located on a 50-acre parcel of land near the Albuquerque International Sunport’s passenger terminal. Construction is slated for completion by 2024.
The Albuquerque Regional Economic Alliance is a private, 501(c)(3) nonprofit organization whose mission is leads and executes strategies designed to grow and diversify the economic base of the greater Albuquerque region, creating a prosperous, diverse and inclusive economy and elevating the standard of living for all. AREA provides confidential assistance to businesses considering the area for expansion and new investment. Since its creation in 1960, AREA has recruited more than 250 companies and more than 35,000 jobs to the Albuquerque metro area. AREA also provides retention and expansion assistance to existing industry. For more information, visit ABQ.org.
About Universal Hydrogen
Universal Hydrogen is building a hydrogen logistics network to fuel the future of aviation today. Hydrogen is the ideal fuel for flight and will power aviation’s new golden age, where planes are powered by renewables and emit nothing but water. The company’s modular hydrogen capsules move over the existing freight network from production directly to the airplane anywhere in the world. Universal Hydrogen is also working to certify a powertrain conversion kit to retrofit existing regional aircraft to fly on hydrogen. The company has gathered the world’s leading aviation and hydrogen talent to give the industry the option of clean flight, forever.