The Innovate Fund Announces $10 Million Investment in GF Casting Solutions, Creating Hundreds of Jobs in Augusta, Ga.
AUGUSTA, Ga. (April 23, 2025) – The Innovate Fund announced a $10 million New Markets Tax Credits (NMTC) allocation to GF Casting Solutions (GFCS) to support the construction of a state-of-the-art, LEED-certified high-pressure die-casting manufacturing facility in Augusta, Ga. This significant investment will fuel economic growth and create hundreds of quality jobs in a deeply distressed census tract.
GF Casting Solutions, a leading producer of lightweight components for the mobility and energy industries, will utilize The Innovate Fund’s $10 million allocation to build and equip a 351,979-square foot facility in the Augusta Corporate Park, a Georgia Ready for Accelerated Development (GRAD) site. This investment represents the second tranche of NMTC allocation for the project, building upon a previous $54.5 million in federal NMTC allocation.
The project is expected to generate significant economic impact for the Augusta community. In addition to generating an estimated 450 temporary construction jobs, the project will create 354 permanent quality jobs. These permanent positions, most of which will be accessible to low-income workers, will have average annual salary of $62,280. To ensure a skilled and accessible workforce, GF Casting Solutions will partner with Georgia Quick Start for comprehensive job training and recruitment initiatives.
The Innovate Fund’s investment is strategically located within a deeply distressed census tract that suffers from a 37% poverty rate and an unemployment rate three times the national average. This targeting effort aligns with the organization’s mission to support transformative projects in underserved communities through the creation of quality jobs.
This vital project has garnered strong support from key state and local leaders, including Georgia Gov. Brian Kemp, Augusta Mayor Garnett Johnson, Augusta Economic Development Authority Chairman Wayne Gossage, and the Georgia Department of Economic Development and Georgia Quick Start. Their active recruitment and endorsement underscore the project’s importance to the region’s economic future.
“The Innovate Fund is thrilled to allocate NMTC resources to this transformative project with GF Casting Solutions in Augusta,” stated Emma Wyatt, Chief Operating Officer at The Innovate Fund. “This project exemplifies how the NMTC program enables crucial investments that otherwise would not be feasible, bringing vital economic activity and hundreds of quality jobs to a deeper distressed community. The scale of job creation – both permanent and in construction – underscores the power of this program to deliver tangible and meaningful benefits where they are most needed.”
According to Carlos Vasto, President of GF Casting Solutions, “The NMTC investment from The Innovate Fund has been a crucial catalyst for this significant expansion in Augusta. It’s not just about the capital; the NMTC has allowed us to scale this project to a level that will incorporate the latest innovations in high-pressure die casting and, importantly, significantly increase the number of quality jobs we can offer to the region. This partnership enables us to fulfill our commitment to both technological advancement and meaningful community investment in Augusta.”
The new facility will enable GF Casting Solutions to meet the increasing demand for its lightweight components, contributing to advancements in the mobility and energy sectors while fostering sustainable economic growth in the Augusta region. Once fully operational, the project is anticipated to catalyze 1,344 jobs, bringing $92M of earnings into the region and garnering an additional $4.1M annually in state, local, and federal taxes. Operations at the state-of-the-art plant are expected to commence in 2027.
