In 2023, Charlotte, North Carolina-based Atom Power announced that it would invest almost $4.2 million to expand its headquarters, manufacturing operations, and research and development capacity in nearby Huntersville. The company builds Level 2 and DC Fast electric vehicle charging infrastructure for the likes of fleet operators and multi-family residences.
The key to the company’s products is its Atom Switch circuit breaker technology. Atom Power claims it is the “world’s first commercial UL-listed digital solid-state circuit breaker,” making it more durable, energy-efficient, and safe. In the future, Atom plans to expand the applications of this technology to help power the likes of commercial buildings, data centers, factories, and residences.
Photo Courtesy Atom Power
Ryan Kennedy, co-founder and former CEO of Atom Power, noted in the press release that “Since Atom Power’s founding in 2014, we’ve been committed to growing our footprint within North Carolina. Our continued expansion in Huntersville will enable us to further tap into the rich and diverse local talent pool, while also supporting the growing demand for our unique approach to EV charging infrastructure.” This investment is expected to create over 200 local jobs with an average salary of $91,804, about 14.26% higher than Mecklenburg County’s average of $80,349 at the time of the announcement.
Atom Power has a long history of contributing to local communities and businesses in North Carolina. In 2022, for example, it installed 28 Level 2 charging ports to electrify a Charlotte distribution depot for Frito-Lay. In 2023, it installed four Level 2 charging ports to electrify eight parking spots at a Charlotte van depot for the Mecklenburg Paint Company. That same year, the company opened a research and development facility in Research Triangle Park, located in the Raleigh-Durham area. Last year, the company worked with Banks-EC to bring DC fast charging stations to Lee county MINA charter school to charge their electric school buses.
Photo Courtesy Banks-EC
Accordingly, the company received a plethora of support from the state as it pursued this expansion. The North Carolina Department of Commerce was the main champion for Atom Power as it progressed through site evaluation and other decision-making, but additional partners on the project included:
- Economic Development Partnership of North Carolina (EDPNC)
- North Carolina General Assembly
- North Carolina State University
- University of North Carolina at Charlotte
- North Carolina Community College System
- Central Piedmont Community College
- Lake Norman Economic Development
- Mecklenburg County
- Mecklenburg County Office of Economic Development
- Town of Huntersville
- Charlotte Regional Business Alliance
One of the most essential forms of support is a Job Development Investment Grant that was approved by North Carolina’s Economic Investment Committee (EDPNC) in May 2023. This incentive program from the EDPNC gives out annual grants to ease the process of new or small companies’ expansion, calculating the amount based on the tax revenues from the newly created jobs.
Over the course of the 12-year timeline of Atom Power’s grant, the state expects the total grant to reach almost $1.6 million. 75% of the annual grant goes to the company, or almost $1.2 million, pending its meeting of performance criteria. 25%, or, $399,500, will head to North Carolina’s Industrial Development Fund – Utility Account. That funding will then be sent to rural or economically challenged communities in other parts of the state to help enhance their infrastructure and ultimately entice other businesses to set up shop there. Over the course of the grant, Atom Power’s project is expected to provide an almost $818 million expansion for North Carolina’s economy by 2036 and generate over $21 million in tax revenue.
As Christopher Chung, CEO of the EDPNC, expressed in the press release about the Huntington expansion, “Atom Power’s decision to expand in North Carolina reiterates the fact that North Carolina is not only a top state for business but a leader in the EV and clean energy space. We are proud that a homegrown company like Atom Power has achieved such success that they are able to expand to offer more innovative solutions and to bolster the EV supply chain in the state, the Southeast and throughout the country.”
Photo Courtesy Atom Power
Additionally, Atom Power is set to receive $46,000 from Mecklenburg County and $5,000 from Lake Norman Economic Development.
In the words of former Governor Roy Cooper, “Electric Vehicles are key to this transition and I’m pleased Atom Power is expanding in Huntersville to make critical parts for EV charging stations which will be located throughout North Carolina.”
