ASHLAND, Ky.-Saturday 27 April 2019 [ AETOS Wire ]Producer of lowest-carbon, highest-value, lowest-cost aluminum to generate $1.5 billion for Eastern Kentucky by 2021
Will add more than $35 million of tax revenue to Eastern Kentucky and over $75 million to the Commonwealth of Kentucky through 2021
Estimated to create over 31,000 incremental job years in the Commonwealth and add additional employee earnings of $371.6 million in Eastern Kentucky and $793.7 million in the Commonwealth by 2021
Report author James V. Koch, Professor Emeritus of Economics and President Emeritus of Old Dominion University, has conducted nearly 50 economic impact studies, including Virginia’s Annual State of the Commonwealth Report
(BUSINESS WIRE) -- Today, a report assessing Braidy Industries’ (“Braidy”) estimated economic impact on the Commonwealth of Kentucky was released by Dr. James V. Koch, Board of Visitors Professor Emeritus of Economics and President Emeritus of Old Dominion University. Dr. Koch and his team modeled the regional effects produced by the introduction of Braidy Atlas into the economy, from construction through the first year of production in 2021, and found that Braidy will catalyze $2.8 billion in economic growth in Kentucky and $1.54 billion within the six-county Eastern Kentucky region.
The report also details 1,500 construction jobs and 650 new permanent, advanced manufacturing jobs, creating approximately 3,600 additional jobs in the surrounding communities. Dr. Koch stated, “Braidy is delivering on its vision to revitalize Appalachia through the production of low-carbon, high-quality aluminum.”
Utilizing the U.S. Department of Commerce’s RIMS-II economic impact model, the study forecasts substantial economic prosperity generated by Braidy through 2021, including:
Braidy will offset the traditionally high costs of production and operation by harnessing the advantages of greenfield construction and technological advancements associated with state-of-the-art manufacturing equipment.
With 13 automotive OEMs based within 250 miles of Braidy’s headquarters and immediate access to major rail, highway and the Ohio River, Braidy can significantly reduce its logistical costs.
Braidy will capitalize on the robust reservoir of experienced, compatible and skilled labor in the local region, that has been displaced by economic changes that have led to the decline in the coal mining industry and steel industries.
Braidy will contribute 3.7% of the gross regional product of the Huntington-Ashland metropolitan statistical area.
The Commonwealth of Kentucky, outside of the six-county Eastern Kentucky region, will receive in excess of 70% of the economic impact associated with Braidy’s planning and construction activities.
“The findings of this study reinforce Braidy’s vision to not only be a disruptor in materials science and sustainable manufacturing the short term, but more importantly drive prosperity in Eastern Kentucky and the Commonwealth for generations,” said Braidy Industries CEO and Chairman Craig Bouchard. “The direct and indirect economic benefits created by Braidy will help rebuild Appalachia as we spearhead a shift in the metals industry toward low-carbon, high-value, low-cost aluminum.”
“Braidy has already supercharged the economy of Eastern Kentucky and soon it will be a major economic engine for all of Kentucky,” said Dr. Koch. “Braidy is easily one of the most important economic developments in Eastern Kentucky in the past three decades and when fully developed, it will rank at the very top of that list in Kentucky."
Dr. Koch currently serves as the Board of Visitors Professor Emeritus of Economics and President Emeritus of Old Dominion University. He has completed nearly 50 economic impact studies, in addition to authoring 12 books, 120 journal articles and features in top-tier publications including The New York Times, The Wall Street Journal and The Washington Post.
About the Braidy Atlas Mill:
Braidy Atlas is the first new U.S. greenfield rolling plant in 37 years.
This new plant is totally dependent on long-term supplies of high-quality, low-carbon aluminum.
Braidy Atlas will become the first rolled products aluminum sheet producer to use 100% low-carbon inputs on an ongoing basis from its inception.
Braidy Atlas, the first company to secure a “minor contributing source” air permit from the Federal EPA, targets 20% lower carbon emissions than next lowest competitor.
About Braidy Industries, Inc.:
Braidy Industries, Inc. was formed to lead a national transformation in the manufacture and use of efficient, eco-friendly metal alloys that are lighter and stronger than metals currently in commercial use. There is a lightweighting revolution occurring in material science, and we intend to disrupt the metal manufacturing industry with transformative economics and technology. We believe we are well positioned to lead this transformation by building infrastructure to enable rapid adoption and scaling of next-generation metal lightweighting technologies. The company’s first project, the construction of a greenfield aluminum rolling mill at EastPark Industrial Center in Ashland, Kentucky, will position the company as the low-cost provider of 300,000 annual tons of production-ready series 3000, 5000 and 6000 aluminum sheet for the automotive industry. Braidy’s subsidiary, Veloxint, is an MIT-incubated lightweighting solutions company that is manufacturing parts with a novel nanocrystalline technology. Braidy’s newest subsidiary, NanoAL is a world leader in the science of nanocrystaline technology applied to sheet aluminum. For more information, visit www.braidy.com.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190425005592/en/
Contacts
Media:
Jaunique Sealey
Tel: 606-420-4645
jsealey@braidyindustries.com
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