New Companies, Taxpayer Funded Incentives Announced In Tennessee

Image Credit: tnecd.com

The Center Square [By Jon Styf] –

Projects worth $200 million, $95 million and $8.2 million were announced last week by Tennessee’s Department of Economic and Community Development.

The state does not announce incentives given to companies when the projects are announced, but they are added to the state FastTrack grant database within 30 days.

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FastTrack grants are state grants sent to local governments for specific infrastructure improvements or to companies to help offset the costs of expanding or moving into the state with the goal of increasing the number of full-time jobs and the average wages of jobs available in an area.

The largest announcement was WACKER saying that it planned to create 200 new jobs in Bradley County and 700 new jobs in Charleston County at its silicone production facility.

The $200 million project over several years will expand the company’s production of hyper-pure polysilicon used in semi-conductor and high-efficiency solar cells.

Duksan Electera America announced that it will spend $95 million on a new manufacturing facility in Shelbyville. The new facility will be located in Bedford County, where Duksan Electera will make electrolytes for the electric vehicle battery industry, supplying roughly 60,000 tons of electrolytes to battery makers in the Southeast.

The third announcement was that Highland Ventures Ltd. would relocate from Glenview, Illinois, to Brentwood and create 80 jobs over five years for a business hub that will serve Highland’s brands that include Family Veterinary Group, Marco’s Pizza, Stay Fit 24, Highland Pure Water & Ice and Legacy Commercial Property.

Tennessee has sent more than $1 million related to three companies related to new ventures or expansions since May 31.

Ariens received a $3 million grant for its $38 million investment in Lincoln County as the outdoor power equipment company builds a new manufacturing and warehouse facility in Fayetteville that will reportedly employ 369 new workers.

Quanta Manufacturing Nashville received $2.5 million for its expansion and new location in Rutherford County and Energybox received $1 million for its $1.7 million investment that will create 265 new jobs in Davidson County.

About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.