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Rhode Island Commerce awards REGENT $4M, incentives, to expand with all-electric seagliders
Photo: Regent
REGENT plans to open a new manufacturing center with 255,000 additional square feet and create hundreds of high-paying jobs in the next few years.
The Board of Directors for the Rhode Island Commerce Corporation awarded additional incentives to REGENT Craft, the manufacturer of all-electric seagliders, REGENT announced today. This will support the company as it continues to expand, create more well-paying jobs, and drive innovation and economic growth in the state’s Blue Economy.
REGENT will receive $1 million under the First Wave Closing Fund Act to support expansion in Rhode Island and $3 million under the Rebuild Rhode Island Tax Credit Act. The corporation also amended the company’s award under the Qualified Jobs Incentive Act to reflect a new hiring schedule, as REGENT expects to hit its first commitment under the incentive one year ahead of schedule.
REGENT plans to build a manufacturing center with 255,000 additional square feet in North Kingstown’s Quonset Business Park and create 300 jobs over 10 years. Since REGENT selected Rhode Island as its headquarters in 2022, the startup has created more than 135 jobs, including contract positions, and reinvested $22 million into the state.
“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.”
“The expansion of REGENT Craft will strengthen Rhode Island’s position as a leader in innovative and green transportation solutions,” said Rhode Island Governor Daniel McKee. “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.”
“REGENT Craft’s expansion in Rhode Island helps strengthen our position as a hub for innovative, cutting-edge marine tech companies,” 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.
About REGENT
REGENT is pioneering the future of sustainable maritime mobility through the development and manufacturing of all-electric seagliders. Seagliders are new vessels that combine the speed of an aircraft with the convenience of a boat to deliver an affordable and efficient mode of transportation between coastal destinations.
REGENT’s flagship seaglider, Viceroy, is a 12-passenger vehicle that travels at up to 180mph to service routes up to 180 miles on a single charge. REGENT has already secured more than 600 seaglider orders valued at more than $9 billion from leading airline and ferry operators around the world and has raised more than $90 million from investors including 8090 Industries, Founders Fund, Japan Airlines, and Lockheed Martin.