(The Center Square) — Georgia has awarded a $1.85 million EDGE grant to the Augusta Economic Development Authority to support an electrodeposited copper manufacturer planning a new Richmond County facility.
This week, Denkai America announced that it plans to invest $430 million in a new North American headquarters and manufacturing facility in the Augusta Corporate Park at Valencia Way. The company plans an initial investment of $150 million to establish an ED copper foil production facility on a 115-acre site.
According to a Memorandum of Understanding obtained by The Center Square, the money will offset the cost of site preparation for the undertaking, nicknamed “Project Titan.” In the document, state officials said Denkai might have opted for a site in South Carolina if not for the grant.
“We know they will be a great corporate citizen and bring high-skilled jobs to the growing list of companies that call Augusta and the Augusta Corporate Park home,” Steven Kendrick, chairman of the Augusta Economic Development Authority, said in an announcement.
Denkai America intends to create 250 new jobs over the next five years with an average wage of $73,507. The company’s materials have mainly been used in printed circuit board applications for the aerospace and defense industries and are now used in lithium-ion batteries for electric vehicles.
Construction on the first phase of a three-phase investment is expected to start in September. Officials said the facility would be entirely operational by December 2024.
State officials did not immediately disclose the grant, citing a state law allowing them to keep secret such information on projects considered “in progress.”