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Capital One Invests $150 Million in Chesterfield County, Virginia, Data Center

06/29/2012
Capital One Financial Corporation will invest more than $150 million to establish its newest data center in Chesterfield County, Virginia, southeast of Richmond.

Its Meadowville Technical Park data center, located in a 1,300-acre industrial development, will be part of Capital One's core IT infrastructure that incorporates new technologies to better meet customer needs.

"Virginia has been home to Capital One for more than two decades, and the company continues to grow its foundation. As our 9th largest private sector employer, Capital One is a major corporate partner to the Commonwealth. We are pleased that the company will make this tremendous investment to enhance its IT infrastructure and establish a new data center in Chesterfield County," Governor Bob McDonnell said.

"Cutting-edge information technology is now a priority for all companies in the domestic and global marketplace," said Jim Cheng, Virginia Secretary of Commerce and Trade. "Capital One's new data center in Chesterfield County will give the company a competitive edge as it continues to expand. Winning this project was a priority, and we are thrilled to gain an investment of this magnitude and 50 new jobs."

"This project is another great example of how the IT industry helps fuel Virginia's economic engine, and we warmly welcome Capital One to Chesterfield County," said Jim Duffey, Virginia Secretary of Technology.

"In today's environment, information technology is a competitive advantage," said Rob Alexander, Chief Information Officer of Capital One, a company founded and headquartered in McLean, Virginia. "With the new Chesterfield data center, as a key element of the company's simplified and automated infrastructure, we are proud to continue our strong relationship with Virginia and expand our workforce here."

As an incentive the Virginia Economic Development Partnership worked with Chesterfield County and the Chesterfield Economic Development Authority to secure the project for Virginia. Governor McDonnell approved a $500,000 grant from the Governor's Opportunity Fund to assist with the project. The company will also be eligible for a sales tax exemption on eligible data center computer equipment.. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company's recruitment, training and retraining activities.

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