Incentive package of $185.9M lands $1.4B Natron plant

(The Center Square) – Plans for a $1.4 billion plant bringing 1,000 jobs to Edgecombe County in eastern North Carolina include a county incentive package worth up to $129.6 million, and another from the state for $56.3 million.

California-headquartered Natron Energy is planning to use the site previously going to Chinesse tire maker Triangle Tyre, a project shuttered in 2022 despite the lure of $152 million in state and local incentives. Natron plans a factory producing sodium ion batteries for data centers, electric vehicle fast chargers and various industrial uses.

Natron has picked up $20 million from the U.S. Department of Energy and plans a facility 40 times larger than it built in Michigan, according to published reports. The plant is expected to be operational in 2027, said Natron Energy co-CEO Wendell Brooks.

According to state and company statements, the project is to create 1,062 jobs over five years with average salary of $64,071. The state says return on investment of public dollars is 22%, or $1.22 for each dollar of potential cost after the grant’s reimbursement payments.

Edgecombe County average annual wage is $43,183, the state said in a statement.

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The Commerce Department justifies incentives based upon new jobs businesses will bring to the state, announcing the average hourly wage for the new jobs and comparing it to the median hourly wage of the county. Economists question the effectiveness of financial incentives to private businesses to expand or come to a new state.

The use of hourly wage as an indicator is questioned because salaries of a few corporate leaders can skew the average higher while it would not have the same impact on the median wage.

Natron is a privately held company. Annual revenue is $65.7 million in 2024.

The company also seriously considered sites in South Carolina and Tennessee, the state said. Brooks said about 70 sites were considered overall.

Factors cited in choosing the Kingsboro megasite off U.S. 64 between Rocky Mount and Tarboro, in addition to incentives, were the total costs of operations, the ability to attract and train talent, and supply chain considerations, the state said. Interstate 95, connecting Maine and Florida, runs by Rocky Mount. The site is about 80 miles from Raleigh-Durham International Airport.

In addition, NCRR Invests – economic development arm of the North Carolina Railroad Company – will invest $750,000 for design and construction of a rail spur enabling CSX Transportation to serve the facility. An estimated 600 rail cars are expected annually.

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Natron was founded by Dr. Colin Wessells.

“His vision to build a company to deliver ultra-safe, high-power batteries started in a garage in Palo Alto,” the website said. “After countless hours of development with an ever-growing team of scientists and engineers, Natron expanded, creating a state-of-the-art pilot production line for sodium-ion batteries in Santa Clara, California.”

The 1.2 million-square foot North Carolina factory will be located on 437 acres, the company said.

“This flagship manufacturing facility will dramatically accelerate our efforts to deliver sodium-ion batteries to customers who are hungry for safe, reliable, and environmentally responsible energy storage solutions,” Wessells said in a statement Thursday. “After evaluating over 70 sites across nine states, we found that North Carolina, with its leadership in the clean energy revolution, would make the perfect home for this project. We are proud to partner with the state on this ambitious project to deliver high-quality jobs to the community while advancing the electrification of our economy. We look forward to joining the Edgecombe County business community.”

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