Energy storage company Alevo announced an expansion Tuesday of its Concord production plant that will add 200 new jobs over five years and more production lines. Alevo said it will invest $251 million in the facility.
Cabarrus County commissioners and Concord City Council have approved performance-based tax incentives totaling about $10.5 million.
The state’s Economic Investment Committee also approved up to $2.6 million in job-development reimbursements. The money will be paid in installments over 12 years if the company meets job creation and investment targets.
“It’s exciting that a global company like Alevo chooses to manufacture its cutting-edge energy storage products right here in North Carolina, in the heart of one of our state’s strongest manufacturing regions,” Gov. Roy Cooper said in a statement. “We need to continue to recruit and train for 21st century jobs like these.”
Alevo opened its Concord manufacturing site, the former Philip Morris cigarette factory, in late 2014 without state or local incentives. It promised 500 jobs within a year, but found the launch slower than expected; by early last year unpaid contractors had filed more than $4 million in liens.
Local officials now say they believe that initial promise can be fulfilled.
“The City Council and I maintain confidence in Alevo’s plans to reclaim Concord’s largest manufacturing site and transform it to a hub of clean energy technology,” Concord Mayor Scott Padgett said. “Alevo is truly a multinational corporation and we are excited for their expansion in Concord as they market their products and services to the world.”
Founded in 2009, Alevo is headquartered in Switzerland. Its GridBank energy-storage system uses large battery arrays to reduce energy waste, lower greenhouse gases and other emissions, create efficiencies and lower costs.
The first GridBank unit was cleared for delivery in Hagerstown, Md., in January.
The company now has 215 employees in Concord and will hire in areas including manufacturing, engineering, maintenance, logistics and supply chain. Salaries for the more than 200 new jobs will average $56,327, compared to the average annual wage in Cabarrus County of $37,808.
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