Thursday, May 2, 2024

North Carolina’s Success in the Clean Energy Economy Continues with 545 New Jobs Coming to Lincoln County Global battery component company will invest $140 million for first U.S. plant

May 2, 2024

Green New Energy Materials, Inc., an experienced manufacturer of a key component used in lithium-ion batteries will establish its first manufacturing operation in the United States in Lincoln County, creating 545 jobs, Governor Roy Cooper announced today. The company will invest $140 million in the community of Denver, North Carolina.

"North Carolina’s momentum in clean energy economy grows stronger every day, bringing great manufacturing jobs that will put money in the pockets of families in Lincoln County and all across the state,” said Governor Cooper. “This investment is yet another example of the economic prosperity that clean energy can bring to our communities.”

Green New Energy Materials (GNEM), with strategic partners such as LG, Samsung, SKI, AESC and Northvolt, manufactures battery separator products for the lithium-ion battery industry. The company specializes in research and development, manufacturing, and sales of these important battery components, widely used in electric vehicles, energy storage, electric tools, and other industrial applications. The company’s new facility in Lincoln County will be its first in the United States and will manufacture these battery separator components to supply customers across North America.

“We would like to thank the strong and unwavering support from the State of North Carolina and Lincoln County for our project.” said Jay Zhu, General Manager for Green New Energy Materials. “The United States has always been a key component of GNEM’s strategic plan of establishing clean energy supply chains worldwide. Today, we are bringing technologies refined for decades to the center of clean energy transformation, to the Old North State (North Carolina). GNEM will establish a state-of-the-art manufacturing base and create more than 500 futureproof jobs. Through their close cooperation, the State of North Carolina and GNEM will continue to grow and solidify their leadership in building resilient and secured clean energy supply chain, and super charge the green transition in North America and across the planet.”

“North Carolina’s investments to strengthen our education and workforce training programs continue to pay dividends,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Companies in forward-leaning industries like clean energy know they can partner with the state to develop the skilled workforce they need to succeed in today’s dynamic economy.”

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 all the new positions will be $57,934. The current average wage in Lincoln County is $51,886.

GNEM’s 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 $1.15 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 $3,634,500 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.

The project’s projected return on investment of public dollars is 105 percent, meaning for every dollar of potential cost to the state, the state receives $2.05 in state revenue. 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 GNEM chose a site in Lincoln County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $1,211,500 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 Lincoln, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

“Green New Energy Materials’ decision today is a major vote of confidence in Lincoln County and our people, and we couldn’t be more pleased,” said N.C. Senator Ted Alexander. “North Carolina is the number one place to do business in America, and we’ll continue to support our state’s companies, large and small, as they grow in our state.”

“The company leaders at GNEM evaluated many locations across the country before choosing Lincoln County for their future growth plans,” said N.C. Representative Jason Saine. “North Carolina’s many competitive advantages as a business location shined brightly once again, and we welcome these new jobs and investment to our region.”

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, the North Carolina Community College System, Duke Energy, Commerce’s Division of Workforce Solutions, Lincoln County, and the Lincoln Economic Development Association.


Related Topics: