Expansion will create 200+ jobs and $251.5 million investment over five years
CONCORD, NC – Alevo’s plans to add additional production lines and equipment at its battery manufacturing facility in Concord will create just over 200 jobs and invest $251.5 million into the local economy.
Both the Cabarrus County Board of Commissioners and Concord City Council supported the expansion and approved two 5-year, performance-based tax incentives totaling $4,291,596 for the City of Concord and $6,258,577 for Cabarrus County. The project also includes a Job Development Investment Grant (JDIG) for $2.6 million that was approved by the state’s Economic Investment Committee.
“In a short time, Alevo has plugged into the community and embraced their role as a link from our past to our future,” said Cabarrus County Board of Commissioners Chair Steve Morris. “We are proud to support their investment in technology expansion and jobs because it will help power future industry in Cabarrus County.”
The Concord location is Alevo’s first US manufacturing site where the rechargeable GridBank™ Lithium-Ion battery storage system is made. The company, which currently has 215 full-time employees in Concord, will hire manufacturing, engineering, maintenance, logistics, supply chain and other employees.
“We knew early on that the Concord location would be the ideal fit for Alevo and this expansion of our production operation allows us to continue to strengthen our ties and investment in the local Cabarrus County community,” said Chris Christiansen, president of Alevo USA, Inc. “We look forward to partnering with local recruiting services, NC Works Career Center and Rowan-Cabarrus Community College to help us build our local workforce and fill these new maintenance and skilled trade labor positions.”
Salaries will vary by position, but the annual compensation for the company’s 200-plus new jobs will average $56,327. Cabarrus County’s overall average wage is currently $37,808 per year.
“We are grateful to have a cutting-edge energy technology company within our community and have fully supported Alevo in its manufacturing expansion plans,” said Robert Carney, executive director of Cabarrus Economic Development. “Their substantial investment and creation of jobs that are above our average county wages will provide tremendous opportunity for Cabarrus County citizens and nearby commuters.”
Concord Mayor Scott Padgett added, “The City Council and I maintain confidence in Alevo’s plans to reclaim Concord’s largest manufacturing site and transform it to a hub of clean energy technology. Alevo is truly a multinational corporation and we are excited for their expansion in Concord as they market their products and services to the world.”
Partnering with N.C. Commerce and the Economic Development Partnership of North Carolina on Alevo’s expansion project were Cabarrus County, City of Concord, Cabarrus Economic Development Corporation, Rowan-Cabarrus Community College, North Carolina General Assembly.
Under the terms of the JDIG, Alevo 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.
Alevo, a leading provider of energy storage is redefining energy as a developer, manufacturer and provider of grid-scale energy storage solutions featuring GridBank™ & Alevo Analytics. GridBank Lithium-Ion batteries feature a proprietary inorganic electrolyte (Alevolyte™), which is non-flammable and offers extreme long life and stability. Alevo’s vertically engineered turnkey energy storage solution can be placed anywhere on the electricity supply chain, to reduce energy waste, lower greenhouse gases and other emissions, create efficiencies and lower costs. Founded in 2009, Alevo is headquartered in Switzerland with GridBank manufacturing in the US.
About Alevo Analytics
Alevo Analytics provides advanced analytics and simulation capabilities, business intelligence and advisory services with a primary focus on the power and energy sectors as well as real time software solutions for SCADA, EMS and Analytics IQ databases. Alevo Analytics collaborates with customers to provide unique insights regarding where the deployment of distributed energy resources will yield the greatest benefits while demonstrating the efficiencies which can be realized across the electricity supply chain.
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