ForwardEdge ASIC, a microelectronics design company that creates application specific integrated circuits and subsidiary of Lockheed Martin, plans to establish operations in St. Paul, Minnesota . The $60 million project is expected to create 100 jobs.“Forward Edge ASIC is an investment in the defense industrial base right here in Minnesota,” said Jay Malave, chief financial officer at Lockheed Martin.
“Saint Paul’s high-skilled labor force will lead our industry with secure, customer-focused microelectronics that meet or exceed mission expectations.”The State of Minnesota is supporting the ForwardEdge expansion with $800,000 from the Department of Employment and Economic Development’s Minnesota Investment Fund (MIF) program and $500,000 from the Job Creation Fund (JCF) program.
The MIF award, made in the form of a forgivable loan, will be administered by the City of Saint Paul. To qualify for funding, ForwardEdge must create and maintain at least 113 jobs over the next two years, with pay ranging from $40 to $70 per hour."Lockheed Martin considered multiple U.S. sites for this project but ultimately chose to expand in Saint Paul," noted Governor Tim Walz.
"The company's decision is a testament to the area's world-class talent and access to business support and infrastructure. This expansion is tremendous news for Minnesota’s economy and workforce."The project is also eligible for the capital investment rebate for renovations to an existing building, which would be rebated up to 5% under the JCF program."This is an exciting opportunity to support business expansion and job creation in our city," added Saint Paul Mayor Melvin Carter.
"This investment supports our local and statewide vision of being a technology hub attractive to our 21st century workforce."ForwardEdge ASIC is a microelectronics design startup that makes application specific integrated circuits.