Atom Power, the pioneer in networked energy, will expand its headquarters and manufacturing operations in Mecklenburg County, creating 205 jobs, Governor Roy Cooper announced today. The company will invest nearly $4.2 million in Huntersville.
"North Carolina leads the nation in the transition to the clean energy economy,” said Governor Cooper. “Electric Vehicles are key to this transition and I’m pleased Atom Power is expanding in Huntersville to make critical parts for EV charging stations which will be located throughout North Carolina.”
Atom Power pioneered what’s known as networked energy, a new standard for an electrified world. The company has developed the world’s first UL listed and commercially available solid state digital circuit breaker, which they are now leveraging to deliver electric vehicle (EV) charging infrastructure to multiple market segments, such as fleet operators, multi-family residential properties, and destination charging stations. The company’s project in Huntersville expands its headquarters operations as well as its research and development capabilities and the physical spaces dedicated to manufacturing.
“Since Atom Power’s founding in 2014, we’ve been committed to growing our footprint within North Carolina,” said Ryan Kennedy, co-founder and CEO of Atom Power. “Our continued expansion in Huntersville will enable us to further tap into the rich and diverse local talent pool, while also supporting the growing demand for our unique approach to EV charging infrastructure.”
“Business success depends on workforce development success, and North Carolina’s focus on talent development continues to pay off,” said Commerce Secretary Machelle Baker Sanders. “Our state’s commitment to education and specialized workforce development programs helps deliver the skilled workers companies like Atom Power need in today’s global economy.”
The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.
Although wages will vary depending on the position, the average salary for the new positions will be $91,804. The current average wage in Mecklenburg County is $80,349.
Atom Power’s project 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 $817.9 million. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,198,500, 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. 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.
Because Atom Power chose a site in Mecklenburg County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $399,500 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Mecklenburg, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.
“It’s great news when a company that’s already doing business in our community decides to grow and expand here, especially when the company is part of our state's initiative to meet our climate change goals” said N.C. Senator Natasha Marcus. “Atom Power is an innovative company helping pioneer a growing industry and I speak for everyone in Huntersville and Mecklenburg County when I say congratulations on your expansion in our area.”
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, the North Carolina Community College System, North Carolina State University, the University of North Carolina at Charlotte, Central Piedmont Community College, the Town of Huntersville, Mecklenburg County, Lake Norman Economic Development, the Mecklenburg County Office of Economic Development, and the Charlotte Regional Business Alliance. About Atom Power
Atom Power created networked energy, the new standard for an electrified world. The company’s unified platform connects everything and everyone to amplify value for all. Through Atom EV, the company is reinventing how electric vehicles charge. The company’s purpose is to inspire possibilities, build trust, and deliver amazing. Atom Power is headquartered in Huntersville, North Carolina.
For more information, visit atompower.com or follow the company on LinkedIn.