RALEIGH – Smart Wires, a startup in San Francisco focusing on power grid technology, is planning to move some 200 jobs to Durham County, build a new facility there and create another 250 jobs over five years.
The company also is relocating its corporate headquarters and senior personnel to North Carolina.
The state of North Carolina approved a contract with the firm Tuesday that bundles nearly $3 million in tax incentives from a variety of sources.
Minimum pay for the jobs to be added in Durham County will pay a minimum wage of more than $118,000.
The firm’s CEO cited a variety of reasons for making the move, including what he called “ideal support for rapid and sustained growth.”
“With the rapidly increasing demand for grid enhancing technologies around the world, we’re at a critical inflection point in our journey. This move to the Research Triangle area provides the ideal support for rapid and sustained growth, and better positioning for our global customer base, and manufacturing and supply chain partnerships” said Peter Wells, CEO of Smart Wires, in a statement. “We’re excited for this next major chapter in our company’s history, and are looking forward to being part of the vibrant and innovative business community of North Carolina.”
The Triangle is already known for its smart tech and cleantech industry base.
“North Carolina’s transition to a clean energy economy enhances our reputation as a forward looking, attractive business location,” said Governor Roy Cooper. in the announcement. “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.”
Smart Wires, which has raised nearly $180 million in venture funding, focuses on power grid optimization solutions that leverage its patented modular power flow control technology, according to venture capital news site Crunchbase.
The firm chose North Carolina over Texas for the move. It will invest more than $21 million in a new facility.
Jobs to be relocated to the Triangle include research and development employees.
Smart Wires currently has some 200 employees in San Francisco and at an operation in Europe.