Current:Home > StocksIndian company that makes EV battery materials to build its first US plant in North Carolina -Streamline Finance
Indian company that makes EV battery materials to build its first US plant in North Carolina
View
Date:2025-04-13 00:54:31
BOLIVIA, N.C. (AP) — An Indian company that produces a key ingredient for long-range batteries in electric vehicles said Thursday it would build its first U.S. plant in southeastern North Carolina, creating hundreds of jobs.
Executives at Epsilon Advanced Materials Inc. and Gov. Roy Cooper announced the planned $650 million facility in Brunswick County that starting in 2026 would make synthetic graphite anode material necessary for batteries that power EVs and other energy storage systems. When fully operational by 2031, the facility will generate 50,000 tons (45,359 metric tonnes) of the product annually.
“We’re proud to have North Carolina as the centerpiece of our U.S. manufacturing strategy,” EAM founder and Managing Director Vikram Handa said in a news release from Cooper’s office. “Having an environmentally friendly world-class facility in North Carolina will allow EAM to provide synthetic and natural graphite anodes to the growing EV battery industry faster, more reliably and at a competitive cost.”
The company said the plant is anticipated to generate 500 new jobs, with an average annual salary of $52,264, which is above the current average salary in the county of $46,464. Cooper’s administration has been focused on attracting clean-energy industries to North Carolina.
State and local governments have offered more than $33 million in economic incentives for EAM to build in forms such as land, infrastructure improvements, training and cash payments, according to a document presented to a state panel that signed off on some incentives.
A portion of the state incentives — about $3.4 million over 12 years — is contingent on EAM meeting job-creation and investment thresholds by the end of 2028, the document said.
The document said that EAM initially considered facility sites in six states, and the other finalist was Jackson, Tennessee.
veryGood! (13)
Related
- Retirement planning: 3 crucial moves everyone should make before 2025
- Tough treatment and good memories mix at newest national site dedicated to Latinos
- Volkswagen, Porsche, Mazda among 100,000 vehicles recalled: Check car recalls here
- Harris to sit down with Black journalists for a rare interview
- Organizers cancel Taylor Swift concerts in Vienna over fears of an attack
- Horoscopes Today, September 16, 2024
- Deputies in a New Orleans suburb kill armed man following 5-hour standoff
- If the Fed cuts interest rates this week, how will your finances be impacted?
- Illinois Gov. Pritzker calls for sheriff to resign after Sonya Massey shooting
- Instagram introduces teen accounts, other sweeping changes to boost child safety online
Ranking
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- Rutgers president plans to leave top job at New Jersey’s flagship university
- Trump rolls out his family's new cryptocurrency business
- Off the Grid: Sally breaks down USA TODAY's crossword, You've Come to the Right Place
- Former Milwaukee hotel workers charged with murder after video shows them holding down Black man
- REO Speedwagon reveals band will stop touring in 2025 due to 'irreconcilable differences'
- Kate Hudson Shares How She's Named After Her Uncle
- Maná removes song with Nicky Jam in protest of his support for Trump
Recommendation
Most popular books of the week: See what topped USA TODAY's bestselling books list
The hormonal health 'marketing scheme' medical experts want you to look out for
Volkswagen, Porsche, Mazda among 100,000 vehicles recalled: Check car recalls here
Takeaways from AP’s report on a new abortion clinic in rural southeast Kansas
Elon Musk’s Daughter Vivian Calls Him “Absolutely Pathetic” and a “Serial Adulterer”
Tommy Cash, country singer and younger brother of Johnny Cash, dies at 84
Los Angeles Rams WR Cooper Kupp to miss 'good amount of time' due to ankle injury
US retail sales ticked up last month in sign of ongoing consumer resilience