Investment totaling $7.1 million to bring 266 new jobs to Ann Arbor area
Two major projects will bring well-paying jobs and new investments to the Ann Arbor area, the Michigan Economic Development Corporation announced on Tuesday. Building on Gov. Whitmer’s Back to Work Michigan plan, the projects are expected to create 266 jobs and generate a total private investment of $7.1 million. Navitas Systems, an energy storage provider, will be adding a second facility in Scio Township and will be recruiting for 111 positions. Homepoint, a national mortgage lender, will also be expanding in Ann Arbor with plans to add 155 area jobs. Funding for the projects is supported by the Michigan Strategic Fund.
“Today’s announcement is building on the Michigan Back to Work plan, announced during my State of the State Address to grow our economy and get Michiganders back on their feet,” Governor Gretchen Whitmer said in a statement on Tuesday.
“These business expansions in Ann Arbor demonstrate our continued commitment to ongoing economic recovery by securing diverse projects that will grow long-term economic health and opportunity for our workforce across the state.”
MEDC CEO Mark A. Burton said in a news release that the announcement demonstrates continued economic growth in Michigan despite a difficult economic climate.
“The growth of Navitas Systems and Homepoint here in Michigan is an important signal that our strategy for long-term economic growth in Michigan is continuing to create a path for job growth in our state, even in a challenging economic environment,” said Burton.
“We appreciate the continued confidence and investment of both of these companies in the Ann Arbor area and the ongoing partnership with Ann Arbor SPARK on growth opportunities in Michigan.”
Located in Ann Arbor, Navitas Systems has both a 48,000-square-foot R&D, manufacturing and engineering center and a 100,000-square-foot lithium battery systems manufacturing center.
As it expands, Navitas plans to house office space, its commercial battery manufacturing, battery cell production and additional engineering resources in its new Scio Township facility.
“We appreciate the opportunity to continue our development path in the state of Michigan,” Alan Elshafei, founder and CEO of Navitas Systems said in a statement. “The job incentive grant is an important part of our justification for making the additional investments in Ann Arbor as compared to other sites.
“MEDC has been a strategic partner for Navitas since 2013 and we appreciate the confidence MEDC has placed in our company as well as the resources to help turn our plans into new jobs and opportunities.”
Focused on promotion from within, Navitas provides its employees with a complete benefits package and tuition reimbursement.
Ann Arbor SPARK has worked with the company since 2013 to further its success by supporting Navitas’ search for key talent and other resources.
In August 2019, East Penn Manufacturing acquired majority interest in Navitas Systems. A privately-owned company, East Penn operates the world’s largest single-site battery manufacturing facility.
The third-largest wholesale mortgage lender in the U.S., Homepoint funds residential mortgage loans through its network of mortgage brokers and partners in all 50 states.
In 2018, Homepoint announced it was relocating its headquarters to Ann Arbor Township, creating 50 high-paying jobs and investing more than $4 million.
Homepoint is looking to create 155 new jobs and generate an additional private investment of $3.7 million by adding an operations center in Ann Arbor. New positions will include underwriters, originators, closers and disclosure analysts.
Ann Arbor SPARK is supporting the company with resources and staff time.
“Navitas and Homepoint are in radically different industries but both continue to expand in the Ann Arbor region, showing the strength of our economy to support a range of businesses,” Paul Krutko, president and CEO of Ann Arbor SPARK said in a statement.
“Ann Arbor SPARK helped connect both of these businesses to the exact support they needed to continue to grow and helped them navigate the process of securing resources from the state. Especially today, it’s exciting to see businesses invest and create jobs in our community.”
Posted By: Click on Detroit on February 9, 2021. For more information, please click here to read the source article.
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