COLORADO SPRINGS, Colo.—PteroDynamics, an aircraft design and manufacturing company focused on developing innovative vertical take-off and landing (VTOL) aircraft, recently announced that it has selected Colorado Springs as the location for its new research and development headquarters. The company expects to create more than 180 jobs in Colorado over the next eight years, PteroDynamics said in a release.
The State of Colorado awarded PteroDynamics job growth incentive tax credits from the Economic Development Commission at the Colorado Office of Economic Development & International Trade (OEDIT).
“We are excited to stand up our new R&D headquarters in Colorado Springs,” said Matthew Graczyk, CEO of PteroDynamics, in the release. “We believe this location will enable us to attract world-class engineering talent who will help us continue innovating for years to come. We look forward to becoming a part of the Colorado Springs community and contributing to the economic growth of the State of Colorado.”
PteroDynamics has developed a patented VTOL aircraft design that folds its wings during flight to transition between rotorcraft and fixed-wing configurations. Transwing® aircraft are said to have improved controllability in takeoff and landing and typically require one-third of the ground footprint versus other aircraft with the same wingspan. Transwing’s unique variable geometry design also allows it to fly faster and further than competitive designs, the company said in the release.
After conducting a nationwide search, PteroDynamics selected Colorado Springs based upon several key elements. They included support of the aerospace industry, the ability to conduct extensive flight testing locally, a strong and talented workforce, a stable and competitive business climate, and a high quality of life. PteroDynamics will be leasing an industrial facility located in the Pikes Peak region of El Paso County.
“In addition to a strong aerospace industry and talented workforce, a key aspect of Colorado, recognized by businesses and other state economic development offices, is the tremendous cooperation between research and development (academia), business, federal and state government, and the economic development organizations that propel the aerospace industry ecosystem in Colorado,” said OEDIT Executive Director and State Chief Recovery Officer Patrick Meyers, in the release. “We believe this strength will help PteroDynamics continue to thrive and grow in Colorado Springs, and look forward to our continued relationship.”
“We are thrilled that Colorado Springs’ commitment to the aerospace industry, our specialized workforce, and our strong business climate made this region the right choice for PteroDynamics,” said Cecilia Harry, chief economic development officer of the Colorado Springs Chamber and EDC, in the release. “We are beyond excited to support their initial footprint in the region and help them grow as they integrate into our business community.”