Smart Wires Establishes Durham, North Carolina, Regional Headquarters
Smart Wires is based in the United States, with corporate headquarters in Silicon Valley, European headquarters in Dublin, Ireland, and a global workforce. The company develops and implements innovative technologies that advance the delivery of electricity, helping electric utilities maximize transfer capacity on their grids, resulting in more renewables, improved flexibility and stability, and less constraints, costs, community and environmental impact.
“With the rapidly increasing demand for grid enhancing technologies around the world, we’re at a critical inflection point in our journey. This move to the Research Triangle area provides the ideal support for rapid and sustained growth, and better positioning for our global customer base, and manufacturing and supply chain partnerships” said Peter Wells, CEO, Smart Wires. “We’re excited for this next major chapter in our company’s history, and are looking forward to being part of the vibrant and innovative business community of North Carolina.”
Smart Wires’ project in North Carolina will be facilitated 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 $3.07 billion. 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 $2,821,500, spread over 12 years. Over those 12 years, the state will see net direct revenue from the project in excess of $106 million.
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.
"North Carolina’s transition to a clean energy economy enhances our reputation as a forward looking, attractive business location,” said Governor Cooper. “Smart Wires’ selection of the Research Triangle for its headquarters shows our state has the skilled workforce and public policies to support one of the most promising new industries of the 21st Century, and we welcome this innovative company to our state.”
Smart Wires’ JDIG agreement could also move as much as $940,500 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 Durham, 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.
“High technology companies know what they’re looking for in today’s dynamic marketplace for talent,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Our state’s track record supporting education and workforce development means employers like Smart Wires know they will find the skilled workers they need in North Carolina.”
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) on this project were the North Carolina General Assembly, the North Carolina Community College System, Durham County and the Greater Durham Chamber of Commerce.
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