Dai Nippon Printing Plans Linwood, North Carolina, Lithium-ion Manufacturing Operations
DNP manufactures lithium-ion battery pouches for electric vehicles. The company has developed and produced packaging for smartphones, tablets, and laptops, providing lighter and lower profile pouches that resist heat and vibrations, protect from water, extend battery life, and increase fuel efficiency.
“My meeting with DNP in Tokyo last month was productive and I’m grateful they are building their EV battery pouch manufacturing facility in North Carolina which is yet another sign of our growing clean energy economy,” said Governor Roy Cooper. “We welcome them to Davidson County where we know they will find a world-class workforce and an excellent quality of life to support their new operation.”
The project 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 this grant, the project is estimated to grow the state’s economy by $691 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 $2,741,400 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.
“From the east to the west, North Carolina’s electric vehicle industry is growing exponentially,” noted N.C. Commerce Secretary Machelle Baker Sanders. “Our natural resources and our reputation for highly skilled talent and strong transportation infrastructure, continue to attract global leaders, like DNP, that share our commitment to sustainability.”
Because DNP chose a site in Davidson County, classified by the state’s economic tier system as Tier 2, the company’s JDIG agreement also calls for moving $304,600 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.
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC), other partners in the project include the North Carolina General Assembly, the North Carolina Department of Transportation, the North Carolina Community College System, Davidson-Davie Community College, Golden LEAF Foundation, Davidson County, Davidson County Economic Development Commission, and the City of Linwood.
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