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

MetOx International Plans Chatham County, North Carolina, Manufacturing Operations

12/28/2024
MetOx International Inc., a manufacturer of high-temperature superconducting wire, plans to establish operations in Chatham County, North Carolina. The $193.7 million project is expected to create 333 jobs.

The investment will include the construction of a new manufacturing facility which will produce the company’s Xeus HTS wire, which can make transmission cables up to ten times more efficient than traditional copper cables.

“Establishing our new large-scale manufacturing facility in Chatham County is a pivotal step toward securing a reliable, domestic supply of HTS wire for the development of critical infrastructure in the United States,” said Bud Vos, CEO of MetOx. “This facility will not only deliver transformative energy technologies that strengthen our grid and reduce carbon emissions but also create high-paying manufacturing jobs in a community eager to lead in innovation. We are proud to partner with North Carolina to drive forward a resilient energy future built on cutting-edge science and strong local collaboration.”

MetOx’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant formally awarded to a new company being created by MetOx. Over the course of the 12-year term of this grant, economists in the Department of Commerce estimate the project will grow the state’s economy by $987.8 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 $3,184,500, spread over 12 years.

The project's projected return on investment of public dollars is 75 per cent, meaning for every dollar of potential cost, the state receives $1.75 in state revenue. 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.

MetOx’s JDIG agreement could also move as much as $1,061,500 into a fund that helps rural communities across the state attract business in the future. When companies select a site located in a Tier 3 county such as Chatham, their JDIG agreements move some of the new tax revenue into the state’s Industrial Development Fund – Utility Account. Local communities in more economically challenged areas of the state use grants from the Utility Account to build public infrastructure projects, which can improve a community’s ability to attract companies to their regions.

“Innovative companies are naturally attracted to the top-tier research and educational resources available in North Carolina,” noted North Carolina Commerce Secretary Machelle Baker Sanders. “MetOx recognized the benefits North Carolina’s academic institutions can deliver, thanks to our track record of successful partnerships between higher education and industry in North Carolina.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC) on the project were the North Carolina General Assembly, the North Carolina Community College System, N.C. Commerce’s Division of Workforce Solutions, North Carolina State University, Duke Energy, Chatham County and the Chatham County Economic Development Corporation.

MetOx specializes in high-temperature superconducting wire technology — particularly wire products that can make transmission cables significantly more efficient than traditional copper cables.

Exclusive Research