DURHAM, N.C. (WNCN) – Another tech company will bring its business to the Triangle. Gov. Roy Cooper announced Tuesday that Smart Wires will establish its global headquarters in the Research Triangle Park.
The company, which works with utilities to improve electric grids, will invest $21.5 million over five years. It will also create 250 jobs, a news release said.
Smart Wires said it was founded in 2003 after the Northeast Blackout, which it called a wake-up call. Its flagship product, SmartValve, “revolutionizes the power flow control landscape with a transformerless device that offers 600 times the impact.”
The company also offers analytics services for power system operations and planning, the release said.
“North Carolina’s transition to a clean energy economy enhances our reputation as a forward-looking, attractive business location,” Cooper said in a news release. “Smart Wires’ selection of the Research Triangle for its headquarters shows our state has the skilled workforce and public policies to support one of the most promising new industries of the 21st Century, and we welcome this innovative company to our state.”
The Smart Wires project will be facilitated by a Job Development Investment Grant. It is estimated to grow the state’s economy by more than $3 billion over the 12-year term. The grant allows a potential reimbursement to Smart Wires of up to $2,821,500, spread over the 12 years. In that span, North Carolina will see a net direct revenue from the project of more than $106 million, the release said.
The Durham County Board of County Commissioners will consider a local award during its Aug. 9 meeting.
“With the addition of Smart Wires to the region, not only are we gaining a global headquarters, but we are further diversifying our local economy as well,” stated Durham County Economic Development Officer Andrew Miracle. “Through their innovative approach, the potential delivery of affordable, clean energy worldwide will have its roots in Durham. We look forward to this partnership opportunity.”