$470 Million Investment Marks Strategic Expansion of NeoCity’s High-Tech Ecosystem
Osceola County, Florida – In a milestone to expand the ecosystem at NeoCity and attract private investment, the Osceola County Board of County Commissioners approved a Memorandum of Understanding (MOU) with South Korean tech company ELSPES, which plans to invest at least $470 million to build a manufacturing facility and its world headquarters.
Under the agreement, ELSPES must employ at least 600 employees at an average annual salary of $85,000, with at least half of those jobs coming by the end of 2028. ELSPES would become the first private entity to acquire property at NeoCity, the County’s technology district. The company’s plans call for a 75,000-square-foot facility focused on developing and manufacturing silicon capacitors for high-performance computing devices under the MOU approved Monday. The County will provide up to five pad-ready acres and targeted incentives to support ELSPES’ expansion, demonstrating a collaborative approach to attracting high-value private investments.
“The MOU represents a transformative step in our economic development strategy and the growth of our ecosystem at NeoCity,” said Viviana Janer, Chair of the Osceola County Commission. “Attracting ELSPES is not just about creating jobs; it’s about positioning Osceola County as a premier destination for advanced technology manufacturing — a vision made possible by the NSF Regional Innovation Engines Program.”
This investment builds on NeoCity’s growing momentum, including the creation of the Central Florida Semiconductor Innovation Engine as a result of the National Science Foundation award. NeoCity has also received critical funding from the Department of Defense, the U.S. Economic Development Administration, and the Florida Department of Commerce. Additionally, the establishment of a semiconductor accelerator program by Plug and Play highlights the expanding significance of the 500-acre district as a dynamic high-tech ecosystem.
“In this era of ever-smarter industrialization, ELSPES strives to lead as the No. 1 company in the world pioneering innovative technologies that align with the evolving needs of the industry,” said ELSPES founder and CEO Young Y. Park. “My visit to NeoCity brought a clear understanding of Osceola County’s aspirations and forward-thinking initiatives to build a better future and a definitive commitment to values that inspire and uplift the community. We look forward to working together with Osceola County to fulfill these dreams – making meaningful contributions to the establishment of the ecosystem that is rising due to the NSF Engines award.”
With the approval of the MOU, NeoCity affirms Osceola County’s vision of becoming a global leader in advanced technology and innovation. Osceola officials noted the key role NeoCityLinks played in this expansion. NeoCityLinks facilitates and directs South Korean investment and business activity to the County.
BACKGROUND
Following the impacts of the COVID-19 pandemic, when unemployment hit 30 percent (the highest in the state), Osceola County decided to make a long-term investment to create a 500-acre technology district known as NeoCity to diversify its economy. Several partners have joined with Osceola County to develop the ecosystem at NeoCity, including SkyWater Technology, imec USA, BRIDG, the University of Central Florida, the University of Florida (Florida Semiconductor Institute), Valencia College, the Orlando Economic Partnership, CareerSource Central Florida, the Florida High Tech Corridor, SUSS MicroTek, TEL and Seoul National University.
Osceola County is committed to reshoring semiconductor production to the U.S. to create regional economic prosperity for all Central Floridians within an ecosystem that has an advanced technical workforce. Working with the NSF, the Central Florida Semiconductor Innovation Engine seeks to be a global leader in the advanced and specialty packaging of semiconductors based in Florida. This work is crucial, as currently less than 3 percent of the global market share in semiconductor advanced packaging manufacturing occurs in the U.S. The ultimate goal is to boost innovation capacity, creating a sustainable ecosystem, and demonstrating inclusive economic growth.
