Governor Roy Cooper today said that Alevo will launch a major expansion at its facility in Cabarrus County, North Carolina, creating over 200 jobs over the next five years. The company will invest $251 million at its production operations in Concord.
“Congratulations to Alevo for the success that has led to this important need for growth,” said Governor Cooper. “We’re proud this global company has chosen to manufacture its important energy storage products here in North Carolina, right in the heart of a strong manufacturing region of our state.”
Alevo is part of a Swiss-based group of companies founded in 2009. With operations in the United States and Europe, the company is building its battery manufacturing, GridBank deployment and grid data analytics divisions in North Carolina, creating a global energy storage business for the world’s largest energy companies. The Concord location is Alevo’s first U.S. manufacturing site where the rechargeable GridBank Lithium-Ion battery storage system is made. Alevo currently has 215 full time employees in Concord.
“North Carolina has the right mix of strong workforce, infrastructure and business climate to enable manufacturing companies like Alevo to succeed and grow their capacity,” said North Carolina Commerce Secretary Anthony M. Copeland. N.C. Commerce and the Economic Development Partnership of N.C. led the state’s support for the company’s expansion.
Alevo will hire manufacturing, engineering, maintenance, logistics, supply chain, and other employees. Salaries will vary by position, but the annual compensation of the company’s two hundred plus new jobs will average $56,327. Cabarrus County’s overall average wage is currently $37,808 per year.
“This latest period of expansion is another significant milestone for Alevo,” explained Per Dybwad, CEO and Director, Alevo. “As we continue to ramp up production, this phase of investment will be used to source the best possible engineering and manufacturing talent as we look to fill, test and ship our Alevo GridBanks around the world.”
Alevo’s expansion in Cabarrus County will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Under the terms of the JDIG, the company is eligible to receive up to $2,638,000 in total reimbursements. Payments will occur in annual installments over 12 years pending verification by N.C. Commerce and N.C. Revenue that the company has met incremental job creation and investment targets. JDIGs reimburse new and expanding companies a portion of the newly created tax-base with the goal of increasing the overall revenue benefit to the state of North Carolina.
By law, JDIG projects must result in a net revenue inflow to the state treasury over the life of the award. For projects in Cabarrus and other Tier 3 counties, 25 percent of the eligible grant is directed to the state’s Industrial Development Fund – Utility Account to help finance economic infrastructure in rural counties. Alevo’s expansion could provide as much as $879,000 in new funds for the Utility Account.
“We are thrilled with the progress Alevo Manufacturing has made at its Concord facility, and wish them continued success as they roll out their new technology for energy companies across the globe,” said N.C. Senator Paul Newton. “It means new jobs for our local residents and a stronger spotlight on manufacturing in North Carolina.”