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<b><span style="font-size:48.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">NEWS RELEASE</span></b><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E"><o:p></o:p></span></p>
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<b><span style="font-size:10.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in"> </span></b><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E"><o:p></o:p></span></p>
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<b><span style="font-size:10.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">For Immediate Release Date: 07/27/2021<o:p></o:p></span></b></p>
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<b><span style="font-size:10.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">Contact: Public Information Office Phone: (919) 560-0000/Fax: (919) 560-0020</span></b><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E"><o:p></o:p></span></p>
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<b><span style="font-size:10.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">E-mail: </span></b><span style="color:black"><a href="mailto:publicinformationoffice@dconc.gov" target="_blank"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in">publicinformationoffice@dconc.gov</span></a></span><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E"><o:p></o:p></span></p>
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<b><span style="font-size:14.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in"> </span></b><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E"><o:p></o:p></span></p>
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<b><span style="font-size:16.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">Smart Wires Selects Durham for its Global Headquarters
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<span style="font-size:12.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">Company’s $21.5M Investment Will Create 250 New Jobs<o:p></o:p></span></p>
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<b><span style="font-size:12.0pt;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in"><o:p> </o:p></span></b></p>
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<b><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">Durham, N.C.
</span></b><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">– Durham continues to be a premiere tech business destination with North Carolina Governor Roy Cooper’s
announcement on Tuesday, July 27, 2021, that </span><span style="color:black"><a href="https://www.smartwires.com/"><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in">Smart
Wires</span></a></span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">,
</span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;background:white">will establish its global headquarters in the Research Triangle Park. The company will invest $21.5 million over five years to
establish a corporate headquarters and research and development facility in North Carolina.<o:p></o:p></span></p>
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<span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;background:white">"North Carolina’s transition to a clean energy economy enhances our reputation as a forward looking, attractive business location,”
Governor Cooper said in a </span><span style="color:black"><a href="https://www.nccommerce.com/news/press-releases/power-technology-company-selects-durham-global-hq-and-research-facility"><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;background:white">release</span></a></span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;background:white">.
“Smart Wires’ selection of the Research Triangle for its headquarters shows our state has the skilled workforce and public policies to support one of the most promising new industries of the 21st Century, and we welcome this innovative company to our state.”<o:p></o:p></span></p>
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<span style="color:black"><a href="https://www.smartwires.com/"><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;background:white">Smart Wires</span></a></span><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;background:white">
stands at the vanguard of today’s clean energy revolution, partnering with electric utilities around the world to improve the efficiency of electric transmission grids. Despite the many benefits of renewable energy sources for power generation, integrating
sources such as solar or wind introduces complexity for grid operation. Smart Wire’s flagship product SmartValve™ revolutionizes the power flow control landscape by dynamically increasing or decreasing line reactance, in essence pushing power off overloaded
transmission lines and pulling it onto underutilized lines, ensuring power flows are efficient and balanced. The company also offers advanced analytics services for power system operations and planning.<o:p></o:p></span></p>
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<span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:red;border:none windowtext 1.0pt;padding:0in"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-bottom:0in;line-height:150%"><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif">“Smart Wires’ selection of Durham County for their headquarters adds to the diverse opportunities
being created throughout the County, while also advancing one of our top priorities in clean energy,” said Durham Board of County Commissioners Chair Brenda Howerton. “True to our innovative roots, the company brings a forward-thinking approach to help advance
the economy of tomorrow through cleantech solutions. Adding to our growing tech sector and supported by the region’s world-class talent base, we welcome Smart Wires to Durham.”
<o:p></o:p></span></p>
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<b><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in"><o:p> </o:p></span></b></p>
<p style="margin:0in;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;background:white">Smart Wires’ project in North Carolina will be facilitated 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 $3.07 billion. Using a formula that takes into account the new tax revenues generated by the new jobs, the
JDIG agreement authorizes the potential reimbursement to the company of up to $2,821,500, spread over 12 years. During those 12 years, the state will see net direct revenue from the project in excess of $106 million.<o:p></o:p></span></p>
<p style="margin:0in;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black"><o:p> </o:p></span></p>
<p style="margin:0in;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;background:white">Smart Wires’ JDIG agreement could also move as much as $940,500 into the state’s
</span><a href="https://www.nccommerce.com/grants-incentives/public-infrastructure-funds/utility-account"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif">Industrial Development Fund – Utility Account</span></a><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;background:white">
for use by rural communities elsewhere in the state. The Utility Account helps finance necessary infrastructure upgrades in more economically challenged areas of the state to attract future business.<o:p></o:p></span></p>
<p style="margin:0in;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black"><o:p> </o:p></span></p>
<p style="margin:0in;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">The Board of County Commissioners are scheduled to consider a local award at the Monday, August<sup>
</sup>9, 2021, Regular Session. <o:p></o:p></span></p>
<p style="margin:0in;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-bottom:0in;line-height:150%;background:white">
<a name="_Hlk72410953"><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;border:none windowtext 1.0pt;padding:0in">“With the addition of Smart Wires to the region, not only are we gaining a global headquarters,
but we are further diversifying our local economy as well,” stated Durham County Economic Development Officer Andrew Miracle. “Through their innovative approach, the potential delivery of affordable, clean energy worldwide will have its roots in Durham. We
look forward to this partnership opportunity.”</span></a><span style="mso-bookmark:_Hlk72410953"><span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;border:none windowtext 1.0pt;padding:0in"><o:p></o:p></span></span></p>
<span style="mso-bookmark:_Hlk72410953"></span>
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<span style="font-size:12.0pt;line-height:150%;font-family:"Avenir LT Std 55 Roman",sans-serif;color:red;border:none windowtext 1.0pt;padding:0in"><o:p> </o:p></span></p>
<p style="margin:0in;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black;background:white">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, and the Greater Durham Chamber of Commerce.<o:p></o:p></span></p>
<p style="margin:0in;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black"><o:p> </o:p></span></p>
<p style="margin:0in;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">For more information about this announcement, contact Economic Development Officer Andy Miracle at
</span><a href="mailto:amiracle@dconc.gov"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif">amiracle@dconc.gov</span></a><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black">.<o:p></o:p></span></p>
<p style="margin:0in;line-height:150%"><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:black"><o:p> </o:p></span></p>
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<span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E;border:none windowtext 1.0pt;padding:0in">###</span><span style="font-family:"Avenir LT Std 55 Roman",sans-serif;color:#201F1E"><o:p></o:p></span></p>
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