Corvid Technologies, which provides physics-based engineering solutions for the defense, automotive, aircraft, and biomedical industries, will invest $28.9 million to locate its headquarters in Mooresville, North Carolina. The company plans to create 367 new jobs Iredell County.

“We’re excited to consolidate our headquarters in North Carolina and continue our rapid expansion in the area,” said Dr. David Robinson, CEO at Corvid.

“The business-friendly climate at the local, county, and state level combined with access to premier engineering talent coming out of the nearby university systems were all major factors in our decision to locate the company headquarters in the area,” he added.

The Mooresville location will be Corvid’s main campus and headquarters. The project will include two, three-story buildings, a data center for high-performance computing, a mechanics lab, and a prototyping lab.

Corvid provides technology-based solutions to a variety of customers in the Department of Defense. In addition, Corvid supports ongoing projects and customers varying from motorsports to U.S. Olympic teams to the Defense Advanced Research Projects Agency.

The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s expansion.

Corvid’s location in Iredell County will be facilitated in part by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project will grow the state’s economy by an estimated $764 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 $9,000,750, 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.

The company currently has 145 engineers and scientists with 75 percent holding advanced degrees across a variety of STEM fields. Corvid employs staff at offices across the U.S., including its current office in Mooresville.

“North Carolina is the perfect choice for Corvid, thanks to our world-class universities, major military installations, and highly skilled workers,” Governor Roy Cooper said. “I’m pleased Corvid decided to keep growing right here by bringing more good-paying engineering jobs and its headquarters to Mooresville.”

“It’s no coincidence that Corvid chose North Carolina, home to some of the nation’s largest military bases and leaders in aerospace and automotive industries,” said North Carolina Commerce Secretary Anthony M. Copeland. “Our state has the talent and business climate Corvid needs to succeed.”

Because Corvid chose to locate in Iredell County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $3,000,250 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. When new jobs are created in a Tier 3 county such as Iredell, the new tax revenue generated through JDIG grants helps more economically challenged.