01/07/2010 PDT : PRESS RELEASE: San Jose Mayor Chuck Reed on the Award of $260 Million in Federal Tax Credits for Silicon Valley Clean Tech Companies

For Immediate Release: January 8, 2010

Contact: Michelle McGurk, Office of Mayor Reed, (408) 535-4840

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San Jose, Calif.– Mayor Chuck Reed has released the following statement regarding President Barack Obama’s announcement that the federal government has awarded $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits:

I am delighted to report that the federal tax credits awarded today include more than $260 million for Silicon Valley companies. As I’ve said during recent trips to Washington D.C., this is exactly the type of investment that can put people back to work and kick-start our economy. And with San Jose’s unemployment rate at about 12 percent, this will serve as a much-needed boost for our community by creating permanent private sector jobs.

I would like to thank President Obama and the administration for recognizing the innovation that occurs here in Silicon Valley and making a sizable investment in our region. These efforts will not only fuel recovery locally, it will help the U.S. remain competitive in the global clean tech market.

The Silicon Valley companies receiving awards include: Nanosolar, Stion and SunPower (all based in San Jose), as well as CaliSolar, Miasolé, Serious Materials and Solaicx.

More information is available at the following URL:
http://www.whitehouse.gov/the-press-office/fact-sheet-23-billion-new-clean-energy-manufacturing-tax-credits.