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Berkshire Hathaway’s BHE Renewables has entered into an agreement with the State of West Virginia to purchase more than 2,000 acres of land in Ravenswood, West Virginia, to be developed as a first-of-its-kind renewable energy microgrid-powered industrial site.
Berkshire’s Precision Castparts will be the first company to locate on the site and will develop a state-of-the-art titanium melt facility that will use 100% renewable energy to manufacture titanium products for the aerospace and other industries.
The West Virginia Economic Development Authority will work with BHE Renewables to bring additional businesses to the site to take advantage of the prime manufacturing location and renewable energy infrastructure.
“This is a monumental announcement that will pay dividends for generations to come,” Gov. Jim Justice said. “The partnership we are forging with BHE Renewables and PCC is testament to West Virginia’s ability to compete on the world stage and recruit world-class companies like these to our state. I couldn’t be more proud of the fact that West Virginia will help lead the way into a new era of renewable energy microgrid-powered manufacturing. I can never thank BHE Renewables and PCC enough for their commitment to West Virginia and for the jobs and economic ripple effects this partnership will bring.”
“This project demonstrates how investing in clean energy can revive economies that have served our country’s energy needs for decades,” BHE Renewables President and CEO Alicia Knapp said.
“We are thrilled to partner with PCC and West Virginia to deliver this landmark renewable energy solution, hundreds of jobs and significant economic development,” PCC Metals President Steve Wright said. “Our future facility is an outstanding opportunity to use clean energy as we invest in further strengthening our position as a world leader in titanium metals. Manufacturing our products with 100% renewable energy benefits PCC and our customers as we strive to minimize the impact of our operations and wisely use natural resources.”
On Saturday, Gov. Justice called a Special Session of the West Virginia Legislature to consider a bill establishing a “Certified Industrial Business Expansion Development Program,” within the Department of Economic Development, to encourage the continued development, construction, operation, maintenance, and expansion in West Virginia of high impact industrial plants and facilities, in certain circumstances where the availability of electricity generated from renewable sources is demonstrated to be necessary.
At the conclusion of the announcement today, Gov. Justice signed the bill after it passed both houses of the West Virginia Legislature.
Earlier today, the West Virginia Economic Development Authority voted to authorize an agreement for Berkshire Hathaway Energy to purchase more than 2,000 acres of land in Ravenswood, West Virginia. They also voted to approve a high-impact economic development project designation for Timet, which is the world’s largest producer of titanium airplane parts and a subsidiary of Precision Castparts.
“Today’s announcement is fantastic news for the people of West Virginia and domestic manufacturing efforts here in the United State,” United States Senator Joe Manchin said. “I’m excited by Berkshire Hathaway’s decision to invest in the Mountain State and look forward to seeing the benefits of this investment – including long-term, good-paying jobs and supporting our regional economies – for years to come.”
“Today’s announcement that Berkshire Hathaway Energy Renewables and West Virginia have reached an agreement to invest in Ravenswood is welcome news,” United States Senator Shelley Moore Capito said. “This unprecedented project has the potential to rapidly transform the Ravenswood area, and spark the economic development our communities need to grow and thrive. My staff and I have been involved in this process from the very beginning because we recognize the importance of smart economic and environmental growth to our state. I am thankful for the work of Governor Justice, Mike Graney, Mitch Carmichael, and especially Senator Glenn Jefferies and the West Virginia Legislature for helping make this possible. There is strong momentum growing behind business in West Virginia right now, and we must continue to build off of this economic success into the future.”
“It’s teamwork across the board that gets companies just like Berkshire Hathaway Energy Renewables and others to come to the State of West Virginia,” West Virginia State Senate President Craig Blair said. “I hope this is the beginning of a long and fruitful relationship, not just a single announcement”
“To the entire team that made today’s announcement possible, we are deeply thankful for the confidence that you’ve expressed in us,” West Virginia Speaker of the House Roger Hanshaw said. “It’s a privilege for us to be able to create an atmosphere and an environment that allows us to create a 21st century economy and we’re pleased to welcome people who represent everything that a 21st century economy means to the world. Having you here in West Virginia does more than just help the men and women who are going to work in your factory and be in your facility every day. It helps our state, it helps our economy, it helps the entire image of the State of West Virginia to be your partners. Welcome to West Virginia, we are delighted to call you our new friends and our new neighbors.”
“Two world-class companies selected West Virginia because we created the best environment for them to do business,” State Senator Glenn Jeffries said. “That includes being home to a world-class workforce. Something this big doesn’t happen without the ingenuity and work ethic of West Virginians.”
“I’m grateful to Gov. Justice, Secretary Carmichael, and everyone who worked together to secure this transformational development for our Jackson County community,” Delegate Jonathan Pinson said. “Our region and our people have long been poised to kick off this kind of resurgence in manufacturing and 21st century job creation, and I’m incredibly excited about what this most recent economic development announcement will mean for our families and future generations.”
“Our state’s growth-focused economic policies are second-to-none,” West Virginia Secretary of Economic Development Mitch Carmichael said. “West Virginia is investing in smart new ways for businesses to build success around clean energy that’s here to stay.”
© 2022 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.