May 4. Green New Energy Materials, a manufacturer of a key component used in lithium-ion batteries, will open a $140 million plant in Denver, creating 545 jobs.

GNEM partners with LG, Samsung, SKI, AESC and Northvolt on battery separator products that are used in electric vehicles, energy storage and electric tools.

Jay Zhu, general manager of GNEM, saidd the jobs are “futureproof,” and help “super charge the green transition in North America and across the planet.”

The NC Department of Commerce led the state’s recruiting process.

Details

Over the next dozen years, the project is estimated to grow the state’s economy by $1.15 billion during which time GNEM will receive $3,634,500 in benefits.

The project’s projected return on investment of public dollars is 105 percent, meaning for every dollar of potential cost to the state, the state receives $2.05 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.

Because GNEM chose a site in Lincoln County, the agreement also calls for moving $1,211,500 into the state’s Industrial Development Fund – Utility Account which helps rural communities finance necessary infrastructure upgrades to attract future business.

The average salary for all the new positions will be $57,934, while the current average wage in Lincoln County is $51,886.