Nuvotronics, an advanced technology manufacturer of microelectronics components and subsystems, will invest $50 million over five years to increase their manufacturing footprint and production capabilities in Durham, North Carolina. The company plans to create 150 jobs.
The company produces microfabricated radio frequency products. Nuvotronics develops accelerated innovation initiatives across the company’s technology portfolio with its award-winning PolyStrata® Technology, an innovative 3D microcoax architecture. Nuvotronics’ success drives the need for additional manufacturing capacity to meet the growing demands of its customers.
“This is an exciting time of growth for Nuvotronics,” said Martin Amen, vice president and general manager, Nuvotronics. "We have established and grown our advanced, innovative process through multiple research and development efforts here in the U.S. This investment communicates to current and future customers our strategic commitment to this innovative technology, which is integral to the evolution of Space and 5G markets.”
“We have successfully proven, established and grown our advanced process through multiple research and development efforts here in the U.S. Our products truly revolutionize microelectronics solutions, making us a world leader in electronic packaging, driven by the demand for smaller packages with superior performance,” he added.
The North Carolina Department of Commerce led the state’s efforts to support Nuvotronics’ decision to expand its operations in North Carolina.
Nuvotronics’ expansion 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 the grant, the project is estimated to grow the state’s economy by more than $299 million. Using a formula that takes into account the new tax revenues generated by the 150 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $1,173,750 spread over 12 years. Payments for all JDIGs 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 expansion of this innovative company signals once again about North Carolina’s resistance during the pandemic,” said Governor Roy Cooper. “Our advanced manufacturing and technology workforce will help them meet their goals.”
Because Nuvotronics is expanding in Durham County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving as much as $391,250 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 Durham, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.
“Innovation brings market-leading companies to North Carolina and supports their success at every stage of growth,” said Commerce Secretary Anthony M. Copeland. “Nuvotronics’ expansion in Durham highlights the assets that facilitate next-generation technologies and solutions, starting with our engaged colleges and universities.”
In addition to the N.C. Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, Durham County, City of Durham, and the Greater Durham Chamber of Commerce.