France-Based Framatome Expands Lynchburg, Virginia, Operations
The investment will allow the company to meet increased demand for servicing existing nuclear power plants and developing solutions for advanced and small modular reactors.
“The greater Lynchburg region and the Commonwealth of Virginia have been Framatome’s North American base of operations for over a half-century. Now, we’re strengthening our commitment to our home and our shared goal of safe, reliable, low carbon power generation,” said Kathy Williams, CEO of Framatome North America. “Our extensive investments in facility expansion and modernization, broadening our labor pool and escalating recruitment will help energize our community and align us with the Commonwealth of Virginia as catalysts in the transition to a clean energy future.”
The Virginia Economic Development Partnership (VEDP) worked with the City of Lynchburg to secure the project. Governor Youngkin approved a $5 million grant from the Commonwealth’s Opportunity Fund to assist the City of Lynchburg with this project. The company is eligible to receive state benefits from the Major Business Facility Job Tax Credit for new, full-time jobs created, as well as benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.
“Framatome has been integral to Virginia’s economy for more than five decades, and we are grateful for this vote of confidence as the company reaffirms its commitment to Virginia with this major expansion in Lynchburg,” noted Secretary of Commerce and Trade Caren Merrick. “Framatome’s constant innovations and advancements in nuclear energy indicate the opportunities in this industry, and we look forward to its future.”
Support for Framatome’s job creation will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System and other higher education partners, with funding support from the Governor’s administration and the Virginia General Assembly. Launched in 2019, the program accelerates new facility start-ups through the direct delivery of recruitment and training services that are fully customized to a company’s unique products, processes, equipment, standards, and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.
“I’d like to say a huge thank you to Marjette Upshur and the entire team at the City of Lynchburg Office of Economic Development & Tourism for spearheading this project,” added Megan Lucas, CEO & Chief Economic Development Officer of the Lynchburg Regional Business Alliance. “They, along with VEDP, were instrumental in working with Framatome to secure this expansion for our region. We are glad to support their work on behalf of the Lynchburg region and applaud Framatome for their decision to reinvest here.”
Framatome is owned by Électricité de France, Mitsubishi Heavy Industries, and Assystem. The company designs, services and installs components, fuel, and instrumentation and control systems for nuclear power.
2023's Leading Metro Locations: Hotspots of Economic Growth
The Logistics Analysis That Drives Industrial Site Selection
2023 Top States for Doing Business Meet the Needs of Site Selectors
Technology’s Influence on Workforce Development
Workforce Q4 2023
AI 101 for Site Selection
First Person: Realizing the Inflation Reduction Act’s Full Potential
2023 Top States Commentary: Top-Ranked States Have What It Takes to Win Mega Projects