IONNA, LLC, an electric vehicle charging station developer, will create more than 200 jobs in Durham County, Governor Roy Cooper announced today. The company will invest more than $10 million to establish its global headquarters in the City of Durham.
“IONNA’s decision to make Durham County its home validates our global reputation for the Electric Vehicle industry,” said North Carolina Governor Roy Cooper. “This cutting-edge company and its founding automotive manufacturers will benefit from the innovative ecosystem, highly skilled workforce, and central location of North Carolina to take its pioneering technology to market.”
A new company founded by seven of the world’s leading automotive original equipment manufacturers (OEMs), BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis, IONNA will design, develop, build, and operate a unique, high-powered EV charging station network and customer experience that will key to increased EV adoption in North America. The network will support and be open to electric vehicles of all brands. In addition to corporate functions, IONNA’s new state-of-the-art facility will include a customer experience lab for research and development of the software and hardware to create the network of more than 30,000 EV charging points.
“Our new headquarters will bring synergistic opportunities and collaboration,” said Seth Cutler, CEO of IONNA. “Accelerating deployment and innovation within IONNA while contributing positively to the Durham and Triangle area community, paving the way for a prosperous future together.”
“We are delighted to have IONNA join our growing EV supply chain,” said N.C. Commerce Secretary Machelle Baker Sanders. “When advanced manufacturers commit to North Carolina, it confirms the importance of our ‘First in Talent’ plan which leads the charge in prioritizing the development of a diverse and well-trained workforce to help companies blaze new trails.”
Although salaries will vary by position, the average annual wage is $128,457, exceeding Durham County’s average of $90,727. These new jobs could create a potential payroll impact of more than $20 million for the region each year.
IONNA’s operation 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 $724 million. Using a formula that takes into account the new tax revenues generated by the 203 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,075,000, 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 108 percent, meaning for every dollar of potential cost to the state, the state receives $2.08 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.
IONNA’s JDIG agreement could also move as much as $1,025,000 into a fund that helps rural communities across the state attract business in the future. When companies select a site located in a Tier 3 county such as Durham, their JDIG agreements move some of the new tax revenue into the state’s Industrial Development Fund – Utility Account. Local communities in more economically challenged areas of the state use grants from the Utility Account to build public infrastructure projects, which can improve a community’s ability to attract companies to their regions.
“We welcome IONNA and its high-paying jobs to the Triangle region,” said N.C. Senator Natalie S. Murdock. “With three Tier 1 research institutions and a top producing community college system, we have a well-educated talent pipeline that is ripe and ready to support the company’s promising future.”
“This is an outstanding win for Durham County and our roster of companies that call the area home,” said N.C. Representative Zack Hawkins. “IONNA is a great addition to the entrepreneurial spirit that Durham is known for and we’re grateful for the strong collaboration among state and local leaders to bring this project to our community. We look forward to connecting this amazing business to our deep pool of diverse talent in Durham.”
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, Duke University, North Carolina State University, Duke Energy, Durham County, and the Greater Durham Chamber of Commerce.
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