April 4, 2024 - Southern Business & Development

Companies with ties to Samsung snag big pieces of ‘unicorn’ industrial site in Taylor, Texas

Posted on April 4, 2024April 4, 2024 by Michael Randle

For more than a half-decade, what’s been called a “unicorn” in the Central Texas industrial ecosystem has been poised to boom. Now, the 750-acre RCR Taylor Logistics Park is living up to that potential.

Over the last several months, three companies tied to Samsung Electronics Co. Ltd. — headlined by one of its biggest suppliers — have completed the purchase of more than 100 acres in the park, which is located along a highly desirable stretch of highway in Williamson County. They appear primed to join existing companies in the park that could generate billions of dollars in capital investment and hundreds of jobs to Taylor, where Samsung’s next-generation chipmaking facility is expected to start coming online this year.

While the exact size and scope of the new projects remains to be seen, the companies will join Texas Materials Inc., which is building materials plants, and Houston-based Partners Real Estate, which has purchased multiple lots and is putting the finishing touches on its first 366,000-square-foot speculative industrial building in the park. Tesla Inc. is also using the site’s auto ramp to ship cars after they’re completed at the automaker’s eastern Travis County factory.

Austin Business Journal

How Texas is playing a major role in the race to develop clean energy technologies

Posted on April 4, 2024April 4, 2024 by Michael Randle

Texas is known as an energy powerhouse, largely driven by its massive oil and gas industry. But amid the challenges posed by climate change, some in the state are pushing for Texas to be a national leader in clean energy too.

During a conversation in Houston on Thursday, energy experts and academics spoke with Texas Tribune climate reporter Emily Foxhall about the billions of dollars that the federal government is pouring into solutions to provide clean power sources and how Texas is playing a major role in development of emerging energy technologies including hydrogen, and geothermal.

Texas energy companies are increasingly investing in hydrogen as a potential game-changing fuel for transportation, said Brett Perlman, CEO of the nonprofit Center for Houston’s Future. Perlman said Texas has major advantages in developing hydrogen: the state has the majority of the country’s hydrogen pipelines, a highly-skilled and knowledgeable workforce, and the natural gas and renewable energy needed to produce it.

Texas Tribune

Hiring on schedule, but Toyota aims to help build N.C. Triad’s STEM workforce

Posted on April 4, 2024April 4, 2024 by Michael Randle

As Toyota closes in on building its nearly $14 billion battery plant nearby, the company announced Tuesday it’s contributing $2 million to public schools in Randolph and Guilford counties to help prepare students for careers in science, technology, engineering and math.

The donation is intended to not only expose students to possible STEM fields early but also to support them and their families with non-academic, or “wrap-around,” services to help them stay on track and to close educational gaps. It also is aimed at supporting professional and leadership development for educators.

It’s part of Toyota’s $110 million company-wide Driving Possibilities initiative started in 2022 by the Toyota USA Foundation, the philanthropic arm of Toyota Motor North America. North Carolina is the seventh site to benefit.

Triad Business Journal

Second new reactor at Plant Vogtle reaches 100% power

Posted on April 4, 2024April 4, 2024 by Michael Randle

The second new nuclear reactor at Plant Vogtle reached 100% power for the first time Monday night, another sign that the expansion of the power plant near Augusta may be nearing completion after years of setbacks.

Bringing the new unit, known as Unit 4, to full power is a key step forward for the project.

Georgia Power spokesman John Kraft said in a statement that reaching maximum power was an important milestone for the company as it works to provide “a reliable, emission-free new energy source for Georgia.”

“Our teams continue to conduct testing for the unit, including safely running at various power levels and operating through real-life conditions, just as it will over the next 60 to 80 years after the unit enters commercial operation,” Kraft said.

Unit 4 was supposed to begin providing electricity to Georgians by the end of March, but an issue discovered in one of its cooling systems during start-up testing meant the company missed that deadline. The problem has been fixed, but Unit 4 is now expected to come online between April and June.

Atlanta Journal Constitution

Duotech expands in Macon County, N.C., creating 95 jobs

Posted on April 4, 2024April 4, 2024 by Michael Randle

Although wages will vary depending on the position, the average salary for the new positions will be $91,271. The current average wage in Macon County is $42,034.

Duotech Services, a Bernhard Capital Partners portfolio company, was established in the county seat of Macon in 1982 and has continuously operated in Franklin since 1986. Company co-founder Dan Rogers started the company in western North Carolina after seeing a need for what’s known as “obsolescence mitigation.” Products purchased by the Department of Defense require maintenance and repair over time, yet the Original Equipment Manufacturers (OEMs) tend to drop support of older products in favor of selling new equipment, according to a state release.

Duotech is a major supplier of maintenance and repair support services to components of the U.S. Government, and the company offers major OEMs repair and sustainment services for large scale electronics equipment. Duotech also designs, develops, and manufactures products such as advanced radars and radar warning receivers for commercial and military applications.

A company that serves the aerospace and defense industries that has operated in the town of Franklin for about 40 years will expand operations in Macon County, creating 95 jobs. Duotech Services, an engineering company that specializes in the repair and maintenance of legacy defense equipment, will invest $6.5 million in the expansion in a state that sells itself as “the most military-friendly state in the country.”

North Carolina Business

Hanover County, Va. Oks 1,200-acre data center project near Ashland

Posted on April 4, 2024April 4, 2024 by Michael Randle

The growing data center industry has gained a foothold in Hanover County after supervisors this week approved permits and rezoning for a 1,200-acre park.

The green light paves the way for Hanover’s first data centers.

Denver-based Tract, a developer specializing in data centers, is planning a technology park exclusively for data centers on Hickory Hill Road, northeast of Ashland. Tract representatives said the park would have between 30 and 38 buildings once finished.

The final site plan is subject to adjustments from the concept presented to the board of supervisors.

Richmond Times Dispatch

Why headquarters are relocating to Williamson County, Tenn. (and why not)

Posted on April 4, 2024April 4, 2024 by Michael Randle

Greater Nashville has lured more than 20 new headquarters in the past five years, and Williamson County can take much of the credit.

U.S. companies have been prioritizing headquarters relocations as part of their corporate strategies in a post-pandemic environment — the Nashville area has been at the top of many lists, ranking among the top five U.S. markets that have gained new headquarters, according to CBRE research.

More than 40 corporate headquarters are located in Williamson County. Nissan, Mars Petcare, Tractor Supply and Mitsubishi Motors have called the fast-growing county home for years, and California chain In-N-Out Burger announced plans for a corporate hub in Franklin last year.

At Williamson Inc.’s Outlook Williamson event on March 26, Katie Oliveira and Brian Allen, managers at CBRE Atlanta and Phoenix, discussed the appeal of the county for corporate headquarters relocations.

Here’s why companies want to relocate to Williamson County and what the area can work on.

Nashville Business Journal

Microvast needs $150M to finish its EV battery factory in Clarksville, Tenn.

Posted on April 4, 2024April 4, 2024 by Michael Randle

A company making batteries for electric vehicles is $150 million short of the money needed to finish its factory in Clarksville — which will idle the plant for all of 2024.

Executives with Microvast Holdings Inc. (Nasdaq: MVST) detailed the stall in Clarksville during their April 1 earnings call. They cited “challenges in the current U.S. financing environment” and said they got “as far as we could” using the company’s own capital — about halfway toward the total investment needed, said Chief Financial Officer Craig Webster.

It’s been three years since Microvast announced plans to buy an existing manufacturing building and create close to 290 jobs, an economic development deal that attracted another company in the electric vehicle supply chain to Tennessee. A $3 million state jobs grant and a $5 million local tax break buoyed the project, which still stands poised to reap tens of millions of dollars in tax benefits from new federal laws aimed at growing and rewarding domestic EV manufacturing.

Nashville Business Journal

Manufacturer and Defense Contractor Horsburgh & Scott Launches Industrial Gearbox Facility in St. Tammany Parish, La.

Posted on April 4, 2024April 4, 2024 by Michael Randle

SLIDELL, La. – International manufacturer Horsburgh & Scott Company announced that it has established a 32,000-square-foot facility in Slidell for the repair, service and assembly of industrial gears and gearboxes destined for the defense industry.

The Cleveland-based company expects its $4.9 million capital investment in St. Tammany Parish to create 40 direct new jobs at an annual average salary of more than $100,000. Louisiana Economic Development estimates an additional 57 indirect new jobs, for a total of 97 potential new jobs in the Southeast Region of the state.

“The creation of these well-paying jobs will benefit Louisiana’s skilled manufacturing workers, their children and grandchildren, which in turn helps our communities continue to thrive,” said LED Secretary Susan B. Bourgeois. “It is especially gratifying when a major capital investment in our state also benefits the men and women who protect our freedoms with their service in America’s armed forces.”

Louisiana Economic Development