Governor Andrew M. Cuomo today announced Imperium3 New York, Inc., a consortium of businesses spearheaded by three Southern Tier companies, will establish research and development and production operations at the Huron Campus in Endicott, Broome County. The consortium will invest more than $130 million and create at least 230 new jobs over the next five years. Imperium3 New York will commercialize an innovative technology for making more efficient and less expensive lithium ion batteries while operating the state's first giga-factory producing lithium ion batteries, producing three gigawatts of batteries by Q4 2019 and growing to fifteen gigawatts.
"This consortium of local businesses is choosing to stay and invest their next generation technology right here in the Southern Tier, breathing new life into vacant facilities and creating hundreds of good jobs for New Yorkers," Governor Cuomo said. "Our investments to improve the business climate and spur economic development across Upstate New York are paying off, and this innovative project is yet another example of how the Southern Tier is soaring."
The Imperium3NY consortium was formed by nearly 10 companies, with three Southern Tier companies serving as its backbone:
- C4V (Binghamton) will provide the core intellectual property
- C&D Assembly (Groton) is supplying electronic board assembly and battery testing
- Primet Precision Materials (Ithaca) is offering advanced processing of materials
Other New York State companies involved include Kodak and CMP Advanced Mechanical Solutions. The general market for lithium-ion batteries continues to grow daily and serves multiple industries, including renewable energy projects, electric vehicle manufacturers, cell phone and other electronic product makers, among many others. Industry experts consider C4V's batteries to be more efficient and less costly than other lithium-ion batteries on the market today.
Imperium3NYwill locate operations at the Huron Campus in Endicott, establishing a new $130 million lithium-ion battery production giga-plant and hiring 232 employees, ultimately ramping to 15 giga-watts of production and hundreds more jobs. To encourage this collaborative effort, Empire State Development has offered performance-based incentives totaling $7.5 million, including a $4 million Upstate Revitalization Initiative grant and $3.5 million in Excelsior Jobs Program tax credits. Additionally, Imperium3NY is expected to qualify for an estimated $5.75 million in New York Investment Tax Credits.
In 2016, C4V was recognized for its innovative battery storage technology when it was named a $500,000 winner in New York State's first 76West Clean Energy Competition. Administered by the New York State Energy Research and Development Authority, 76West is one of the largest competitions in the country that focuses on supporting and growing clean-energy businesses and expanding innovative entrepreneurship in the Southern Tier.
Additionally, Magnis Resources, Ltd., a publicly-traded Australian company, will provide anode materials needed for the consortium to make the innovative lithium-ion batteries; and Boston Energy and Innovation, another Australian business specializing in clean energy, will provide international sales and marketing opportunities. More than twenty international companies have been qualified by C4V as strategic suppliers of high-quality lithium, electrolyte, separator and other critical raw ingredients to Imperium3NY that includes a Lithium mine just hours from Binghamton.
Dr. Shailesh Upreti, President of C4V, said, "We are excited by the support shown to our consortium by the New York State Government. Green manufacturing in combination with the best utilization of an existing infrastructure in a distributed fashion would create an unmatched example internationally and make New York a global leader in product and component manufacturing for energy storage. C4V is very excited to be part of this scale up initiative and is fully committed to make this happen right here in New York."
Jeff Cronk, CEO of C&D Assembly, said, "My company has always been about the local content, local skill and all markets. We have been supplying electronics parts, components and end products to global market for last 25 years and actively looking for new projects that govern the future of the human race. C&D's current manufacturing floor is capable of handling battery management system production for up to 20GWh annually assuming each battery is 80kWH in size. Our knowledge base and deep understating of product quality control would give the New York consortium a significant edge in the market and I am very excited to be part of this consortium."
Robert Dobbs, President of Primet Precision Materials, said, "Performance of a battery lies in the material composition and particle features. A good control over particle shape and size is key to extract best performance out of a molecule. Primet has developed and demonstrated its powder technology on tonne scale with various materials used in Li-ion batteries. Our demonstrated ability to reduce the capital investment as well as operational expenses would allow this consortium to build batteries that are not only high performing but also very economical versus batteries from Asia."
Empire State Development President, CEO and Commissioner Howard Zemsky said, "The Southern Tier is becoming a hub for research, innovation and advanced manufacturing, and Imperium3NY's decision to establish a giga-factory in Endicott is yet another indicator of the region's bright future. This project will create hundreds of jobs and we are thrilled to see a concept that was developed here, will be commercialized right here in Upstate New York."
Alicia Barton, President and CEO, NYSERDA said, "This new consortium is a tremendous step forward in helping New York meet Governor Cuomo's aggressive clean energy goals by supporting both this emerging industry and new start-up companies. One of the reasons the 76West Clean Energy Competition exists is to enable companies to grow their businesses and create jobs in the Southern Tier, and we are thrilled that C4V has a central role in this project and in the Southern Tier's clean energy ecosystem."
Southern Tier Regional Economic Development Council Co-Chairs Tom Tranter, President & CEO of Corning Enterprises and Harvey Stenger, President of Binghamton University, said, "The STREDC is proud to reinforce our commitment to innovation through projects such as the Imperium3 consortium. This effort will work to provide the needed resources, researchers, and entrepreneurs who are working to advance the battery industry. Under Governor Cuomo's leadership, New York State is establishing itself as a world leader when it comes to this burgeoning industry.
This announcement also builds on the significant work being done in New York State in the energy storage and advanced battery industries. Earlier this year NYSERDA made almost $22 million available in two separate solicitations for energy storage projects as part of New York State's long-term investment in the energy storage sector. In 2010 the New York Battery and Energy Storage Technology (NY-BEST) Consortium was created with seed funding from NYSERDA to position New York State as a global leader in energy storage technology, including applications in transportation, grid storage, and power electronics. NY-BEST's membership - most of which are New York State based entities - is diverse and includes manufacturers, academic institutions, utilities, technology and materials developers, start-ups, government entities, engineering firms, systems integrators, and end-users. NY-BEST serves as an important connector in establishing a strong energy storage "ecosystem" encompassing all stages of energy storage product development and use.
A report issued by NYSERDA in January found that jobs in the State's energy storage sector grew to approximately 3,900 - a 30 percent increase from 2012 through 2015. New York's commitment to clean energy has helped spur the strong growth, which also saw annual industry revenues reach an estimated $906 million during the same time period, a 50 percent increase.
Dr. William Acker, Executive Director of the New York Battery and Energy Storage Technology (NY-BEST) Consortium said,"The battery and energy storage industry is growing rapidly and the race is on to capture the high-volume, high-growth, advanced battery market and the jobs that come with it. Governor Cuomo's support and leadership has helped New York State establish itself as a leader in clean energy and, as today's announcement demonstrates, this is the ideal place to develop, commercialize and manufacture new battery and energy storage technologies."
Senator Tom O'Mara, Chair of the Senate Environmental Conservation Committee, said, "New York State continues to play a leading role in the research and development of advanced, cutting-edge, and innovative energy technologies. We appreciate Governor Cuomo's recognition that the Southern Tier region is well positioned to keep moving the state forward in this arena. These ongoing investments hold out the promise for exciting economic opportunities and job growth for the entire region."
Senator Fred Akshar said, "The Huron Campus in Endicott is the perfect location to continue our community's legacy of innovation and technology for decades to come. I applaud the hard work of the Southern Tier companies and their partners, Empire State Development and Governor Cuomo for putting the pieces together to make this a reality for the people of the Southern Tier."
Assemblymember Donna Lupardo said, "The Southern Tier has a strong history of attracting new ideas and the businesses and jobs that come with them. With the Governor and the Legislature working together, Upstate New York is attracting innovative businesses like Imperium. I'd like to thank the Governor for his continued commitment to these project that are helping to transform our local economy."
Broome County Executive Jason Garnar said, "Under Governor Cuomo's leadership, the Southern Tier's economy is soaring like never before, thanks to smart investments in local strengths and emerging industries. Imperium's decision to stay and invest here is proof positive that the Governor's economic development strategy is paying off and delivering real results for New Yorkers."
Accelerating Southern Tier Soaring
Today's announcement complements "Southern Tier Soaring the region's comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $3.1 billion in the region since 2012 to lay for groundwork for the plan - attracting a talented workforce, growing business and driving innovation. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Binghamton, Johnson City and Corning as a destination in which to grow and invest. Now, the region is accelerating Southern Tier Soaring with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State's $500 million investment will incentivize private business to invest well over $2.5 billion - and the region's plan, as submitted, projects up to 10,200 new jobs.