A leader in nuclear energy will invest nearly $50 million to expand, modernize and enhance its facilities in Lynchburg to meet increased demand for servicing existing nuclear power plans and developing solutions for advanced and small modular reactors.
The $49.4 million expansion of Framatome will create 515 new jobs for Virginia.
A $5 million grant was approved by Virginia Gov. Glenn Youngkin from the Commonwealth’s Opportunity Fund to assist with this project.
“The greater Lynchburg region and the Commonwealth of Virginia have been Framatome’s North American base of operations for over a half century,” said Kathy Williams, CEO of Framatome North America. “Now, we’re strengthening our commitment to our home and our shared goal of safe, reliable, low carbon power generation.
“Our extensive investments in facility expansion and modernization, broadening our labor pool and escalating recruitment will help energize our community and align us with the Commonwealth of Virginia as catalysts in the transition to a clean energy future.”
Lynchburg Mayor Stephanie T. Reed said Framatome has left an impressive and undeniable mark on the economy.
“The city is proud to champion this major expansion, working together to equip and employ our residents, attract investment, and chart the course for a brighter future for all of Lynchburg,” said Reed.
Framatome is eligible to receive state benefits from the Major Business Facility Job Tax Credit for new, full-time jobs created. The company is also eligible for benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.
Support for job creation will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System and other higher education partners, with funding support from the governor’s administration and the Virginia General Assembly. Launched in 2019, the program accelerates new facility start-ups through the direct delivery of recruitment and training services that are fully customized to a company’s unique products, processes, equipment, standards and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.
Share
Crystal Graham
