Consultants Forum Advertise
Subscribe
Close

  • Free for qualified executives and consultants to industry

  • Receive quarterly issues of Area Development Magazine and special market report and directory issues

Subscribe Now
Renew

Area Development - Site Selection, Facility Planning and Workforce Development

Albemarle Corporation Plans Mecklenburg County, North Carolina, Research Facility

12/15/2022
Albemarle Corporation, the global specialty chemicals company, will establish an advanced materials research and development facility in Mecklenburg County, North Carolina. The $180 million project is expected to create 200 jobs.

The new facility will develop advanced materials research, process improvement approaches, and innovations to bring to market the next generation of products in the lithium and battery markets.

“Albemarle appreciates the support from the State of North Carolina and the City of Charlotte for this exciting project," said Kent Masters, Albemarle CEO. "The Albemarle Technology Park is an important piece of our journey to develop advanced energy storage technologies that power our future."

The project will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of 12 years, the project is estimated to grow the state’s economy by $644.5 million. Using a formula that takes into account the new tax revenues generated by 205 new jobs, the agreement authorizes the potential reimbursement to the company of up to $1,239,000, 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.

Because Albemarle chose a site in Mecklenburg County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $413,000 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities across the state finance necessary infrastructure upgrades to attract future business.

"North Carolina’s momentum in electric vehicles, battery production, and related industries is truly remarkable,” noted Commerce Secretary Machelle Baker Sanders. “It’s a pleasure to see this latest vote of confidence in our state from a world-class company like Albemarle.”

Albemarle Corporation engages in the development, manufacture, and marketing of chemicals for a variety of markets, including energy, electronics, transportation, construction, pharmaceuticals, and agriculture, among others.

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC), other key partners on this project were the North Carolina General Assembly, the North Carolina Community College System, Mecklenburg County, the City of Charlotte, University City Partners and the Charlotte Regional Business Alliance.

Exclusive Research