Alevo says it plans to add additional production lines and equipment at its battery manufacturing facility in Concord, creating just over 200 jobs.
The company, which currently has 215 full-time employees in Concord, says it will hire manufacturing, engineering, maintenance, logistics, supply chain and other employees.
The project will invest $251.5 million into the local economy, the company announced Tuesday.
The company says annual compensation for the company’s 200-plus new jobs will average $56,327. Cabarrus County’s overall average wage is currently $37,808 per year.
The Concord location is Alevo’s first US manufacturing site where the rechargeable GridBank™ Lithium-Ion battery storage system is made.
Founded in 2009, Alevo is headquartered in Switzerland with GridBank™ manufacturing in the US.