The state said it will loan $10 million to Groton submarine manufacturer Electric Boat to help build out the company’s capabilities related to a $17.6 billion contract with the U.S. Navy awarded in April.
Electric Boat plans to expand its own facilities and purchase a Groton parcel formerly owned by Pfizer to accommodate additional engineers and other workers. It has pledged to add up to 200 jobs to its workforce of 8,700.
Those workers will help the company fulfill its contract to build Virginia Class submarines and to continue the Ohio Class replacement program.
If the company meets its hiring goal within two years, the state Department of Economic and Community Development will forgive the full $10 million.
In all, the expansion’s price tag is $31.5 million.
