The Conversation (0)
Governor Rick Scott joined local and state officials and company executives at the new Oakridge Global Energy Solutions (OTCMKTS:OGES) facility in Palm Bay, Florida.
Governor Rick Scott joined local and state officials and company executives at the new Oakridge Global Energy Solutions (OTCMKTS:OGES) facility in Palm Bay, Florida.
As quoted in the Florida Today article:
Oakridge Global, which also has a facility in Melbourne, is powering into the global lithium-ion battery market, which is expected to be a $70 billion by 2020. Those include batteries for small machines like drones and golf carts to batteries for larger products.
Most lithium batteries are made in Asia so the the company’s facilities in Brevard would make it the leader in U.S. lithium battery production.
Oakridge Global plans to meet the hiring goals by the end of 2018. The jobs, with an average annual wage of $50,075, will include chemical and mechanical engineers, product designers, tool-and-die and production workers and administrative personnel.For its operation here, officials said state and local incentives, which sometimes generate ire among critics of such programs, played a role in the company’s expansion here. Palm Bay is providing city property tax breaks that could total nearly $12 million, while Brevard County Commissioners approved $8.95 million in county property tax breaks for the company over 12 years. Enterprise Florida, the state’s economic development agency, also provided incentives though the exact figure hasn’t yet been disclosed.
Oakridge Global considered sites in Utah and Nevada before settling on Brevard for its expansion. Aside from its hiring, the company plans a $270 million capital investment in Brevard.
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