San Diego’s Good News of the Week – March 3, 2023

Every week, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

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For the week of March 3, 2023, here’s what we’re reading:

…and here are some events and opportunities:

Case Study: EVT leverages Advancing San Diego

EAs a small, local tech startup, Educational Vision Technologies (EVT.ai) was facing the challenge of attracting and retaining software talent. After applying to EDC’s Advancing San Diego (ASD) program, the company was selected to host a paid software intern from a vetted Verified Program at no cost. Learn how ASD supported EVT.ai in hiring a new staff member and how it’s expanded its learning platform.

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How this local company is helping lead the electrification revolution

‘Electrification revolution’ to drive clean energy future, job growth, innovation

Today, Carlsbad-based battery manufacturer American Lithium Energy Corporation (ALE) announces it has secured a total of $13.2 million from the California Energy Commission (CEC) as part of its Realizing Accelerated Manufacturing and Production (RAMP) and Zero-Emissions Transportation Manufacturing programs. ALE will use the funding to expand its U.S.-based manufacturing production capabilities in Carlsbad, significantly grow its team in California, and increase use of U.S. and California-based raw materials and equipment supplies, in order to further its mission of developing sustainable energy solutions that promote the widespread adoption of zero-emissions transportation.

Founded in 2006 by Dr. John Fan, ALE’s technology first serviced the U.S. Army and has been actively engaged and shipping products to the Department of Defense, Department of Energy, and several U.S. defense primes for more than 10 years. Now, with 40 patents and the most advanced lithium-ion battery in the world, the company offers battery applications for defense, aerospace, medical devices, electric vehicles, and much more.

A 2035 state mandate for electric vehicles and other ambitious goals has spurred significant investments in battery innovation. The recent $46 million CEC award to ALE and three other zero emission transportation manufacturing companies marked the single largest state award in history—designed to support the growth of lithium battery production, develop sustainable energy solutions, and promote the widespread adoption of zero-emissions transportation.

“We are thrilled to receive this significant funding from the California Energy Commission,” said Dr. John Fan, CEO, American Lithium Energy Corporation. “This funding will allow us to expand our outreach efforts, increase our production capabilities, and continue to drive innovation in the lithium battery industry. Our goal is to become a leader in sustainable energy solutions and expand our outreach efforts, increase our production capabilities, and continue to drive innovation in the lithium battery industry, and this funding will help us achieve that goal.”

As we become increasingly reliant on battery technology and governments make bold commitments to clean energy, the availability of lithium—a key component in batteries—will play a major role in nearly every aspect of our economy. California, and more specifically the Southern Border region of San Diego and Imperial Counties, is uniquely positioned to lead in the ‘electrification revolution’. Home to the largest rare earth mineral extraction site outside of China, ‘Lithium Valley’ in neighboring Imperial Valley’s Salton Sea presents significant opportunity to catalyze the U.S.’ future energy independence. In fact, the Salton Sea could provide 600,000 tons per year of lithium carbonate, currently priced at $12,000 per ton, which exceeds the total global lithium carbonate demand.

“As oil shaped the last century, lithium will help shape the next. And as leaders in technology, science, and manufacturing, our bi-national mega-region is uniquely positioned to lead in the clean energy future. To support more innovation, jobs, and companies like ALE, we will need the talent, infrastructure, and backing of our policymakers to do this right,” said Mark Cafferty, president and CEO, San Diego Regional EDC.

This funding is considered a component of ALE’s Series A fundraising. ALE is also actively engaging in discussions with investors that invest both equity and debt into energy storage solutions in order to accelerate its mission.

Other CEC program awardees include ChargePoint, Zimeno, and Wiggins Lift.

Learn more about Cleantech, Manufacturing, and other key industries in San Diego

ALE is hiring! Job board here

San Diego’s Good News of the Week – February 24, 2023

Every week, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

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For the week of February 24, 2023, here’s what we’re reading:

…and here are some events and opportunities:

EDC is hiring; join our team!

EDC is a 22-person team dedicated to mobilizing business, government, and civic leaders around an inclusive economic development strategy to connect data to decision-making, maximize regional prosperity, enhance global competitiveness, and position San Diego effectively for investment and talent.
Current open roles include:

  • Manager, Economic Development (Life Sciences)
  • Coordinator, Investor Relations & Marketing Communications
  • Coordinator, Talent Initiatives

Apply Now


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San Diego’s Good News of the Week – February 17, 2023

Every week, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

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For the week of February 17, 2023, here’s what we’re reading:

…and here are some events and opportunities:

Investor Spotlight: Founders First Capital Partners

San Diego Regional EDC spoke with Kim Folsom, the founder, chairperson, and CEO of Founders First Capital Partners, to discuss the company’s mission to provide revenue-based financing, term loans, and business acceleration support to service-based small businesses outside of major capital markets. Check out the Investor Spotlight.

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San Diego’s Good News of the Week – February 10, 2023

Every week, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

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For the week of February 10, 2023, here’s what we’re reading:

…and here are some events and opportunities:

Case Study: Eight San Diego companies win $35K via Export SBDC

Eight small businesses reached out to the Export SBDC at WTCSD for assistance in starting and growing their international sales. Using the Getting to Global grant preparation tool, Export SBDC advisor and international trade expert Simona Racek helped each company complete their export strategy and individual export promotion plan for their winning grant applications.

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San Diego’s Good News of the Week – February 3, 2023

Every week, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

Get Good News of the Week in your inbox every Friday. → Sign up

For the week of February 3, 2023, here’s what we’re reading:

…and here are some events and opportunities:

Go global with MetroConnect VII

Applications are now open for WTCSD’s export accelerator MetroConnect VII. The new cohort of 15 businesses will be placed into one of three specialized tracks reflecting San Diego’s economic strengths—life sciences, strategic technology, and consumer goods. Together over the course of the year, the cohort will receive resources and partnerships to increase international sales and support job growth here at home.

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San Diego’s Good News of the Week – January 27, 2023

Every week, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

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For the week of January 27, 2023, here’s what we’re reading:

 

…and here are some events and opportunities:

What the NDAA means for San Diego

The 2023 National Defense Authorization Act (NDAA) contains important provisions for the defense community nationwide, including a 4.6 percent pay raise for military and civilian workers and $32.6 billion for Navy shipbuilding. San Diego ship repair companies collectively employ more than 4,000 and stand to benefit greatly, as the region is homeport to 24 percent of all Navy vessels.

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What the National Defense Authorization Act means for San Diego

For the last 62 years, Congress has passed the National Defense Authorization Act (NDAA) which authorizes the United States military’s spending for the fiscal year ahead.

Released December 2022, the 2023 NDAA contains important provisions for the defense community nationwide including a 4.6 percent pay raise for military servicemembers and the Department of Defense (DOD) civilian workforce. It also provides greater opportunity for the DOD to increase affordable housing options, particularly in high-cost areas, by increasing the basic allowance for housing. The NDAA includes a cumulative $20 billion cushion to address the effects of inflation on military families, construction, operations, and procurement.

Specific to the San Diego region, this agreement delivers critical dollars for military construction and readiness including:

  • $94.8 million for military construction at Marine Corps Recruit Depot San Diego
  • $151.3 million for military construction at Naval Base San Diego
    • $9 million for military construction of the Floating Dry Dock Mooring Facility at Naval Base San Diego
    • $15.5 million for Pier 6 Replacement at Naval Base San Diego
  • $70 million for water and wastewater infrastructure in San Diego County

In addition, the FY23 NDAA also allocates $32.6 billion for Navy shipbuilding, including the procurement of 11 battle force ships. Local ship repair companies BAE Systems and General Dynamics NASSCO, which collectively employ more than 4,000, stand to benefit greatly, as San Diego is homeport to 24 percent of all Navy vessels.

Throughout the COVID-19 pandemic and challenging economic times, San Diego’s defense industry remained a pillar of our economy—accounting for a quarter of the region’s GRP. The San Diego Military Advisory Council’s (SDMAC) recent Military Economic Impact Report (MEIR) reports that in 2022, the defense sector supported approximately 360,200 jobs (23 percent of total jobs) in San Diego.

The military is woven into the fabric of San Diego’s economy, supporting thriving families and job growth for generations past and future.

learn more in our military Industry Profile

Looking into the crystal ball…

A note from our Senior Director.

Before joining EDC in 2016, I spent more than seven years as an economist and forecaster. On my last day, my boss gifted me a crystal ball as a facetious reminder of how economic forecasting is often more art than science—perhaps mystic, even.

Nearly seven years later, that crystal ball sits on my desk and continues to serve as that reminder. Particularly at the start of every new year. As we look ahead to 2023, there are many economic headwinds to be concerned about—inflation, labor shortages, and record housing unaffordability.

One of the biggest stories at the moment is the massive layoffs in the technology industry. This news is incredibly painful for those who have lost their jobs and should not be minimized. However, much of the reduction in workforce reflects a reversal of the over-extension by these firms in 2022. More importantly, there is a silver lining for those workers affected in that nearly every industry is still hiring and struggling to fill currently open positions. The country currently has the lowest ratio of available workers to unfilled positions in 15 years.

When we look at the San Diego region more specifically, we find that many of the large layoff announcements come from companies with small and or niche presence in San Diego. Last week, official employment statistics were published that showed San Diego’s unemployment rate fell again in December to 2.9 percent. The region ended the year with 50,500 more jobs and saw the labor force grow 1.2 percent. San Diego’s labor market ended 2022 in one of its strongest positions on record.

Throughout 2022, San Diego companies posted more than 53,000 unique jobs openings. As we begin 2023, local employers are still hiring. In fact, during the first few weeks of the new year, local tech companies have already posted 1,213 unique positions with a median advertised salary of $92,000.

The news of tech layoffs and high cost of financing has not scared off investors from San Diego startups. Rather they are flocking toward quality companies with serious growth prospects—something our region is known for. During the fourth quarter of 2022, San Diego tech startups pulled in $671 million in venture capital funding, which continues to trend up relative to pre-pandemic levels.

So when I look at that crystal ball, I see…well I don’t see much. But when I look at the data and past the news headlines, I see a San Diego economy that is diverse and resilient. I see a region that is well positioned to usher the next era of semi-conductor production and clean technology innovation.

While the winds may shift, our north star remains the same. Nationwide talent shortages are a stark reminder that we must build our own skilled workforce. We must continue to support quality job growth in our small businesses by connecting them to new customers locally and around the globe. We must invest in the infrastructure needed to ensure businesses can grow and working families can afford to enjoy all that our beautiful region has to offer. Together, we can make our economic vision a reality.

Happy new year,

Eduardo Velasquez
Eduardo Velasquez

Sr. Director, Research & Economic Development

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San Diego’s Good News of the Week – January 20, 2023

Every week, ‘Good News of the Week’ features a curation of positive headlines from San Diego, delivered straight to your inbox. A blend of aggregated stories from San Diego’s most trusted news sources and original EDC-created content, GNOTW provides a comprehensive recap of the region’s best stories from the past week.

Get Good News of the Week in your inbox every Friday. → Sign up

For the week of January 20, 2023, here’s what we’re reading:

…and here are some events and opportunities:

EDC is hiring; join our team!

EDC is hiring an Economic Development Manager (Life Sciences) with five years of experience in business, real estate, planning, or a related field to enable business attraction, retention, and expansion in San Diego’s life sciences industry.

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