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

IONNA Plans Durham, North Carolina, Global Headquarters

06/13/2024
IONNA, LLC, an electric vehicle charging station developer, plans to establish operations in Durham, North Carolina. The more than $10 million project is expected to create approximately 200 jobs.

In addition to corporate functions, the new global headquarters will include a customer experience lab for research and development of the software and hardware to create the network of more than 30,000 EV charging points.

“Our new headquarters will bring synergistic opportunities and collaboration,” said Seth Cutler, CEO of IONNA. “Accelerating deployment and innovation within IONNA while contributing positively to the Durham and Triangle area community, paving the way for a prosperous future together.”

The project is being supported, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $724 million. Using a formula that takes into account the new tax revenues generated by the 203 new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $3,075,000, 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.

The project’s projected return on investment of public dollars is 108 percent, meaning for every dollar of potential cost to the state, the state receives $2.08 in state revenue. 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.

“We are delighted to have IONNA join our growing EV supply chain,” noted N.C. Commerce Secretary Machelle Baker Sanders. “When advanced manufacturers commit to North Carolina, it confirms the importance of our ‘First in Talent’ plan which leads the charge in prioritizing the development of a diverse and well-trained workforce to help companies blaze new trails.” IONNA’s JDIG agreement could also move as much as $1,025,000 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 Durham, their JDIG agreements move some of the new tax revenue into the state’s Industrial Development Fund – Utility Account.

“IONNA’s decision to announce in North Carolina is crucial for the automotive industry in the state, as seven of the world’s top automakers have seen the success EV companies have in North Carolina,” added Christopher Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC). “Our world class workforce and partnerships with our community colleges and universities provide the talent pipeline needed for companies to innovate and grow and further sets North Carolina apart as a leader in the EV space.”

Founded by seven automotive original equipment manufacturers (OEMs), BMW Group, General Motors, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis, IONNA will design, develop, build, and operate a unique, high-powered EV charging station network and customer experience that will key to increased EV adoption in North America.

“This region of North Carolina – Durham County and our neighboring communities in the Triangle and the Piedmont – is ground zero for clean transportation technology and production,” said Durham County Economic Development Manager Matthew Filter. “The biggest automotive and electric charging companies in the world are planting their flag in our corner of the world, and it represents a truly transformative opportunity for our communities. We are excited for what the future holds as we continue to expand this growing cluster.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on the project were the North Carolina General Assembly, North Carolina Community College System, Duke University, North Carolina State University, Duke Energy, Durham County, and the Greater Durham Chamber of Commerce.

Exclusive Research