Published on Tuesday, June 30, 2026
Awards by the Rhode Island Commerce Board include $6.2 million in tax credits to Raytheon to support the creation of 150 new jobs over 10 years
PROVIDENCE, RI— Governor Dan McKee, Chair of the Rhode Island Commerce Board, today announced that the Board awarded $8 million in Qualified Jobs Tax Credit and Innovation Voucher program incentives to support business growth, job creation, and innovation, including $6.2 million in tax credits for Raytheon to create 150 new jobs.
“Every new job and innovative idea brought to market strengthens our economy and creates new opportunities for Rhode Islanders,” said Governor Dan McKee. “By investing in companies like Raytheon that are expanding, creating good-paying jobs, and developing the next generation of products, we’re helping build a more competitive and resilient economy.”
“We are pleased to support Raytheon’s significant expansion in our state,” said Secretary of Commerce Stefan Pryor. “The expansion involves the testing of Raytheon’s next-generation air and missile defense system as well as the production of missile subcomponents. Thank you, Raytheon, for choosing Rhode Island.”
Through Commerce’s Qualified Jobs Tax Credit Program, a total of $7,707,358 was awarded to support the creation of 239 jobs over the next 10 years.
- Raytheon will receive an estimated $6,213,084 in tax credits over 10 years to create 150 new jobs in Rhode Island. The company recently announced plans to invest $100 million at its Portsmouth facility, where it currently employs 724 people. The expansion will accelerate the testing of Raytheon’s next-generation LTAMDS threat tracking and interception radar system and increase its production of GEM-T missile subcomponents.
- Ace Endico Corporation will receive an estimated $968,319 in tax credits over 10 years to create 72 new jobs at a planned distribution facility in West Greenwich. Ace Endico is a NY-based specialty food distributor and restaurant supplier serving customers throughout the Northeast. The company currently employs 80 people at its Woonsocket distribution hub.
- Social Sparks, Inc. will receive an estimated $525,955 in tax credits over 10 years to create 17 new jobs. Social Sparks is a Rhode Island-based behavioral health practice providing outpatient therapy services to children, adolescents, and adults. It currently operates facilities in Lincoln and South Kingstown with 13 full-time clinicians.
The Board also awarded four Innovation Vouchers totaling $299,650. Innovation Vouchers are grants that fund strategic investments in local businesses to catalyze growth through research and development (R&D). Funded R&D is conducted in partnership with a local “Knowledge Provider” such as a college, university, hospital, or research institution, or is conducted in-house by a manufacturing business.
- Elephant Therapeutics, Inc | $75,000 | Knowledge Provider | Elephant Therapeutics is developing ET018, a drug with the potential to treat and prevent Alzheimer’s disease. Partnering with Brown University's Fluid Biomarkers Laboratory in the Robert J. & Nancy D. Carney Institute for Brain Science, ET018 will be tested on brain cells in a culture dish derived from individuals with Alzheimer’s disease to support future human studies.
- EQLabs, Inc. | $75,000 | Knowledge Provider | EQLabs, a current tenant within Ocean State Labs, will partner with Brown University's Darling Lab to test VERA, a lab AI platform designed to help scientists work more efficiently in the lab and collect higher-quality data. This Voucher funds an independent study at Brown measuring how VERA improves the speed, quality, and reproducibility of scientific research to help commercialize and position Rhode Island as a launch point for AI in the life sciences.
- Lilac Biosciences, Inc. | $75,000 | Manufacturing | Lilac Biosciences, a Brown University spinout in Providence, has developed a kit that measures one chemical tag on RNA. These tags control gene activity and are linked to conditions like cancer and disorders of the nervous system. With Innovation Voucher funding, Lilac will scale the kit into a next-generation multiplexed version that measures multiple tags at once, giving researchers a tool to study a far wider range of diseases, including Alzheimer's and diabetes. The project creates skilled life sciences jobs and positions Rhode Island as a leader in RNA technology manufacturing. This work builds upon a $75,000 grant received from the Rhode Island Life Science Hub (RILSH) in September 2025.
- Ropeless Systems | $74,650 | Manufacturing | Ropeless Systems will perform independent research, development, test, and evaluation of a novel method of fishing to prevent whale entanglements by eliminating persistent buoys and lines. The project advances technology for the mobile fishing fleet as they interact with a “buoy-less” fixed gear fleet. It leverages the experience of URI marine fisheries research vessel CAP’N BERT and its captain (a former commercial fisherman).
“Today’s investments are contributing to the continued growth of businesses, jobs, and innovation across key sectors in Rhode Island,” said Secretary Pryor. “From defense and manufacturing to health and life sciences, we are helping catalyze companies’ choices in favor of Rhode Island.”
Learn more about Qualified Jobs here. Applications are currently being accepted for the next round of Innovation Vouchers. Learn more and apply by Tuesday, July 21, 2026, at 5:00 p.m. here.
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