2024 Election Guide
The voice of progressives in
every town in America
every town in America
MetOx International will invest $193.7 million
"Many cutting-edge technologies power the clean energy economy, and it’s great to see MetOx and its superconducting technology join us here in Chatham County,” said Governor Cooper. “Reducing carbon emissions will keep us safer and healthier while putting more money in the pockets of North Carolina families, and we’re excited to bring more clean tech company jobs to our state.”
MetOx, with headquarters in Houston, Texas, is a leader in High Temperature Superconducting technology (HTS) and the company is dedicated to advancing new energy solutions and establishing a resilient HTS manufacturing base in the United States. Through partnerships with strategic investors, MetOx is driving innovation and strengthening supply chains for critical superconducting applications across multiple industries.
HTS is an advanced power delivery technology, capable of transmitting extremely high power at low voltage with zero heat generation or energy loss. This breakthrough technology is revolutionizing critical energy sectors, including power transmission, distribution, and grid expansion, while uniquely meeting the high-power demands of AI-driven applications and hyperscale data centers. HTS is also pivotal in enabling high-field magnet applications such as next-generation wind turbines, motors and generators for clean aviation and aerospace, advanced defense systems, and magnetic confinement fusion energy.
The company’s project in the Research Triangle region of North Carolina will build a major manufacturing center to produce the company’s Xeus™ HTS wire, which can make transmission cables up to ten times more efficient than traditional copper cables.
“Establishing our new large-scale manufacturing facility in Chatham County is a pivotal step toward securing a reliable, domestic supply of HTS wire for the development of critical infrastructure in the United States,” said Bud Vos, CEO of MetOx. “This facility will not only deliver transformative energy technologies that strengthen our grid and reduce carbon emissions but also create high-paying manufacturing jobs in a community eager to lead in innovation. We are proud to partner with North Carolina to drive forward a resilient energy future built on cutting-edge science and strong local collaboration.”
“Innovative companies are naturally attracted to the top-tier research and educational resources available in North Carolina,” said North Carolina Commerce Secretary Machelle Baker Sanders. “MetOx recognized the benefits North Carolina’s academic institutions can deliver, thanks to our track record of successful partnerships between higher education and industry in North Carolina.”
Although specific wages will vary depending on job role, the average salary of the new positions is $75,132, bringing more than $25 million of annual payroll growth to the region. The current average wage in Chatham County stands at $48,413.
MetOx’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) formally awarded to a new company being created by MetOx. Over the course of the 12-year term of this grant, economists in the Department of Commerce estimate the project will grow the state’s economy by $987.8 million. 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 $3,184,500, spread over 12 years.
The project's projected return on investment of public dollars is 75 per cent, meaning for every dollar of potential cost, the state receives $1.75 in state revenue. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. 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.
MetOx’s JDIG agreement could also move as much as $1,061,500 into a fund that helps rural communities across the state attract business in the future. When companies select a site located in a Tier 3 county such as Chatham, their JDIG agreements move some of the new tax revenue into the state’s Industrial Development Fund – Utility Account. Local communities in more economically challenged areas of the state use grants from the Utility Account to build public infrastructure projects, which can improve a community’s ability to attract companies to their regions.
“It will be exciting to see the products of this game-changing technology be produced in our region,” said N.C. Representative Robert Reives. “Chatham County welcomes MetOx to North Carolina, one of the top places to do business in the world.”
“I’m proud of the local and regional teams that worked together to showcase all the advantages our region brings to a company like MetOx,” said N.C. Senator Natalie Murdock. “We will continue to work together to support the company as it gets up and running in Chatham County.”
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, N.C. Commerce’s Division of Workforce Solutions, North Carolina State University, Duke Energy, Chatham County and the Chatham County Economic Development Corporation.