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PROVIDENCE, RI — On Oct 3rd, the Board of Directors of the Rhode Island Commerce Corporation approved incentive awards to REGENT Craft, Inc. (REGENT) ahead of the development of a new manufacturing facility in North Kingstown’s Quonset Business Park.
The incentive awards include $1M under the First Wave Closing Fund Act to support REGENT’s operational expansion in Rhode Island and $3M under the Rebuild Rhode Island Tax Credit Act.
REGENT will lease a new 255,000-square-foot facility in Quonset for 25 years to manufacture its innovative seaglider technology.
In addition, REGENT’s previous award under the Qualified Jobs Incentive Act, approved in June of 2022, was amended to reflect a new hiring schedule. REGENT’s job commitment is 300 over 10 years, with a potential of up to 750. The company is expected to meet its first-year job commitment one year earlier than originally expected, on January 1, 2025.
“The expansion of REGENT Craft will strengthen Rhode Island’s position as a leader in innovative and green transportation solutions,” said Governor Dan McKee. “This project will create a significant number of high-quality, good-paying jobs that align with our goal of raising incomes for all Rhode Islanders.”
“Rhode Island is a hub for innovative, cutting-edge marine tech companies, and REGENT Craft’s expansion here helps bolster that,” said Secretary of Commerce Liz Tanner. “This partnership is the perfect example of how Rhode Island is fostering economic growth through innovation, and we look forward to the long-term benefits this expansion will bring to our communities.”
“Quonset is pleased that REGENT will continue to grow along with the hundreds of other companies here at the Business Park, enjoying continued success that will create jobs for Rhode Islanders and economic growth for our state,” said Steven J. King, Managing Director of Quonset Development Corporation.
REGENT Craft, Inc. was founded in 2020 and specializes in the design and manufacturing of all-electric, hydrofoiling wing-in-ground-effect (WIG) seaglider vessels. The seagliders provide a unique mode of transportation, offering the speed of an airplane with the operational cost of a boat, thus revolutionizing regional transportation with zero emissions.
“REGENT is growing quickly, creating new well-paying jobs every month, and looking forward to expanding into our new manufacturing facility,” said Billy Thalheimer, Co-founder and CEO, REGENT. “Not only will this make 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.”
To watch a video on REGENT’s key milestones in Rhode Island, click here.
For more information about REGENT, click here