Forge Nano's new Triangle factory will add to North Carolina's growing 'battery belt'
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Forge Nano, a Colorado-based battery company that picked Morrisville for a new manufacturing facility, could be at full production in the Triangle in two years, its CEO Paul Lichty told Axios.
Why it matters: Forge Nano is one of several companies contributing to a growing "battery belt" in the Southeast and specifically in North Carolina, as Lichty put it.
- With companies like Toyota and Epsilon Advanced Materials picking the state for expansion, state leaders have placed a big bet on batteries becoming a significant source of employment.
Driving the news: Forge Nano announced Nov. 14 plans to invest $165 million into a new battery production facility at 401 Southport Dr. in Morrisville, and hire around 200 people by 2027.
- It's currently in the process of making its existing building fit its needs for manufacturing.
- The state, Wake County and Morrisville gave the company around $3.2 million in combined incentives for the facility.
The intrigue: Lichty said that Forge was looking at several states, but found the Triangle attractive for its central location in the supply chain for batteries as well as its talented workforce.
- And, Lichty said, it's simply an attractive place for people to live.
What they're saying: "There are examples in the battery market of building battery factories at places where people don't want to work and having hiring problems," Lichty said.
- But the Triangle, much like Colorado, he added, is great at getting people to move there and stay.
Details: Forge, founded in 2011, wants to produce battery cells at its Morrisville plant that feature its own protective, nano-coating technology.
- The company raised $50 million from investors earlier this year to boost its production of batteries.
The big picture: The battery business is becoming more competitive, as industries across the board seek to go greener through electrification.
- As a relative newcomer, Lichty said Forge has gotten a foothold by focusing specifically on the defense and aerospace industries, providing batteries for objects like radios and other electronics.
- "The average soldier carries about 20 pounds of batteries on them at any given time," Lichty said. "So if we can improve the energy density and either remove 20% of that weight, or give them functionality for something else, that's what [the Department of Defense] is motivated to see."