The two-year contracts come after a shortened 2020 season in which many races were cancelled because of the coronavirus pandemic, but the Spanish squad showed faith in the talents of the two riders.
Jorgensen, 21, completed 22 days of racing this season, with his most impressive result coming when he finished Milan-San Remo in 17th place. The winner of the points classification in the 2019 Tour de l'Avenir also completed Tirreno-Adriatico, Flèche Wallonne and Liège-Bastogne-Liège in the late season and was a reserve for the Giro d'Italia and Vuelta a España.
"His quality for tough courses and conditions has already been proven in his first WorldTour season," Movistar said in a statement on Monday.
Jacobs, runner-up in the 2019 U23 Paris-Roubaix, made his debut in the Northern Classics in 2020, albeit in the late-summer, taking 16th in Gent-Wevelgem, and he also made his debut in the Tour of Flanders.
In addition to the renewals of Jorgenson and Jacobs, the Movistar Team confirmed 25 riders for the 2021 team, including newcomers Iván Garcia from Bahrain-McLaren, Gregor Mühlberger from Bora-Hansgrohe, and neo-pro Abner González from Puerto Rico.
Other riders under contract for the 2021 season include: Juan Diego Alba, Jorge Arcas, Héctor Carretero, Dario Cataldo, Gabriel Cullaigh, Iñigo Elosegui, Imanol Erviti, Juri Hollmann, Lluís Mas, Enric Mas, Mathias Norsgaard, Nelson Oliveira, Antonio Pedrero, José Joaquín Rojas, Einer Rubio, Sergio Samitier, Marc Soler, Alejandro Valverde, Carlos Verona and Davide Villella.
Eduardo Sepulveda departs for Androni Giocattoli-Sidermec, while the team has yet to confirm the future of Eduard Prades, while track specialists Alberto Torres and Sebastián Mora were signed specifically for the 2020 Olympic Games that have been rescheduled for 2021.
Jürgen Roelandts announced his retirement in October while Carlos Betancur did not return from Colombia after the coronavirus stoppage and his future is unknown.
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