# Osceola County Commissioners Monday approved a development agreement with ELSPES, Inc. The company will establish its manufacturing operations and headquarters at the county’s tech campus.

*semiconductor · news · 2026-05-09 · Around Osceola*

## Key points

- ELSPES, Inc. will establish its manufacturing headquarters on a 40-acre site at NeoCity.
- ELSPES's total private investment could reach $470 million, creating 600 jobs averaging $85,000 annually.
- The ELSPES facility will have the largest footprint among all current NeoCity facilities.
- A 2025 agreement will create the first-ever direct flight from Seoul Incheon to Orlando International Airport.
- ELSPES’s NeoCity operations will focus on silicon capacitor development for electronics manufacturing.

A semiconductor manufacturing pipeline from Korea to Osceola County is another step toward forming at NeoCity. Osceola County Commissioners Monday approved a development agreement with Daejeon-based manufacturer ELSPES, Inc. The company will establish its manufacturing operations and headquarters at the county’s tech campus, including a 40acre proposed site at the corner of NeoCity Way and Neovation Way—it would have the largest footprint of all NeoCity facilities, which currently include The Center for Neovation, The OC and the NeoCity Academy charter school. County leaders say the total private investment by ELSPES could total a whopping $470 million and introduce 600 jobs with an average annual salary of $85,000, including the first 100 by 2029—both of which would trigger incentives tied to job creation and the total investment. Monday’s action follows up on a Memorandum of Understanding the County and ELSPES signed in December 2024 focused on the development and manufacturing of the company’s silicon capacitors, which drive the components and sensors contained in the electronics in products like cars, cellphones and medical devices. “I believe it’s the largest economic development project in the history of our community,” County Commission Chairman Brandon Arrington said. “I’m looking forward to the day we’re turning dirt on that one and start bringing those jobs to our community.” “It’s really the reason the county started that project to begin with,” County Manager Don Fisher said of NeoCity. Commissioner Cheryl Grieb has taken a number of trips to South Korea to move the connection along. Some of that effort included a 2025 agreement to create the first direct flight service from Seoul Incheon International Airport to Orlando International Airport. Prior to that agreement, Incheon could only be accessed directly from North American cities like Vancouver, Los Angeles, San Francisco, Seattle, Atlanta, Dallas and New York’s JFK Airport.

**Companies:** ELSPES, Inc.
**Countries:** South Korea, United States

[Read the full story on Around Osceola](https://www.aroundosceola.com/news/koreas-elspes-agrees-build-neocity-manufacturing-plant-potential-470m-investment)

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