[Durham INC] Smart Wires Selects Durham for its Global Headquarters

[Jones, Henry R.]

NEWS RELEASE

For Immediate Release                                                      Date: 07/27/2021
Contact: Public Information Office                                 Phone: (919) 560-0000/Fax: (919) 560-0020
E-mail: publicinformationoffice at dconc.gov<mailto:publicinformationoffice at dconc.gov>

Smart Wires Selects Durham for its Global Headquarters
Company's $21.5M Investment Will Create 250 New Jobs

Durham, N.C. - Durham continues to be a premiere tech business destination with North Carolina Governor Roy Cooper's announcement on Tuesday, July 27, 2021, that Smart Wires<https://www.smartwires.com/>, 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.

"North Carolina's transition to a clean energy economy enhances our reputation as a forward looking, attractive business location," Governor Cooper said in a release<https://www.nccommerce.com/news/press-releases/power-technology-company-selects-durham-global-hq-and-research-facility>. "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."

Smart Wires<https://www.smartwires.com/> 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(tm) 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.

"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."


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.



Smart Wires' JDIG agreement could also move as much as $940,500 into the state's Industrial Development Fund - Utility Account<https://www.nccommerce.com/grants-incentives/public-infrastructure-funds/utility-account> 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.



The Board of County Commissioners are scheduled to consider a local award at the Monday, August 9, 2021, Regular Session.


"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."


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.



For more information about this announcement, contact Economic Development Officer Andy Miracle at amiracle at dconc.gov<mailto:amiracle at dconc.gov>.


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