Logo courtesy of the City of Rancho Cordova

RANCHO CORDOVA, CA (MPG) - A local energy technology company could bring more than 100 jobs to Rancho Cordova over the next three years under an expansion plan supported by a $330,000 incentive approved by the City Council at its latest meeting on Oct. 19.

The council unanimously approved the five-year, performance-based agreement with Kora Power Inc., which is developing technology designed to give homeowners and businesses greater control over electricity use, energy storage and power costs.

The company operates an 18,000-square-foot headquarters and research and development facility on Trade Center Drive, where it has already established a team of engineers. City officials said the incentive is intended to help Kora expand its workforce and keep those jobs in Rancho Cordova.

Under the agreement, qualifying positions must pay at least $100,000 annually. The company is projecting 33 qualifying jobs in its first year, with payments tied to employees being hired and retained. Workers must be on-site at least three days per week, and Kora must commit to remaining in the city for five years.

Economic Development Manager Laura Fickle told the council that the agreement builds on an earlier partnership with the company. In 2025, the city approved an equipment incentive that reimbursed Kora up to $98,000 toward a $124,000 research and development purchase.

“We won their business. We got them here and established on Trade Center Drive where it is going to be their headquarters,” Fickle said.

Kora’s technology combines battery storage, solar energy management, monitoring and electricity trading capabilities into a single system. According to the company’s presentation, the technology allows homeowners to monitor electricity consumption, manage stored power and maintain electricity during certain grid outages.

During the meeting, company founder Greg Connolly described his ambitions to make Rancho Cordova a center for energy technology development and manufacturing.

“We kind of had our pick of the litter of cities in Sacramento and we though you guys do the most phenomenal job out of any region. We want to bring that building spirit back to Rancho Cordova,” he said, referencing the area’s history of aerospace engineering and manufacturing. “Kora can build the future of energy here in Rancho. It is time to get America back to building.”

The company currently employs 12 engineers at its Rancho Cordova facility, according to the presentation, and has raised approximately $7.6 million in investment capital.

An economic impact analysis conducted by the Greater Sacramento Economic Council projects approximately 108 jobs within three years. The analysis estimates $23.5 million in direct income and $114.3 million in direct local economic output associated with the company’s growth.

Those figures represent projections rather than jobs or economic activity already realized.

Company leadership also outlined longer-term plans for a major manufacturing facility, comparing the concept to large-scale battery manufacturing operations elsewhere in the Sacramento region. No location or construction commitment for such a facility was announced.

For now, the city’s agreement focuses on growing Kora’s workforce. Incentive payments are limited to a maximum of $330,000 over five years and are contingent on the company meeting the program's requirements.

Council members welcomed the investment, although one questioned whether the program’s $100,000 minimum salary threshold should be increased for future agreements.

“I just think 100K in 2026 seems a little low,” said Councilmember Joe Little. noting that salaries have not kept pace with the cost of living. “It is a different economy and it’s not worth what it was five years ago.”

Councilmember David M. Sander praised the program's role in attracting businesses and high-paying positions.

“This is why we do these incentive programs, to bring great jobs and great future opportunities to Rancho Cordova,” said Sander. “I want to thank the entrepreneur for doing that, having confidence in us and working with us for mutual success. Rancho Cordova is a great place to launch and run a business”

With the council’s approval, city staff will finalize the agreement, verify eligible positions and establish the payment process as Kora hires and retains employees.