A technology company named Smart Wires will move its headquarters to Durham from the San Francisco area. The company, a power technology startup located in Union City in Alameda County, will bring 250 jobs to the Durham-Chapel Hill area.
Zachery Eanes of the Raleigh News & Observer reported: “Founded in 2010, Smart Wires has raised nearly $180 million from investors, according to Crunchbase. The firm’s technology helps utility companies more efficiently allocate their energy supply, helping reroute excess capacity to higher need areas. The new jobs will have an average wage of $118,360, according to the Commerce Department, a number significantly higher than Durham County’s average wage of $75,892.”
Yes, the company received economic incentives from North Carolina to make the move, but generally unrecognized is that California has many generous incentives to keep companies in the state. We won’t know if any of California’s “retention incentives” were offered by Gov. Gavin Newsom’s office to the company and if so whether the company rejected them. Such discussions are confidential.
Smart Wires plans to invest more than $21 million in the new headquarters project. Read more here.
Spectrum Location Solutions conducts data-driven evaluations to identify optimum locations for company relocations, expansions or consolidations. To explore whether a location-related project makes sense for your company, contact Joe Vranich at 800-508-5138. The get-acquainted, no-obligation consultation will be completely confidential.