Nova Molecular Technologies, Inc., a chemical manufacturing company, will invest more than $14.9 million within an Opportunity Zone to expand operations at the Pocotaligo East Industrial Site in Sumter, South Carolina.
The Coordinating Council for Economic Development has approved job development credits related to this project as an incentive. A $300,000 Set-Aside grant was also awarded to Sumter County to assist with the costs of site preparation and infrastructure improvements.
“Nova began considering options in four states including South Carolina. All sites were located within Opportunity Zones which will provide significant tax benefits which will be reinvested back into the business. The Sumter site was selected due to the proximity of the existing production facility to utilize and expand the outstanding Sumter community workforce we currently enjoy. The proximity also allows for better collaboration between sites. The financial incentives offered by the local and state governments were very competitive as well as the favorable corporate tax structure,” said Nova Molecular Technologies, Inc. Chairman of the Board Jon Michael Clumpner.
The expansion is expected to be completed by 2024.
“While we work every day to bring new companies to South Carolina, it is always exciting to see one of our existing businesses expand. We celebrate Nova’s $14.9 million investment in Sumter and the 25 new jobs the company will create,” Governor Henry McMaster said.
“South Carolina has a history in chemical production, and today’s announcement shows that this sector continues to thrive in our state. Nova’s decision to expand in Sumter County is another indication our business-friendly climate is helping companies grow,” Secretary of Commerce Bobby Hitt noted.
Founded in 1991, Nova is a leading producer of high-purity solvents. The company’s high-value solvent Recovery and Return program helps companies reduce costs, increase supply certainty and improve sustainability initiatives. Additionally, through its Recovery and Return program, chemicals are recovered that would traditionally be sent to waste disposal, reducing environmental impact and allowing better risk mitigation of raw material supply.
“As we continue the work to strengthen our region with a robust lineup of industries, we are more than pleased to know that Nova Molecular Technologies, Inc. recognizes those efforts and has decided to expand their current operations to meet the business demands of their existing and potential customers right here. We are committed to helping secure their current and future business success,” advised TheLINK Economic Development Alliance Chair Gordon Eckley.
“For more than a decade, Nova Molecular Technologies, Inc. has provided superior service to Fortune 500 companies from around the globe from their Sumter operations facility. That, coupled with their announcement of an expansion, speaks volumes about the quality of work and workers that transpire in this region. We have long pursued and will continue to seek solutions to match world-class employers with exceptional employees that meet and exceed their expectations in order to respond to business needs. We are thrilled that Nova Molecular Technologies, Inc. is growing and also for our community which will benefit greatly from this investment and job creation,” Sumter Economic Development Board Chair Greg A. Thompson noted.