~ 510nano Incorporated to invest $11 million to relocate headquarters and establish manufacturing operation ~
RICHMOND – Governor Terry McAuliffe announced today that 510nano Incorporated, a developer of renewable energy projects and technologies, will invest $11 million to relocate its headquarters and establish a manufacturing operation in Greensville County. The company will construct a 100,000-square-foot manufacturing facility for the production of solar panels in Greensville County Industrial Park. The project will create 113 new jobs.
Speaking about today’s announcement, Governor McAuliffe said, “Environmental and economic sustainability are top priorities in the new Virginia economy we are building, and gaining 510nano’s headquarters and new solar panel manufacturing operation in Greensville County is a huge win for the Commonwealth and an economically distressed community. The advanced manufacturing and alternative energy industries provide jobs of the 21st century, and this tremendous project fits into my administration’s platform to create more opportunities in both sectors. We celebrate this great investment and addition of 113 new jobs, and welcome 510nano to Greensville County and Virginia.”
“510nano is a unique, innovative company that develops green technology solutions that are critical to the future of energy in Virginia,” said Maurice Jones, Virginia Secretary of Commerce and Trade. “Greensville County is a great fit for the company’s headquarters and new manufacturing operation, offering a site that meets the company’s needs and a robust workforce and manufacturing industry cluster. We are confident that 510nano will continue to grow its strategic vision from its new Virginia location.”
510nano Incorporated is a cleantech innovator specializing in the development and operation of commercial- and utility-scale renewable energy power plants (REPPs), along with the design of associated modules, panels, and other hardware. Since its founding in 2005, 510nano has developed more than 30 clean technologies in various stages of commercialization. In 2008 the company began generating steady development, consulting, and management fees as a turnkey power plant developer. In 2012 510nano began deploying its own capital, starting with two rooftop systems on a long-term revenue contract with the Town of Los Gatos, California, and culminating in 2014 with the delivery of 510 REPP One LLC, a commercial-scale plant in Garysburg, North Carolina. The company has deployed third-party off-the-shelf technology at three solar farms producing over 2.2 million kilowatt-hours (kWh) of power in an average year.
“Solar VIA is a technology that we’ve designed to lower the cost of solar generation to less than 6 cents per kilowatt-hour without subsidy,” said Dr. Reginald Parker, President & CEO of 510nano Inc. “The manufacturing home for the technology needs to be strategic and meaningful. With great access to I-95, Hampton Roads and rail, we see Greensville County, Virginia as an ideal home for the manufacturing site for Solar VIA, the headquarters for our solar energy business, and our energy research and technology center. Additionally, we felt that Greensville offered an attractive labor force, strategic nearby partners, and a great name for a green innovation company. This big step is more than a great opportunity. It is a renewable energy achievement for Virginia and the nation at large.”
The Virginia Economic Development Partnership worked with Greensville County and Virginia’s Growth Alliance to secure the project for Virginia. Governor McAuliffe approved a $200,000 grant from the Governor’s Opportunity Fund to assist Greensville with the project. The Virginia Tobacco Indemnification and Community Revitalization Commission approved $635,000 in Tobacco Region Opportunity Funds for the project. The company may also be eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Additional funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
“The Greensville County Board of Supervisors is thrilled 510nano Incorporated has chosen to locate in our community,” stated Peggy Wiley, Chairman of the Greensville County Board of Supervisors. “During the past several years when the economy was not at its best, the County put an emphasis on investing in our economic development resources, such as the development of land and utilities and educational opportunities for our workforce. These assets are vital to bringing new companies like 510nano to the area. The County also participates in marketing on a regional level through a membership in the Virginia Growth Alliance. 510nano is the second announcement Greensville County has made in 2015 and we look forward to more in the near future.”
“I am pleased that 510nano chose to invest in Greenville County,” said Delegate Terry Kilgore, Chairman of the Virginia Tobacco Indemnification and Community Revitalization Commission. “These are the R&D jobs that the Tobacco Commission looks for, which it turn helps to diversify our economy.”
“Economic development remains a top priority in the Commonwealth, and I am thrilled that 510nano Incorporated will bring new jobs and investment to Greensville County,” said Senator L. Louise Lucas.
“Jobs and economic development remain a priority for my 75th District and the Commonwealth of Virginia,” said Delegate Roslyn Tyler. “I am pleased that 510nano Incorporated has selected Greensville County as their headquarters and will create 113 new jobs that are needed in Southside Virginia, and it will also be an excellent economic boost to our county.”