Microporous LLC will invest $1.35 billion to establish a new manufacturing facility at the Southern Virginia Megasite in Pittsylvania County, bringing more than 2,000 new jobs to the Southern Virginia region.
Microporous, a battery-separator company headquartered in Piney Flats, Tenn., will be eligible to receive a Virginia Major Employment and Investment Project Approval Commission-approved special appropriation of up to $60.6 million, subject to approval by the Virginia General Assembly.
The Virginia Tobacco Region Revitalization Commission, which has invested nearly $35 million in the Southern Virginia Megasite since 2008, approved up to $25 million in low-interest financing to bring major natural gas service to the project.
The company is eligible to apply for state grants from The Port of Virginia.
According to the office of Gov. Glenn Youngkin, Microporous will develop two phases of the project on Lot 1 of the Southern Virginia Megasite, each facility phase being approximately 500,000 square feet.
Lot 2 of the Megasite is anticipated to be under consideration for future expansion.
Virginia competed with North Carolina for the project.
Plaudits from the pols
“This historic $1.35 billion investment by Microporous in Pittsylvania County marks a new chapter in Virginia’s incredible advanced manufacturing story,” Youngkin said. “This project not only brings over 2,000 new jobs to Southside Virginia, but also positions the Commonwealth at the forefront of our nation’s resurgence in manufacturing. Microporous’ decision to establish their new facility here underscores Virginia’s competitive advantages and our commitment to leading the way in innovative industries.”
“Microporous’ selection of Pittsylvania County is a massive win for Southside and the entire Commonwealth,” said U.S. Sen. Mark Warner. “This investment was made possible in part by a $100 million award courtesy of the Bipartisan Infrastructure Law, which I was proud to help negotiate. This new manufacturing facility will not only create over 2,000 good-paying jobs but will also help to continue to position Virginia as the advanced manufacturing hub of the United States. I look forward to welcoming Microporous to the Commonwealth and to working together for years to come.”
“I’m thrilled that Microporous is receiving federal funding I helped secure from the Bipartisan Infrastructure Law to build a facility at the Southern Virginia Megasite in Pittsylvania County, creating over 2,000 jobs and growing the region’s economy,” said U.S. Sen. Tim Kaine. “This is a testament to years of hard work and collaboration, including working in a bipartisan way to address permitting challenges at economic development sites in Southside. With major federal investments from the Bipartisan Infrastructure Law and smart moves to cut red tape, it’s clear our work is paying off. I look forward to continuing to partner with the company and local stakeholders to ensure Microporous’ success in Virginia.”
Microporous moving into the EV market
Microporous is a manufacturer, developer and marketer of battery separators and engineered materials. The company plans to expand into battery separators for lithium-ion batteries, which are used in electric vehicle, energy storage systems, industrial and consumer electronics applications.
“With the new facility in Berry Hill, Microporous is taking a major step toward the future of energy storage technology,” said Microporous CEO John Reeves. “We extend our deepest gratitude to the Department of Energy, the Commonwealth of Virginia, Pittsylvania County, and the City of Danville for their incredible support and collaboration in making this project possible. Microporous is dedicated to developing the local workforce, investing in the community to improve opportunities for the local economy, and creating a better tomorrow for everyone.”
Microporous was purchased in February by Trent Capital Partners, which had been a minority owner of the company since 2014.
A Feb. 12 news release announcing the acquisition noted that Microporous had been selected for a $100 million dollar grant from the Department of Energy to establish a U.S.-based Li-ion battery separator manufacturing facility serving the North American EV market.
“We are excited to continue our investment in Microporous,” said Ray Desrocher, the managing director of Trent Capital Partners. “The company has a well-run core business with a long history of exceeding customer expectations while also being incredibly well positioned for success in the Green Energy space. Like the Department of Energy, which has supported Microporous with a $100MM grant, our investors believe the company can play a key role in the burgeoning market for Li-ion batteries.”
Share
Chris Graham
