Governor Cooper Announces 1,000 New Jobs in Edgecombe County as Natron Energy Selects the Kingsboro Megasite

Natron Energy, Inc., a global leader in sodium-ion battery technology, will build the first sodium-ion battery gigafactory in the United States at the Kingsboro megasite, creating more than 1,000 jobs, Governor Roy Cooper announced today. The company will invest nearly $1.4 billion in Edgecombe County.

"North Carolina's momentum in the clean energy economy reaches epic proportions with today's news," said Governor Cooper. "Natron Energy's choice to build this large and unique battery factory in our state will help the nation reduce greenhouse gas emissions while creating good jobs in Rocky Mount, Nash and Edgecombe counties, and many other places in eastern North Carolina."

Natron Energy, founded in 2012 with headquarters in Santa Clara, California, is a pioneer in the research, development, and manufacture of sodium-ion batteries (NIBs). Natron's innovative battery cells leverage the company's patented Prussian blue electrodes to deliver safe, high-power, long-life battery energy storage solutions. The company's batteries outperform incumbent technologies like lead-acid and lithium-ion batteries across many performance measures, such as cycle life and power density, without the need for rare earth metals and critical minerals such as cobalt or lithium. Importantly, Natron's sodium-ion batteries are non-flammable and cannot be induced to thermal runaway, creating a safer solution than counterparts on the market today.

Applications for Natron's products include backup power systems for AI data centers, military and defense uses, and powering electric vehicle (EV) fast charging stations, among others. This application flexibility provides a broad customer base for the company as it sees increased demand across a wide range of end market segments. The company's project in North Carolina, known in industry parlance as a giga-scale factory to showcase the high output of its production capacity, will establish operations at the Kingsboro Business Park, named in a recent study as North Carolina's premiere megasite.

"North Carolina, with its leadership in clean energy manufacturing and commitment to fostering innovation, is an ideal home for Natron and this groundbreaking facility," said Colin Wessells, Founder and co-CEO, Natron Energy. "This facility will drastically increase the company's production capacity, creating a sustainable growth trajectory as we seek to fundamentally change the way that industrial power is used. We're grateful for the partnership of Governor Cooper, Secretary Sanders, and various state and local officials for their support. We look forward to becoming a member of the North Carolina business community for years to come."

"As the world progresses toward a clean energy future, business operators are increasingly in need of safe, reliable, and efficient energy storage systems," said Wendell Brooks, co-CEO, Natron Energy. "The Kingsboro megasite offers not only ideal site characteristics, but access to a world-class labor force and a business-friendly climate. With today's announcement, Natron will be well-positioned to meet that growing demand. The state of North Carolina is a leader in clean energy manufacturing, and we're proud to have the opportunity to contribute to that growing legacy in Edgecombe County."

The North Carolina Department of Commerce coordinated the state's recruitment of Natron Energy, which also involved several state, regional, and local organizations.

"North Carolina has quickly become the heart of a rapidly growing network of battery manufacturers and their suppliers, which is turbocharging our state's economy," said North Carolina Commerce Secretary Machelle Baker Sanders. "I'm pleased to see a cutting-edge company like Natron Energy select one of our state's premier megasites where I know they'll thrive, thanks to North Carolina's continued investments in infrastructure and workforce training systems."

Natron Energy's project in the state, which will officially be executed through a newly formed subsidiary company, will be facilitated in part 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 $3.4 billion. Using a formula that takes into account the new tax revenues generated by the 1,062 new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $21,747,000, 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 22 per cent, meaning for every dollar of potential cost, the state receives $1.22 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.

The state also anticipates providing additional support to the project with the first use of the North Carolina Megasite Readiness Program, a new state grant program open to local governments and designed to provide funds to help prepare or upgrade qualifying industrial sites to the competitive level required in today's economic development marketplace. Established by the North Carolina General Assembly in 2022 and administered by the Economic Development Partnership of North Carolina, grants from the fund can be used to cover site preparations, road improvements, and additional utilities infrastructure. Grants from the Megasite Readiness Program are awarded to local governments and must be approved by the state's Economic Investment Committee, the same body that approves JDIG awards. The state expects Edgecombe County will be awarded a grant up to $30 million from the fund, subject to final approvals from the Economic Development Partnership of North Carolina's Board of Directors and the EIC.

Salaries for the new jobs will vary by position, but taken together will average $64,071, increasing the regional payroll by approximately $68 million every year once the plant if fully staffed. The Edgecombe County average annual wage stands currently at $43,183.

"Successful economic development projects take patience and dedication from many people and organizations working tirelessly behind the scenes," said N.C. Senator Kandie Smith. "I applaud everybody that contributed to the work that made today's decision by Natron Energy possible and welcome Natron Energy to our county."

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of N.C. on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Departments of Transportation and Environmental Quality, N.C. Commerce's Division of Workforce Solutions, CSX, the North Carolina Railroad Company, Dominion Energy, Piedmont Natural Gas, Edgecombe Community College, Edgecombe County, and the Carolinas Gateway Partnership.

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