Siemens Energy’s $150 M investment in NC
Siemens Energy plans to expand its transformer manufacturing facility, add jobs and invest almost $150 million in North Carolina over the next five years.
Image for illustration purposes.
USA, North Carolina: State officials announced this on Tuesday as they approved an economic incentives package worth at least $9.3 million, enabling the expansion of Siemens Energy’s manufacturing facility in Charlotte, NC. The project will create 475 direct operating jobs and 285 construction jobs, with an additional 84 jobs in Raleigh, where the company’s existing grid technology engineering operations is expanded and will also be expanded. The jobs are expected to pay around $87,000.
“Manufacturing large power transformers in the United States will strengthen and expand our electrical grid to incorporate more renewable energy and meet growing energy demand,” commented Tim Holt, Member of the Executive Board of Siemens Energy. “We are excited to do that in Charlotte, North Carolina where our existing factory and incredible team is answering the call of our customers and policymakers to help protect our nation’s energy and national security.”
The company’s Charlotte location dates back to 1969, and currently, 1250 employees work there. 53,800 square feet of floor space should soon be repurposed, together with the addition of an 86,100 square foot expansion where the transformers will be manufactured. While Siemens Energy has been present in the US for more than 100 years, this will be its first large transformer manufacturing facility in the country.
North Carolina Department of Commerce officials approved an incentives deal worth more than $9 million over 12 years to support the expansion. The deal authorizes the potential reimbursement to the company of up to $6.98 million over 12 years, with payments dependent on the company hitting incremental job creation and investment targets. The deal also calls for moving $2.3 million into a state fund that helps rural communities finance infrastructure upgrades to attract future business.
Sources: WRAL News/Siemens Energy
#Charlotte#manufacturing facility#North Carolina#Siemens Energy#USA