The Albuquerque City Council unanimously approved an ordinance Monday committing $5.75 million in public funds to launch a global business accelerator expected to create 1,200 high-paying jobs in Mesa del Sol.
The ordinance authorizes the city to serve as fiscal agent for $5 million in state economic development funds and invest $750,000 in local resources to support the NMexus Center, operated by Indus Synergies.
Rather than recruiting a single employer, the NMexus Center will host multiple international companies from Asia, Europe, the Middle East and South America. The facility will employ 42 people directly; cohort companies are expected to create more than 1,150 additional jobs.
By providing infrastructure and market guidance, the city hopes to build on Mesa del Sol’s growing roster of employers, including Pacific Fusion, Maxeon Solar Technologies and Netflix. The goal is to turn the largely undeveloped area into a hub for international tech companies. The project also emphasizes local hiring in industries such as advanced manufacturing, clean energy, aerospace, cybersecurity, biosciences and ag-tech.
“This is about creating opportunities for local entrepreneurs who have ideas but need support to turn them into viable businesses,” said Max Brunner, economic development director.
In return, Indus Synergies must invest $13.5 million to $16 million, stay in Albuquerque for at least 10 years and hit job goals of 10 positions by 2025, 600 by 2029 and 1,200 by 2034. The public money will reimburse the company for its lease costs at the Mesa del Sol facility.
Councilor Nichole Rogers amended the agreement to require local hiring at both the accelerator and the international companies it attracts. “Even though we’re going to be attracting global companies, we should make sure we’re hiring local New Mexicans for these jobs,” she said.
The $5.75 million package is performance-based. The state will pay the funds in five $1 million increments as the company meets hiring targets; the city will pay its $750,000 in two installments.
The agreement includes strict performance reviews, quarterly workforce reporting and clawback provisions tied to three job check-ins: 2026, 2029 and 2034. Indus Synergies must post security and faces penalties, including a 10% clawback for late reporting.
State leaders have made global outreach a priority, with Gov. Michelle Lujan Grisham joining trade missions to Asia and India to promote Albuquerque as a gateway to the U.S. market.
“We already have commitments of $100 million in investment,” Amar Vakil, executive director, said via Zoom. “We are talking to over 10 companies now, and we are right on track in terms of meeting our job targets.”
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