Battery manufacturer Natron ceases operations, leading to the loss of 1,000 jobs in North Carolina.
In a setback for the economy of eastern North Carolina, plans for a $1.4 billion factory, expected to create over 1,000 jobs in the Rocky Mount area, have been scrapped. The proposed project, one of the biggest economic development deals in recent years in the region, was not explicitly named in available search results, and no specific reasons for abandoning the plans were provided.
Seven years ago, another ambitious project, a $580 million manufacturing facility by Chinese tire maker Triangle Tyre, was also cancelled at the Kingsboro site, citing a change in strategy. The Kingsboro megasite, where the latest facility was planned, is one of the top megasites in the country, making it a valuable location for major industrial projects.
The cancelled factory was expected to contribute significantly to the state's economy, with projections of more than $3.4 billion in growth over 12 years. State officials had approved an incentives package worth up to $56.3 million for the project.
Unfortunately, the company behind the project, Natron Energy, a California battery maker, has ceased operations. The closure affects about 95 employees and also impacts the company's facilities in Holland, Michigan, and Santa Clara, California.
Natron Energy was seeking additional funding or sales to stay in business, but these efforts failed. The company did not have enough cash to continue operations, and abandoned efforts to raise sufficient new funds late last month.
North Carolina Commerce Secretary Lee Lilley expressed his disappointment at the closure, emphasising the state's efforts to assemble property and prepare turn-key "megasites" capable of handling major industrial projects. He remains aggressive in marketing the Kingsboro location to great companies across the globe.
Despite this setback, the state continues to work hard to attract major industrial projects, with the hope of bringing new jobs and economic growth to the region.
