Swiss-Based Group to Invest $251M in NC Plant Expansion
- Mar 02, 2017
Concord, N.C.—Governor Roy Cooper recently announced that Alevo, a provider of energy storage, will launch a major expansion at its facility in Cabarrus County, creating more than 200 jobs by 2022. The company will invest $251 million in additional manufacturing operations in Concord, N.C.
Located at Victory Industrial Park, Alevo occupies Philip Morris’ former cigarette factory. The property has 2.5 million square feet. Rail comes to the manufacturing site and direct Interstate access is nearby. The port of Charleston is less than four hours away.
The Concord location is Alevo’s first U.S. manufacturing site, where the rechargeable GridBank Lithium-Ion battery storage system is made. When the manufacturing facility is at full capacity, it has the potential to produce 16.2 GWh of Alevo batteries annually.
“It’s exciting that a global company like Alevo chooses to manufacture its cutting-edge energy storage products right here in North Carolina, in the heart of one of our state’s strongest manufacturing regions,” said Governor Cooper in a prepared statement.
Currently, Alevo has 215 full-time employees in Cabarrus County, but the firm will hire manufacturing, engineering, maintenance, logistics, supply chain and other staff. The annual compensation of the company’s 200-plus new jobs will average $56,327, compared to the county’s overall average wage of $37,808 per year.
Alevo’s expansion in Cabarrus County will be facilitated, in part, by a Job Development Investment Grant approved by the state’s Economic Investment Committee. The company is eligible to receive up to $2.64 million in total reimbursements. The money will be paid in installments over 12 years if the company meets job creation and investment targets.
Founded in 2009, Alevo is headquartered in Martigny, Switzerland.
Image courtesy of Alevo website