PROVIDENCE – The R.I. Commerce Corp. board on Monday awarded REGENT Craft Inc. $4 million in combined financing and tax incentives in anticipation of its new 255,000-square-foot manufacturing facility in Quonset Business Park in North Kingstown.
The manufacturer of emission-free seaglider vessels will receive $1 million under the First Wave Closing Fund Act to expand operations in the state and $3 million in Rebuild Rhode Island tax credits. The company plans to lease the Quonset facility for 25 years.
Steven J. King, managing director of Quonset Development Corp., said the organization, along with the hundreds of other businesses based in Quonset, will help spur “economic growth for our state.”
Founded in Burlington, Mass., the company moved its headquarters to Quonset in 2022 after receiving approval for $13 million in tax credits under the Qualified Jobs Incentive Act. On Monday, the R.I. Commerce board also amended that agreement “to reflect a new hiring schedule" that commits the company to creating 300 Rhode Island-based jobs over 10 years. The announcement said REGENT is now projected to meet its first-year job commitment one year ahead of schedule.
Gov. Daniel J. McKee said in a statement that Regent’s expansion "will strengthen Rhode Island’s position as a leader in innovative and green transportation solutions.”
“This project will create a significant number of high-quality, good-paying jobs that aligns with our goal of raising incomes for all Rhode Islanders,” he said.
“Rhode Island is a hub for innovative, cutting-edge marine tech companies, and REGENT Craft’s expansion here helps bolster that,” said Commerce Secretary Elizabeth M. Tanner, who called the partnership a “perfect example of how Rhode Island is fostering economic growth through innovation."
In July, REGENT said it has orders for seagliders, which are still in development, surpassed $9 billion in sales to date, and the company has raised $90 million from investors including 8090 Industries, Japan Airlines, Lockheed Matin and Founders Fund.
Co-founder and CEO Billy Thalheimer on Monday vowed to use the additional incentives to continue hiring, calling Rhode Island "the manufacturing capital of seagliders in the U.S."
“It will also continue the state’s leadership in composites manufacturing and the Blue Economy,” he added.
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
