Epsilon Advanced Materials, Inc., a global provider of synthetic graphite used in electric vehicle batteries, will build its first manufacturing facility in the United States in Brunswick County, creating 500 jobs, Governor Roy Cooper announced today. The Indian-based company will invest $649.9 million at the Mid-Atlantic Rail Industrial Park.
“North Carolina continues to lead the way in the transition to a clean energy economy by attracting good-paying jobs from great companies like Epsilon that make our state stronger and healthier,” said Governor Cooper. “This historic investment will bring 500 clean energy jobs to Brunswick County, helping both our economy and our environment."
Epsilon Advanced Materials (EAM), a subsidiary of Mumbai-based Epsilon Carbon Private Limited, was established in 2018 to develop and manufacture innovative, high-performance graphite, used for anode components in lithium-ion batteries. Graphite anode materials deliver highly sought properties in batteries, such as fast charging, long cycle life, and safety. The technology has proven its scalability to mass production, positioning the company to meet the rapidly growing demand for renewable energy storage. The company’s project in Brunswick County will establish the company’s first manufacturing facility in the United States to produce synthetic graphite anode material, a key component in the batteries that power electric vehicles and other energy storage systems.
“This facility is the largest Indian investment in the U.S. electric vehicle battery industry and we’re proud to have North Carolina as the centerpiece of our U.S. manufacturing strategy,” said Vikram Handa, EAM Founder and Managing Director. “Having an environmentally friendly world-class facility in North Carolina will allow EAM to provide synthetic and natural graphite anodes to the growing EV battery industry faster, more reliably and at a competitive cost.”
“The importance of a strong, well-trained workforce cannot be underestimated, and I’m pleased the leaders at Epsilon Advanced Materials recognize North Carolina’s commitment to train and develop our workers,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Combined with the state’s outstanding transportation networks and collaborative business environment, North Carolina’s winning formula has come through once again.”
The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.
Although wages will vary depending on the position, the average salary for the new positions will be $52,264. The current average wage in Brunswick County is $46,464.
Epsilon Advanced Materials’ project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $1.3 billion. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,443,250, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
Because Epsilon chose a site in Brunswick County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $1.14 million into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Brunswick, the new tax revenue generated through JDIG grants helps other economically challenged communities elsewhere in the state.
“We’re so excited to welcome a global manufacturer to one of the state’s premier megasites, the Mid-Atlantic Rail Industrial Park,” said N.C. Senator Bill Rabon. “Many companies find our state’s southeast region an inviting place to locate, and we’re confident Epsilon Advanced Materials will also enjoy the many advantages of a Brunswick County business location.”
“Today’s decision by Epsilon Advanced Materials proves once again that North Carolina is one of the best business locations in the United States,” said N.C. Representative Frank Iler. “Many people in our community worked hard to bring these jobs to our region and we will continue to work together to support this company’s continued growth in our state.”
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, North Carolina Community College System, the North Carolina Ports Authority, North Carolina Department of Transportation and Rail Division, the North Carolina Railroad Company, the GoldenLEAF Foundation, North Carolina’s Southeast, CSX, Duke Energy, Brunswick County, and Brunswick Business & Industry Development.