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<\/a>The state of Texas allocated $80 million to Saronic Technologies, the Austin-based technology startup, through the state\u2019s self-described deal-closing Texas Enterprise Fund. In exchange, Saronic decided to build its massive Port Alpha hub at the Port of Brownsville, where it promised to create about 10,000 jobs over the next two decades.\u00a0<\/p>\n\n
Texas Gov. Gregg Abbott dubbed Saronic\u2019s incoming hub as the \u201cmost advanced shipyard in the entire world\u201d as he and the CEO of Saronic spoke about the desire to outpace foreign shipbuilding nations such as China. The project is expected to cost $3.248 billion. There\u2019s even a $78,000 job bonus if the company hires U.S. military veterans.\u00a0<\/p>\n\n
Abbott estimated that the company will produce $750 million in payroll to Texas residents.\u00a0<\/p>\n\n
\u201cThat\u2019s game-changing for the population of Texas,\u201d Abbott said.\u00a0<\/p>\n\n
Saronic CEO Dino Mavrookas said the new hub will build ships \u201cat a speed and scale not seen since World War II.\u201d<\/p>\n\n
\u201cThis investment is about more than constructing a shipyard. It is about rebuilding the industrial capacity, workforce, and manufacturing advantage required to ensure American maritime leadership for decades to come,\u201d Mavrookas said. \u201cThe state of Texas and city of Brownsville give us the foundation to turn that vision into reality.\u201d<\/p>\n\n
How Brownsville won<\/h2>\n\n
The Saronic Technologies economic incentive deal includes tax breaks from Cameron County for nearly two decades, the Point Isabel Independent School District for at least a decade, and $10 million from the Greater Brownsville EDC.<\/p>\n\n