Stored Energy Systems, a battery company based in Longmont, is expanding, Gov. Jared Polis and the Colorado Office of Economic Development and International Trade announced Thursday.

The company outgrew its current base in Boulder County because of rising demand, according to a news release. With plans to expand, it decided to stay in the region.

“When companies like Stored Energy Systems choose to stay and grow in Colorado, they continue our state’s growing leadership in advanced manufacturing and create good-paying jobs for Coloradans,” said OEDIT Executive Director Eve Lieberman in the release. “This is a win for Longmont and our state.”

The company, also known as SENS, is expected to generate 314 jobs with its expansion. The average wage of the jobs created would be about $97,000 and the company seeks to hire workers in engineering, manufacturing, customer service, quality, sales and management, marketing strategy, finance, human resources and information technology.

SENS was founded in 1971 in Silicon Valley and relocated to Colorado in 1992, according to the company.

It sells power systems, battery charges and battery monitoring products for life support systems for hospitals, utilities, communications and transportation.

The Colorado Economic Development Commission awarded up to nearly $5.6 million in job growth tax incentives over eight years and about $400,000 from the performance-based Strategic Fund incentive over five years if it chose to stay in Longmont.

The company estimates the economic benefit to northern Colorado would be more than $300 million per year, said CEO Bill Kaewert in the release.

“Our growth, which has exceeded 50% CAGR (compound annual growth rate) for the last four years, means that this economic benefit will only increase,” Kaewert said.