Summary
– North Carolina approved $5.7 million in grants for a $140 million electric vehicle battery components plant in Denver
– Green New Energy Inc’s factory will employ 545 people with an average salary higher than the county’s average wage
– The company provides a battery separator product for major companies like Tesla and Samsung
– Taxpayer subsidies include a $4.8 million Job Development Investment Grant over 12 years
– North Carolina leads the nation in clean energy private-sector investments since 2022 with $10.1 billion in projects announced
Article
North Carolina recently approved $5.7 million in grants for Green New Energy Inc. to build a $140 million plant in Denver for electric vehicle battery components. The factory is expected to employ 545 people with an average salary of $57,934, higher than the county average wage, and will produce a battery separator product for the lithium-ion battery industry in North America. This product is used by major companies such as Tesla, Ford, LG, and Samsung in electric vehicles, energy storage, and electric tools. Governor Roy Cooper praised the investment, stating that it will bring economic prosperity to the state.
The taxpayer subsidies for the project include a $4.8 million Job Development Investment Grant distributed over 12 years. The state estimates that the factory will add $1.15 billion to the economy during that time, resulting in a return on public dollars of 105%. Additionally, Lincoln County will provide incentives of around $4.4 million. This news comes after a Vietnamese solar energy company announced plans for a $294 million plant in Pitt County, creating over 900 new jobs. North Carolina has seen significant private sector investments in clean energy since the passage of the $740 billion Inflation Reduction Act.
A recent report by E2, a national nonpartisan nonprofit group, stated that North Carolina has topped the nation in clean energy private sector investments since the passage of the Inflation Reduction Act. Since 2022, when the bill passed Congress, a total of $10.1 billion in clean energy projects have been announced in North Carolina. These projects include investments in electric vehicle manufacturing, electricity transmission and distribution, and battery storage. The state’s momentum in the clean energy economy continues to grow, bringing valuable manufacturing jobs to communities across North Carolina.
The decision to approve grants for the Green New Energy plant reinforces North Carolina’s commitment to developing a sustainable clean energy industry. By attracting companies like Green New Energy and the Vietnamese solar energy company, the state is creating new job opportunities and driving economic growth. The investments in electric vehicle manufacturing and other clean energy projects will contribute significantly to the state’s economy and further solidify its position as a leader in the clean energy sector.
The Green New Energy plant in Denver is expected to have a positive impact on Lincoln County and the surrounding communities. With over 500 new jobs being created and an average salary higher than the county average, the plant will provide increased economic opportunities for local residents. In addition to the direct benefits of job creation and economic growth, the plant will also support the state’s clean energy goals and help reduce carbon emissions by promoting the use of electric vehicles and energy storage solutions.
Overall, the announcement of the Green New Energy plant and other clean energy investments in North Carolina is a positive development for the state’s economy and environment. By attracting new manufacturing plants and driving investments in clean energy projects, North Carolina is positioning itself as a leader in the green energy industry. The job creation, economic growth, and environmental benefits of these projects will have long-lasting effects on the state and its residents, illustrating the potential of clean energy to drive sustainable development and prosperity.
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