Basic Search  |  Geographic Searches  |  Advanced Search | Megadeals

Subsidy Tracker Individual Entry

Company: Redwood Materials
Parent Company: 
Subsidy Source: multiple
Location: South Carolina
County: Berkley
Address: Camp Hall Commerce Park off Interstate 26
Project Description: EV battery recycling facility
Year: 2022
Subsidy Value: $510,600,000
Subsidy Value in 2023 Dollars: $531,662,990
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots:  1,500
Wage Data: $27
Wage Data Type: average starting wage
Capital Investment: $3,500,000,000
Source of Data: The state subsidies are outlined in "South Carolina Incentive Summary for Project Drift In Berkeley County" dated August 1, 2022, a document obtained by TV station Live 5 news and posted to its website under "State's largest economic development in Berkeley Co. getting 'massive' tax breaks," August 7, 2023 at (click here) (also mentions wages). The county agreement with the company is attached to the agenda of the December 12, 2022 meeting of the Berkley County Council: (click here). Other details are taken from: David Wren, "Without debate or remarks, SC officials OK $226M incentives deal for battery recycler," Post & Courier, December 8, 2022. And David Wren, "Local incentives sweeten the pot in deal to bring battery recycling firm to SC," Post & Courier, December 13, 2022.
Notes: At the end of 2022, Redwood Materials (Camp Hall Campus 3 LLC also used in some documents) announced a $3.5 billion investment in a battery recycling facility that would create 1,500 jobs. However, to access the subsidies, the company must invest a minimum of $400 million (the county agreement does not require any job creation). The state approved a $226 million bond for the site acquisition and preparation (the total cost of the bond including interest was estimated at $433 million). The land was purchased, and the site is publicly owned, by Palmetto Railways, a division of the state Department of Commerce. The company will lease the facility from the state and instead of paying property taxes, it will pay a fee. This will allow Redwood Materials to benefit from an undisclosed amount of property tax breaks through a 30-year FILOT and Special Source Revenue Credit (rebate of 25% of FILOT payments) programs. At the end of the 40-year lease the company can buy the property for $1. In addition, the company will benefit from an estimated $87.9 million in Job Development Credits, $32 million in corporate income tax credits, $36 million in sales tax exemptions, $3.7 million in workforce training. On the local level, the county will spend $125 million upgrading roads to the facility. The codename for the project was Project Drift. Overlaps with the main data: none.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.