Annual Impact Report
FISCAL YEAR 2025
Bridgewater Plaza, Bedford County
Leadership Message
VEDP continues to fine-tune its holistic operating model, play to the Commonwealth’s strengths, and adjust to market trends while positioning the whole of Virginia for economic growth.
The Commonwealth leads the pack in developing best-in-class workforce solutions including the Virginia Talent Accelerator Program, which earned the top spot in the Business Facilities Customized Workforce Training rankings for 2025, claiming the honor for the third consecutive year. Virginia also continues to make major strides in site availability as companies compete for a limited supply of pad-ready sites across the country, with improved infrastructure and site funding helping to drive the Commonwealth back to the top spot in CNBC’s America’s Top State for Business rankings in 2024.
Virginia is working on solidifying and extending these advantages. With strong support from Gov. Glenn Youngkin and the General Assembly, VEDP finished FY25 with $15.6 billion in capital investment and 13,514 direct jobs created from 86 project announcements. Major announcements from FY25 include Microporous LLC’s 2,000-job facility in Pittsylvania County, LS GreenLink USA, Inc.’s $681 million facility in Chesapeake, Afton Scientific’s $200 million expansion in Albemarle County, Micron Technology, Inc.’s $2.2 billion expansion in Manassas, the LEGO Group’s $366 million distribution center in Prince George County, and Amazon’s 1,000-job robotics fulfillment center in Goochland County.
This report details these accomplishments and other notable VEDP activities in FY25, made possible by the support of our local, regional, and state partners, including Gov. Youngkin, Secretary of Commerce and Trade (SOCT) Juan Pablo Segura and former SOCT Caren Merrick, the Virginia General Assembly, members and staff of the Major Employment and Investment (MEI) Project Approval Commission, The Port of Virginia, the Virginia Chamber of Commerce, the Virginia Economic Developers Association, county and city government leaders, and countless other partners across the Commonwealth.
Thank you for your support for VEDP and for economic development in Virginia. Together, we are positioning the Commonwealth for a bright economic future.
JOHN HEWA
FY26 Chair
BILL HAYTER
FY25 Chair
JASON
EL KOUBI
President and CEO
VEDP is governed by a 17-member Board of Directors. The Board selects the President and Chief Executive Officer and ensures that VEDP complies with all Board and statutory directives. The Board works with VEDP’s staff to develop, implement, and update strategic and marketing plans for the Commonwealth and an operational plan for VEDP.
John Hewa - Chair President and CEO
Rappahannock Electric Cooperative
The Honorable Juan Pablo Segura - Vice Chair
Secretary of Commerce and Trade Commonwealth of Virginia
Mimi Rainero Coles
Marketing & Business Development Vice President
Permatile Concrete Products Company
The Honorable Stephen E. Cummings
Secretary of Finance
Commonwealth of Virginia, Ex Officio Member
Stephen A. Edwards
CEO and Executive Director, The Port of Virginia Ex Officio Member
Richard “Rick” O. Harrell, III
President (retired)
R.O. Harrell, Inc.
William H. Hayter Retired President & CEO
The First Bank & Trust Company
Todd House
Senior Director of Global External Affairs
CyrusOne
April Kees
Director, Virginia Senate Finance and Appropriations Committee Ex Officio Member
Pace Lochte
Assistant Vice President for Economic Development University of Virginia
Connie Loughhead President
Des Champs Technologies
Sonya Montgomery CEO
SRM1, LLC
Anne Oman Director, Virginia House Appropriations Committee Ex Officio Member
Emily O’Quinn Chair, GO Virginia Ex Oficio Member
Senior Vice President of Investor Relations and Corporate Communications
Alpha Metallurgical Resources
Nick Rush Partner
Advanced Insurance Planning, LLC
William D. Sessoms, Jr. Executive Vice President TowneBank
Steven David Stone
Equity Principal Offit Kurman
Who We Are
The Virginia Economic Development Partnership (VEDP) is the state economic development authority for the Commonwealth of Virginia. Created in 1995, VEDP collaborates with local, regional, and state partners to encourage the expansion and diversification of Virginia’s economy. VEDP works to accomplish these objectives through a variety of activities, including marketing and lead generation; business retention, expansion, and attraction; trade development; business intelligence; competitive benchmarking; site development; performance-based incentives; and talent solutions.
Working closely with multiple departments within VEDP, the organization has adopted the following purpose and values to guide efforts to expand and diversify the Virginia economy.
PURPOSE VALUES
Enriching lives, communities, and the Commonwealth through economic development excellence
One VEDP
Working together as a collaborative, supportive team
Distinctive Insight
Cultivating deep expertise and diverse perspectives
Authentic Partnerships
Building strong partnerships based on integrity, authenticity, and respect
Growth Mindset
Embracing continuous improvement with humility and boldness
Results Focus
Competing with the grit to win and the curiosity to learn from our results
TRANSFORMATIONAL GOALS
Working closely with partners, VEDP has adopted five transformational goals for Virginia and VEDP for FY 25-29 that reflect stakeholder input, incorporate elements of the innovative framework, and represent the central focus of its work:
1. Robust State Growth
Position Virginia to achieve a growth rate among that of the top 10 states in the United States
2. Every Region Wins
Ensure that every region participates in the growth of the Commonwealth
3. Best State Business Climate
Cultivate a leading business climate and sector-specific ecosystems
4. Top State for Talent
Establish Virginia as a top state for talent retention, attraction, development, and alignment
5. Most Innovative, Collaborative, and Effective State EDO
Solidify VEDP’s position as one of America’s top state EDOs through an innovative strategy, collaborative approach, and effective outcomes
Breaks Interstate Park, Dickenson County
VEDP Divisions
BUSINESS INVESTMENT
Collaborates with partners to implement lead generation and project management strategies
KNOWLEDGE WORK
Focuses on sector expertise, lead generation, and ecosystem-building activities in the business services, financial services, software, cybersecurity, and aerospace and defense industries
MANUFACTURING
Focuses on sector expertise, lead generation, and ecosystem-building activities in the advanced materials, food and beverage manufacturing, and biopharmaceuticals industries
LOGISTICS
Focuses on sector expertise, lead generation, and ecosystem-building activities in the logistics sector
STRATEGIC PROJECTS AND LEAD GENERATION
Focuses on high-profile engagements and targeted lead generation, both domestically and internationally, and identifies and converts high-potential leads and prospects into project opportunities
ECONOMIC COMPETITIVENESS
Develops strategies to improve the foundations for state, regional, and local economic growth
INTERNATIONAL TRADE
Provides export development programs, services, and grants to help Virginia companies grow their international sales
REAL ESTATE SOLUTIONS
Collaborates with partners to develop a portfolio of Virginia properties that meet the needs of companies
RESEARCH
Conducts in-depth analysis and creates tailored client materials that convey Virginia’s competitive advantages
VIRGINIA TALENT ACCELERATOR PROGRAM
Provides customized recruitment and training solutions that give Virginia a competitive edge in securing business investment projects
REGIONAL TALENT SOLUTIONS AND BUSINESS OUTREACH (RTSBO)
Connects Virginia companies with workforce solutions and collaborates with partners to strengthen relationships with existing businesses
EXTERNAL AFFAIRS
Oversees the budget, legislative, and policy development process; encourages collaboration and coordination among partners
HUMAN RESOURCES
Seeks to hire, retain, and develop the best and the brightest to accomplish VEDP’s mission and goals
VIRGINIA OFFICE OF EDUCATION ECONOMICS (VOEE)
Leverages data to guide educational and workforce policy and practice on the availability, quality, and supply of talent in Virginia
MARKETING AND COMMUNICATIONS
Markets the Commonwealth to raise awareness of Virginia’s advantages for business and to cultivate new leads
INCENTIVES
Reviews, vets, tracks, and coordinates VEDP’s performance-based incentive programs, along with incentive structuring for major projects
FISCAL AND SUPPORT SERVICES
Provides a financial framework for VEDP to accomplish its mission through accounting, budgeting, and procurement
INFORMATION TECHNOLOGY
Supports VEDP’s technology platforms, including a variety of custom tech solutions
VEDP Global Network
FOREIGN DIRECT INVESTMENT OFFICES
VEDP’s international business investment offices implement lead generation strategies to identify and convert high-potential foreign direct investment leads and prospects into project opportunities for Virginia.
TRADE REPRESENTATION
VEDP’s network of international research consultants covers more than 120 countries around the world. These experts provide in-country market research for Virginia exporters, specific to the needs and opportunities for each company.
Our Partners
VEDP conducts its work in collaboration with hundreds of economic development partners. Core VEDP partners include the Governor and the Administration, the Virginia General Assembly, other state agencies, 17 regional economic development organizations, and more than 100 local economic development partners, utilities, railroads, and trade associations.
STATE COUNCIL OF HIGHER EDUCATION FOR VIRGINIA
VIRG I NIA
Regional Economic Development Organizations
A Strong Year for Business Development in the Commonwealth
In collaboration with local, regional, and state partners, VEDP had a successful FY25, the first year of the implementation of the Innovative Framework for Economic Growth.
$15.6B
Capital Investment in VEDP-Assisted Project Announcements
13,524
Direct jobs
VEDP-assisted project announcements 86 Leads created
299
240 Leads converted
BY THE NUMBERS:
38,226
Prospect calls completed by VEDP’s Call Center
16,995
Prospects targeted 183
Prospect meetings conducted by VEDP’s business managers and lead generation teams
BUSINESS INVESTMENT: PARTNER AND CLIENT SATISFACTION
VEDP implements partner and client surveys to assist in evaluating project management effectiveness. The program received high approval in FY25.
Overall average response that VEDP effectively manages economic development projects:
99% Strongly Agree/Agree
Smith Mountain Lake
Existing Business Outreach
VEDP’s Regional Talent Solutions and Business Outreach team meets with Virginia businesses in collaboration with our local and regional economic development partners to foster relationships with companies that drive Virginia’s economy and highlight existing business needs, particularly around talent. These efforts uncover challenges that might cause businesses to consider relocating, identify potential growth opportunities, and cultivate supplier ecosystems domestically and internationally. The top three challenges reported by businesses across all industries and regions were workforce quantity, lack of awareness of resources, and workforce quality.
616
Existing business outreach visits
728
Consultative services delivered, including 392 connections with partner organizations 64%
Businesses visited had an optimistic business outlook
Service Center Metals, Prince George County
VIRGINIA JOBS INVESTMENT PROGRAM
The Virginia Jobs Investment Program (VJIP), Virginia’s most frequently used recruitment and training incentive, is a discretionary incentive that provides funding and services to qualifying companies to support new job creation or upskilling in conjunction with new or expanding operations. The cash grant and accompanying services are intended to offset a company’s recruitment and training costs.
Client projects supported with the VJIP incentive 64
Localities had a VJIP-supported project 69%
Percentage of VEDP wins supported by a talent incentive that received VJIP $37.01
Average hourly wage for VJIP projects 3,926
Jobs supported by VJIP projects $678M
Capital investment for VJIP projects 100%
Percentage of FY25 VJIP Client Satisfaction Survey respondents that “strongly agree” or “agree” that VJIP contributed to their growth and success
FEATURES
INTERNATIONAL TRADE STATS
VEDP’s International Trade division helps both new and experienced exporters enter new international markets to fulfill its mission of increasing the number of Virginia companies selling overseas and their volume of international business.
519
$2.3B
Estimated international sales attributed to VEDP’s trade programs in FY25
Companies enrolled in VEDP’s International Trade programs in FY25*
*the most companies VEDP International Trade has ever served in a year
20,960
Trade-supported jobs from companies enrolled in VEDP’s trade programs FY25
CLIENT SATISFACTION
99%
VEDP’s International Trade division achieved exceptionally high scores for the quality of its programs and services in FY25.
99%
Companies that were “extremely likely” or “likely” to recommend VEDP’s export assistance programs to other Virginia companies
99%
Companies that rated the quality of VEDP International Trade’s export assistance as “excellent” or “above average”
Companies that were “extremely likely” or “likely” to use VEDP International Trade for export assistance in the future
98%
Companies that say VEDP International Trade services helped them work toward achieving their strategic international goals
Survey of companies enrolled in International Trade programs during FY25 (66% response rate). Sales figures are based on self-reported estimates from participants and are not independently verified or validated. Methodology details may be found at http://go.exportvirginia.org/methodology
Rockbridge County
International Trade
VEDP Trade Missions Help Virginia Companies Navigate International Markets
VEDP’S TRADE MISSION PROGRAM , one of the most direct forms of assistance from its International Trade team, offers bespoke support from a team of market research and trade development experts covering more than 120 countries. The goal of each mission, spearheaded by VEDP trade staff with essential support from a global network of consultants, is to connect companies with businesscritical contacts, whether that means a vetted local partner, distributor, or potential customer.
VEDP trade missions offer an excellent opportunity for Virginia companies to evaluate other regions of the world, begin to establish a foothold in a new market, or grow their presence in an existing market. VEDP’s consultants conduct in-depth market research and curate tailored business matchmaking on behalf of each participating company, and VEDP provides a business and cultural briefing and networking opportunities throughout the mission.
FDP Brakes, a global supplier of disc pads and brake shoes based in the Middle Peninsula town of Tappahannock, has participated in VEDP trade missions to Canada, Colombia, and Mexico. The domestic brake manufacturing industry is highly consolidated — as Chris Carney, the company’s general counsel, put it, “When someone has 80% of the market, you’re either selling to them or you’re not” — leading FDP to investigate
international sales to diversify and expand its sales base.
Company representatives found the missions both effective and efficient in exploring international markets, and, Carney said, “It’s a service that we couldn’t do on our own as a company.” Trade missions allow participating companies to accomplish that goal with help from VEDP’s experienced team, learning the intricacies of a market while meeting vetted partners.
“There are a lot of non-tariff trade barriers that don’t necessarily pop up in market research but become obvious when you talk to customers about their needs.” Carney said.
Trade mission participants have likened the meetings to speed dating, with numerous introductions made over the span of a few days. Through those meetings, companies can lay the groundwork for relationships with potential distributors and customers.
VEDP hosted 11 trade missions in FY25 with 85 participants, along with 33 independent market visits, where a single company travels to a particular market. In total, companies visited 33 different countries on VEDPhosted missions in FY25. Along with other VEDP trade development activities, these efforts support more than $2 billion in international sales and more than 20,000 trade-supported jobs.
“There are a lot of non-tariff trade barriers that don’t necessarily pop up in market research but become obvious when you talk to customers about their needs,”
Chris Carney, General Counsel, FDP Brakes
Virginia’s talent value proposition starts with its top-notch education system, ranked No. 1 in the country by CNBC in its 2025 Top States for Business rankings.
FEATURE Talent Accelerator
Inside the Push to Position Virginia as America’s Top State for Talent
ONCE AGAIN , Business Facilities ranked the Talent Accelerator as the top Customized Workforce Training program in the country. Virginia beat out heavy competition to claim the honor for the third consecutive year.
As a nationally recognized program, the Talent Accelerator plays a prominent role in Virginia’s talent strategy, but it is just one piece. To achieve Virginia’s transformational goal to become America’s Top State for Talent requires a comprehensive, multi-level, cross-agency approach.
Virginia’s talent value starts with its top-notch education system, ranked No. 1 in the country by CNBC in its 2025 Top States for Business rankings. Virginia’s strong education system, both at the K-12 and collegiate levels, serves as an engine for talent and innovation.
Internships and other work-based learning opportunities provide an important bridge between education and employment, but in a recent survey of Virginia graduates, fewer than half of respondents completed an internship during their undergraduate experience. To address this gap, the Virginia Talent + Opportunity Partnership (V-TOP) has continued its work in expanding paid internships across the Commonwealth. As of the beginning of Fiscal Year 2026, VEDP administers V-TOP in collaboration with the State Council of Higher Education for Virginia (SCHEV). As a valued partner of companies across the Commonwealth, VEDP is uniquely positioned to engage employers and ensure the success of this innovative program.
Another key to both student and employer success is the alignment between academic and training programs and employment opportunities. The Virginia Office of Education Economics (VOEE), a data analysis division of VEDP, is tasked with informing
policy and practice at the intersection between education and the labor market. VOEE provides a suite of user-friendly, interactive dashboards that include information about education production, labor market trends, and career pathways. This past year, VOEE also developed a Degree Program Labor Market Profile to support SCHEV’s program approval process, published reports on Manufacturing, Data Science, and Cybersecurity, and began a multiyear project to identify credentials that lead to High Demand Occupations.
VOEE’s work and talent-focused programs like V-TOP ensure that Virginia’s workforce is prepared to meet the needs of new and existing Virginia companies, while the Commonwealth’s highly ranked education system is also a major attraction for companies. Once a company is considering Virginia, the Talent Accelerator provides additional enticements to choose the Commonwealth. The program has become a differentiator for Virginia in a competitive national economic development environment. Talent Accelerator training services span the entire organization chart at a company, from training workers from entry-level operators through to company executives.
To date, the Talent Accelerator has helped secure more than 17,000 jobs. The program’s projects are geographically dispersed, helping VEDP ensure that every region participates in the Commonwealth’s economic growth.
Virginia is committed to delivering a workforce to support the needs of the Commonwealth’s business community, in both a macro and a micro sense — from VOEE’s labor market analyses to the Talent Accelerator’s highly customized solutions. Becoming America’s Top State for Talent is an ambitious goal, and VEDP is approaching the task in a holistic, systemic manner to create opportunities for employers and workers alike.
Site Development
Virginia Business Ready Sites Program Helps Virginia Minimize Risk for New Companies
VIRGINIA’S STRATEGIC INVESTMENTS IN SITE DEVELOPMENT have helped pave the way for numerous wins across every region of the state and are positioning the Commonwealth as the prime location for companies looking to scale quickly.
Many of these site investments are driven by the Virginia Business Ready Sites Program (VBRSP), which identifies and assesses potential industrial sites across the Commonwealth for grant funding to further ready the site for economic development projects. The program has awarded more than $280 million in grants over the past four years, helping to develop the sites and obtain permits and approvals to make for a smoother construction process. One of the main priorities for the VBRSP is speed to market, and its preparation efforts are aimed at helping companies get new facilities up and running as efficiently as possible.
In 2024, the VBRSP invested in Fairwinds Landing at Lambert’s Point Docks in Norfolk. The site’s deepwater channel access makes it prime for redevelopment to be a maritime hub for the shipbuilding and offshore wind industries. An early win for the site came when it was chosen as the home of Dominion Energy’s Offshore Wind Operations Center. As the site was cleaned up and prepared for new uses, Newport News Shipbuilding (a division of HII) and L3Harris have located operations there, along with other companies with various short- to long-term leases to support the varied maritime industries. Fairwinds Landing has been a successful transformation for Norfolk and the VBRSP, taking an underutilized coal transload facility and bringing new life and investment to the property.
Another site transformation success story is the Southern Virginia Megasite at Berry Hill. In November 2024 battery separator manufacturer Microporous LLC chose the VBRSP-prepared Lot 1 of the Southern Virginia Megasite at Berry Hill for its $1.35 billion manufacturing facility. Microporous noted that the prepared site was a key factor in its decision to come to Virginia.
Ultimately, site selection is an exercise in risk avoidance. Preliminary site engineering and infrastructure development significantly mitigate risks for companies and inspire confidence that a site won’t present development risks. Virginia’s status as a premier business destination is in no small part due to its ability to minimize those risks.
The activity at Fairwinds Landing and the Southern Virginia Megasite at Berry Hill is a testament to the success of the VBRSP in preparing sites for investment. Virginia has lost out on projects in the past to more developed sites in other states that enabled businesses to build and expand more quickly. Companies have found what they need in Virginia in part because of the funding provided by the VBRSP, to the tune of more than $6 billion in capital expenditure and 10,000 jobs announced on sites that have benefited from the program.
While projects like these serve as a proof of concept for the VBRSP, with companies choosing sites that the program has targeted and funded for development, that success means that Virginia’s pipeline of prepared sites has shrunk significantly. Continued funding for the VBRSP is necessary to replenish Virginia’s site inventory to continue to compete for transformational projects.
The VBRSP has awarded more than $280 million in grants over the past four years, helping to develop the sites and obtain permits and approvals to make for a smoother construction process.
Fairwinds Landing, Norfolk
OVERALL BUSINESS CLIMATE RATINGS FOR VIRGINIA (OUT OF 5):
PERCEPTIONS
Corporate executives and site selection consultants were asked to rate VEDP in various categories on a scale of 1 to 5.
CATEGORY SITE SELECTION CONSULTANTS CORPORATE EXECUTIVES
Arranging site visits
Responsiveness to company information requests/needs
Overall cooperation from state officials
Overall cooperation from local/municipal officials
Obtaining accurate business location information
Discussion and/or negotiation on relevant incentive or financing programs
Assistance in finding suitable sites and/or buildings
Sharp Top Mountain, Bedford County
Source: Development Counselors International, VEDP Perception Study, 2024
Marketing
Perceptions of Virginia: Steadily Improving and a Big Opportunity to Invest
FISCAL 2025 WAS AN IMPACTFUL YEAR FOR VIRGINIA ECONOMIC DEVELOPMENT marketing efforts as the Commonwealth works to close the gap between perception and reality among key audiences. The year began with Virginia being named America’s Top State for Business by CNBC for a record sixth time.
VEDP made strong inroads with the critical site consultant audience this past year, creating workstreams aimed at that audience in particular as Virginia competes for transformative projects. The CNBC win was a major part of VEDP’s web presence, content creation, and partner-centered marketing. VEDP honed in on the reasons behind the ranking to market to site selectors, highlighting the Commonwealth’s top-notch education system, strong infrastructure, and effective site development.
However, a more detailed look into Virginia’s marketing efforts reveals a need to devote more resources to reaching one particular audience: corporate executives. External and internal surveys of executives show that Virginia is not top of mind for business leaders. While targeted marketing and earned media have increased perceptions of Virginia’s business climate, our state’s relative advantages compared to peers remain unclear to executives. Paid media in major business publications, expanded web presence, and targeted
digital campaigns are among the opportunities to better reach CEOs to change their perceptions and bolster lead generation efforts.
In addition to the Talent Accelerator, VEDP has earned acclaim the last two years for the ramped-up Virginia Business Ready Sites Program (VBRSP). Companies are making site selection decisions on increasingly quick timelines, and initiatives like the VBRSP and the best-in-class Virginia Talent Accelerator Program help the Commonwealth demonstrate its ability to operate at the speed of business, providing success stories where targeted marketing can help improve and solidify executive perceptions of Virginia’s business climate.
Competitive funding for VEDP’s marketing and site development efforts will position the Commonwealth more effectively with executives and help us remain at the forefront for consultants in order to compete for projects. To reach executives, Virginia must market directly to them in the places where they are consuming business news, including paid campaigns on LinkedIn and in top publications like CNBC, Bloomberg, and The Wall Street Journal. Continuing and strengthening VEDP’s marketing efforts to shape perceptions of the Commonwealth will demonstrate to businesses that Virginia is the ideal place to locate or expand their operations.
FY25 in Brief
DULLES AIR CARGO PRIMED FOR TAKEOFF AS A MAJOR EAST COAST HUB
Over six decades, Washington Dulles International Airport has evolved from a small operation on the outskirts of the Beltway to a key player in supply chains. Now, Dulles is primed to become one of the largest air cargo hubs on the East Coast, tapping into the same advantages that make it a thriving passenger hub. The airport has grown its cargo haul to more than 300,000 tons annually and has organically grown its exports by 14% from 2023 to 2024. With these investments, Dulles stands ready to launch as a major cargo gateway.
CLASSIC STYLE, ELECTRIC FUTURE: UK EV MAKER POWERS INTO VIRGINIA
RBW Sports & Classics, the United Kingdom’s only manufacturer of hand-built electric classic sports cars, is investing $8 million to establish a manufacturing facility at Cane Creek Centre, an industrial park jointly owned by the City of Danville and Pittsylvania County. The new facility will produce the company’s first left-hand drive RBW EV Roadster and GT models for the U.S. market, creating 144 new jobs for the region.
RBW Sports & Classics, Danville-Pittsylvania County
Washington Dulles International Airport
FEDERAL PACIFIC SERVES ENERGY NEEDS WITH WASHINGTON COUNTY EXPANSION
Federal Pacific Electric Corporation, a division of Electro-Mechanical, LLC, is investing $16.6 million to expand its operations in Washington County, adding a 200,000-sq.-ft. facility and creating more than 109 new jobs. Electro-Mechanical, headquartered in Bristol, manufactures a variety of products used in the generation, distribution, and control of electricity. The expansion will enhance its capacity to produce switchgear and other electrical apparatus to serve clients worldwide. VEDP is supporting the project through the Virginia Talent Accelerator Program.
MICRON POWERS UP IN MANASSAS, BRINGING HUNDREDS OF JOBS AND BILLIONS IN INVESTMENT
Micron Technology, Inc., one of the world’s largest semiconductor companies, is expanding in the city of Manasses, investing up to $2.2 billion and creating 340 jobs in the process. This massive expansion project will enhance the facility’s semiconductor manufacturing capabilities, supporting the growing demand for memory and storage solutions across multiple industries. VEDP is supporting Micron’s job creation through the Virginia Talent Accelerator Program, ranked the No. 1 Customized Workforce Training Program in the United States by Business Facilities for the past three consecutive years.
Federal Pacific Electric Corporation, Washington County
MicronTechnology, Inc., Manasses
Impact in Virginia
VEDP-assisted projects have added more than 68,000 jobs and $104 billion in capital expenditure in Virginia since the beginning of 2020. Working in collaboration with state, regional, and local economic development partners, VEDP’s economic development activities provide jobs for Virginians and promote economic growth in the Commonwealth.
VEDP-Assisted Announcements (Jan. 1, 2020 to July 1, 2025)
506 Project wins 68,000+ New direct jobs $104B+ in CapEx 64% Expansions*
*Percentage of projects that are expansion projects
Super Radiator Coils, Chesterfield County
CASE STUDIES
Microporous
Jobs: 2,015 New Jobs
CapEx: $1.35B
In brief: Microporous chose a development-ready site at the Southern Virginia Megasite in Pittsylvania County that was prepared with funding from the Virginia Business Ready Sites Program.
Microporous Ignites Virginia’s Battery Manufacturing Future with $1.35 Billion Investment Committed
A LEGACY OF INNOVATION MEETS STRATEGIC EXPANSION
MICROPOROUS LLC is a global leader in battery separator technology with over 80 years of experience in the industry. The company has evolved from producing rubber industrial products to becoming the world’s third-largest manufacturer of lead-acid battery separators.
In 2022, Microporous LLC made the strategic decision to expand into the lithium-ion battery separator market due to its significant current and future projected growth. The company is focused on serving the North American lithium-ion battery market.
THE VIRGINIA SOLUTION INFRASTRUCTURE, TALENT, AND SUPPORT
Microporous leadership researched if the company could be a candidate for U.S. Department of Energy (DOE) funding to help
support the company’s expansion into the industry of lithium-ion in the United States. Microporous executives traveled to D.C. to see how funds would be distributed and discovered that the company qualified for grant funding. However, there were certain criteria tied to the grant funding within the Advanced Energy Manufacturing and Recycling grant program the company qualified for. One of the criteria was that the location picked for expansion had to be within a DOEdesignated “energy community,” an area negatively affected by a coal mine or a coal-powered electrical power generating plant closure.
Virginia presented a comprehensive package for a developmentready site in Pittsylvania County at the Southern Virginia Megasite and comprehensive workforce recruitment and development support. This ultimately is what swayed Microporous to open a lithium-ion manufacturing facility in Southern Virginia, bringing $1.35 billion in investment and 2,015 jobs to the region.
The company was influenced by several factors, including the state’s robust infrastructure, skilled workforce, and comprehensive
support system. The Southern Virginia Megasite offered a shovelready location with essential utilities, rail access, and completed environmental reviews.
A portion of Lot 1 was pad-ready due to the Southern Virginia Megasite receiving Virginia Business Ready Sites Program (VBRSP) funding in 2022. The VBRSP, a VEDP-administered program, partners with localities and landowners to fund infrastructure improvements that build development operationsready sites for employers ready to expand in the Commonwealth.
UNPRECEDENTED FEDERAL AND STATE COLLABORATION
The project garnered significant federal and state support, including a $100 million grant award from the DOE and a $160 million Section 48C Investment Tax Credit allocation through the Inflation Reduction Act. Virginia supplemented this federal support with a comprehensive package of state and local incentives, including performance-based grants.
Support for Microporous’ job creation will be provided through the Virginia Talent Accelerator Program,which provides recruitment and training services that are fully customized to a company’s unique products, processes, equipment, standards, and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.
COMMITMENT TO COMMUNITY AND LOOKING FORWARD
Microporous is dedicated to integrating into the Virginia community and contributing to its growth. The company plans to invest in local workforce development and community initiatives. The facility will focus on water-based separator coating processes, with emissions limited to steam, minimizing environmental impact.
Microporous expects to begin sitework and facility construction by the end of 2025. The full $1.35 billion investment will be deployed over a 10-year period, with the promise of revitalizing Southern Virginia’s economy through high-tech job creation and industrial innovation.
PARTNERS
LS GreenLink USA
Jobs: 330 New Jobs
CapEx: $681M
In brief: LS GreenLink’s Chesapeake facility represents the largest economic development deal in city history and will be the tallest structure in Virginia.
LS GreenLink Facility Solidifies Virginia, Hampton Roads as Offshore Wind Hub
LS GREENLINK USA, INC., is a subsidiary of LS Cable & System, Ltd., a global leader in power and communication cable and system solutions based in South Korea. In 2024, the company announced a $681 million investment to build a state-of-the-art, 750,000-sq.-ft. high-voltage direct current submarine cable manufacturing and port facility as Phase 1 of a development on approximately 100 acres of brownfield in the city of Chesapeake. The company broke ground on the Phase 1 in 2025 and expects to begin operations there in 2028, creating more than 330 full-time jobs. The announcement represents the largest economic development deal in Chesapeake history.
The new facility will serve the global offshore wind industry and, as Gov. Glenn Youngkin said, “showcase the Commonwealth as a
leader in offshore wind industry manufacturing.” The facility will also include a 660-foot Vertical Continuous Vulcanization tower that will make it the tallest structure in Virginia when completed.
AN IDEAL LOCATION FOR THE INDUSTRY
The facility will have a dedicated pier at the Deep Water Terminal, convenient to The Port of Virginia’s facilities at Norfolk Harbor, interstates 64, 264, and 464, and the federally maintained channel of the Southern Branch of the Elizabeth River. The site is also convenient to the Coastal Virginia Offshore Wind Project off Virginia Beach and Kitty Hawk North in North Carolina, helping to position the port and the Hampton Roads region as a key hub
for offshore wind development. The region is in a unique position to offer large, developable tracts of land with deep-water access convenient to major offshore wind projects.
The facility will primarily serve customers in North America and Europe, and the company said it already has its first customer from Europe. In April 2025, LS Cable & System President Bonkyu Koo said that the facility’s order book is filling up into the 2030s. The company is already considering expanding the facility, which as planned will take up less than half of the site.
Patrick Y. Shim, Managing Director of LS GreenLink USA, Inc.,
said “with this facility, LS GreenLink is laying the foundation for leadership in advanced manufacturing while reinforcing the global energy infrastructure that powers industries and communities worldwide.”
THE VIRGINIA SOLUTION CREATIVE SITE DEVELOPMENT, TOP-NOTCH TALENT
Framatome is known for its innovative solutions and high-value technology. Framatome and Virginia have that in common, as innovation is at the heart of how Virginia does business. Ranked No. 1 for education by CNBC, Virginia’s stellar universities and school systems provide a best-in-class talent pipeline to ensure companies find a ready workforce eager to fulfill new roles.
The choice of a brownfield site illustrates Virginia’s creativity and adaptability in delivering shovel-ready sites to companies. The Virginia Business Ready Sites Program (VBRSP) certifies sites in advance by partnering with localities, utilities, and state agencies to assemble permits and approvals to set the stage for a smooth construction process.
LS GreenLink also chose Chesapeake over sites in 15 other states because of the high-quality talent in the area, particularly military veterans from the numerous bases in the region, including Naval Station Norfolk, the world’s largest naval base. Numerous educational providers, including Tidewater Community College and Centura College, have started offshore wind training programs certified by the Global Wind Organization, both in the Hampton Roads region and across the Commonwealth. The company will also benefit from the Virginia Talent Accelerator Program, ranked the No. 1 Customized Workforce Training Program in the country by Business Facilities in 2024.
Virginia’s sites work and initiatives like the Talent Accelerator are a prime example of the way the Commonwealth works to eliminate risk for prospective companies, in this case by providing a strong site in a great location and actively providing a top-notch workforce. Not only does Virginia have everything a company needs to succeed, but it goes above and beyond to do the work in advance. Cutting through red tape and eliminating risk for companies is a bipartisan priority for the Commonwealth.
PARTNERS
Administration of Governor Glenn Youngkin | City of Chesapeake | Hampton Roads Alliance
Virginia Maritime Association | The Port of Virginia | Virginia Department of Environmental Quality | Dominion Energy
Virginia General Assembly and Major Employment and Investment (MEI) Project Approval Commission
Virginia Community College System
Afton Scientific
CapEx: More than $200M
In brief: Afton Scientific’s second expansion of its Albemarle County facility in the last five years will more than double the company’s headcount.
Poised for Growth: Strong Biotech Workforce Helps Afton Scientific Build
AFTON SCIENTIFIC has operated from its Albemarle County facility for more than 20 years, manufacturing sterile injectables administered directly into the bloodstream or body tissue.
As a contract manufacturer, the company’s customers include multinational pharmaceutical companies and emerging biotechs around the world, and it supports critical life-saving therapies and chronic disease treatments for diseases including cystic fibrosis, breast cancer, and primary immunodeficiency disease.
Afton has expanded the facility twice in the last five years — the most recent was announced in 2024, with construction ongoing. CEO Thomas Thorpe characterized the company as in transition from a small company to a larger manufacturer, and his confidence in the Virginia workforce was one major reason he was comfortable doubling down on the Commonwealth.
Afton currently employs about 90 people, and the latest expansion is expected to more than double the company’s headcount. When Afton was founded in the early 2000s, it was looking for a different kind of employee.
THE VIRGINIA SOLUTION LEVELING UP WITH A VIRGINIA WORKFORCE
“As a founder, I could not afford to hire an experienced pharmaceutical engineer from Merck
or pilfer them from any industry,” Thorpe said. “I had worked my entire career since 1980 in pharma, and I knew where we needed to go, but virtually everybody was right out of college, up and down the organization. They’re now senior staff here and have been here 20 years — it’s the first company they’ve worked for and they’re still here.”
Thorpe’s early hiring experiences highlighted the relative specialties of Virginia’s top-notch colleges and universities. Afton’s engineers tended to come from Virginia Tech, its quality assurance professionals from the nearby University of Virginia, and its microbiologists from James Madison University. The company was able to lean on the Commonwealth’s well-documented educational strengths as it grew from a precarious startup to an established part of the Virginia pharmaceutical ecosystem.
As a growing company, Afton’s workforce needs are constantly evolving, with technological advances improving the company’s processes and requiring expertise in different topics, particularly around maintaining and calibrating its systems. With the latest expansion, the company is engaging with Virginia Talent Accelerator Program, ranked as the top Customized Workforce Training program in the country by Business Facilities for the last three years. VEDP’s Talent Accelerator team is working with nearby Piedmont Virginia Community College to develop customized training fully customized to Afton’s unique talent needs, processes, and culture.
PARTNERS
Administration of Governor Glenn Youngkin | Albemarle County | Central Virginia Partnership Virginia Community College System
Powered by Proximity: How Virginia Fuels
22nd Century Technologies’ Domestic and Global Growth
22 ND CENTURY TECHNOLOGIES INC., a leading IT services integrator and workforce solutions provider founded in 1997, is a Certified National Minority Business Enterprise and a trusted partner to the public sector. The company holds multi-year contracts with 14 federal executive agencies, 37 additional federal agencies, 50 state governments, 115 city and county agencies, and 37 school districts.
The company moved its operational headquarters to McLean in 2008 and operates 14 regional offices nationwide with 6,000 employees supporting clients across all 50 U.S. states, Canada and Mexico. Since the move to Virginia, the company has grown from a $6 million business to a $600 million government contractor.
In the past two years, the company has expanded into IP-enabled services by launching customer-centric tech products through its Innovation Lab and acquiring niche tech product firms to deepen its portfolio.
22nd Century Technologies’ surge in growth over the past 17 years coupled with the recent launch of new products, meant the company was primed for a headquarter expansion. And what better place to continue that momentum than in Virginia, where the company’s success story first began and continues to thrive.
THE VIRGINIA SOLUTION PROXIMITY TO THE HEART OF GOVERNMENT
Government contracting is 22nd Century Technologies’ bread and butter, so naturally the business wants to be close to the seat of government, Washington D.C. Virginia provides proximity to the nation’s capital and all the benefits that come with that proximity. From access to infrastructure — Amtrak, Washington Dulles International Airport, Ronald Reagan National Airport, Interstate
95 — to a concentration of federal agencies in the backyard to a robust skilled workforce, Northern Virginia checked all the boxes for 22nd Century Technologies.
In June, the company announced it will invest $1 million to expand its headquarters in Fairfax County and offices across Virginia. This strategic investment and growth will support 880 new jobs to help deliver major federal and state contracts.
“Virginia has been a game changer for us. Since moving our operational headquarters here in 2008, we’ve grown substantially, driven by access to talent, partnerships, and a pro-business environment,” said 22nd Century Technologies CEO Anil Sharma. “This expansion reflects our commitment to innovation and public service.”
With its headquarters rooted in Northern Virginia, 22nd Century Technologies continues to benefit from unparalleled proximity to the seat of the federal government and access to one of the nation’s most skilled and diverse workforces. This strategic location has strengthened the company’s ability to serve public sector clients while fueling innovation and expansion. Virginia remains the foundation for its innovation, workforce development, and global reach.
“Virginia has been a game changer for us. Since moving our operational headquarters here in 2008, we’ve grown substantially, driven by access to talent, partnerships, and a pro-business environment.”
ANIL SHARMA CEO, 22 nd Century Technologies
PARTNERS
Administration of Governor Glenn Youngkin | Fairfax County Economic Development Authority
22nd Century Technologies
Jobs: 880 New Jobs
CapEx: $1M
In brief: 22nd Century Technologies has grown into a $600 million government contractor since moving its headquarters to McLean in 2008.
Progress Report
This section offers an update on the progress made by the Virginia Economic Development Partnership Authority (VEDP) in FY25 relative to VEDP’s Strategic, Operational, and Marketing plans. These plans were previously submitted in accordance with the Code of Virginia and other requirements. Due to the confidentiality of these plans and their exclusion from mandatory disclosure provisions (Code of Virginia §2.2-3705.7. 33.), this progress report references specific elements of the plans without revealing information that is protected by the Code for competitive purposes.
STRATEGIC PLAN (FY25–FY29)
The Strategic Plan for Economic Development of the Commonwealth of Virginia, adopted by the VEDP Board in FY24, is a five-year plan (FY25-FY29) for which implementation began in July 2024. The FY25-FY29 Strategic Plan includes five updated transformational goals with metrics to measure progress toward achieving those goals. Virginia has made strides toward accomplishing these goals since they were updated:
1. Robust state growth
Virginia has been the 20th -fastestgrowing state by employment over the past five years. Efforts to improve Virginia’s long-term growth rate led VEDP to exceed its job and capex targets, announcing 13,514 jobs and $15.6 billion in capital investment, including numerous landmark project announcements.
2. Every region wins
All 18 marketing regions have seen net positive job growth since 2020.
3. Best state business climate
Virginia improved its average rank across key business climate rankings from sixth to fifth and pursued prioritized efforts to strengthen target sector ecosystems. Virginia was ranked #1 for Education and #2 for Infrastructure in CNBC’s 2025 America’s Top States for Business.
4. Top state for talent
In 2024, Virginia saw the reversal of a years-long net domestic outmigration trend, with a net gain of interstate movers for the first time in nearly a decade. Virginia continued to prioritize talent-related investments with sustained and new funding to promote access to work-based learning experiences and middle-income housing.
5. Most innovative, collaborative, and effective state EDO
VEDP continues to deliver best-in-class service and support through its No. 1-ranked Talent Accelerator program, international trade services for over 500 companies, and increased business development activity in priority sectors.
KEY HIGHLIGHTS OF STRATEGIC PLAN IMPLEMENTATION FOR FY25:
With the support of the Administration, the General Assembly, and hundreds of other partners, much progress has been made in implementing many of the initiatives detailed in the Strategic Plan. The following are just a few examples of initiative progress and accomplishments across the Plan’s three strategic focus areas (not comprehensive):
Enhance Virginia’s human capital development engine:
With continued state support, the Virginia Talent Accelerator Program solidified its status as the national leader for customized talent solutions, ranking No. 1 in the U.S. for Customized Workforce Training in the annual Business Facilities State Rankings Report for the third consecutive year.
With General Assembly support, VEDP received $6 million in funding to promote and expand Virginia’s flagship internship program, the Virginia Talent and Opportunity Partnership, to employers across the Commonwealth.
For the third consecutive year, Virginia claimed the top ranking in the Education category of CNBC’s Top States for Business rankings, highlighting the Commonwealth’s top-tier education system.
In 2024, Virginia saw its first year of positive net domestic in-migration in a decade, seeing more people move into the Commonwealth than move away to the other 49 states.
VEDP supported the launch of Virginia Housing’s Workforce Housing Investment Program, catalyzing workforce housing developments in 10 localities across the Commonwealth to create 740 workforce housing units, leveraging over $254 million in private investment.
Enhance Virginia’s human capital development engine” section: “VEDP hired a senior leader to refine and execute Virginia’s Top State for Talent strategy in collaboration with state, regional, and local partners across the Commonwealth’s talent and workforce ecosystem.
Strengthen Virginia’s economic competitiveness:
Virginia was named Business Facilities’ 2024 State of the Year, marking the third time the Commonwealth has received this top honor from the publication.
With continued state funding, the Virginia Business Ready Sites Program (VBRSP) awarded over $40 million in grants to over 13 site development projects across the Commonwealth, representing the largest investment grant round to date.
Virginia advanced three spots to No. 9 in Chief Executive’s Best and Worst States for Business rankings, making the top 10 for the first time since 2013.
Working in collaboration with state, regional, and local partners, VEDP-assisted projects resulted in over 13,500 announced jobs and more than $15 billion in capital investment.
Virginia secured numerous milestone project announcements, including Microporous, the largest economic development announcement in Southern Virginia history, and LS Cable, the largest capital investment in the history of Hampton Roads.
In partnership with key state agency partners, Virginia launched the Made in Virginia Investment Accelerator, a first-of-its-kind initiative to ensure Virginia continues to compete for the nation’s most transformative investment projects.
VEDP collaborated with partners and companies on over 25 federal grant applications in FY25, generating approximately $5.5 million in project-specific funding for VEDP partner organizations. These grants will help develop Virginia’s biopharmaceutical manufacturing workforce and support smalland mid-sized firms seeking to adopt smart manufacturing practices, including AI technology.
Build VEDP’s capabilities:
With continued support from the Administration and General Assembly, VEDP reached full-scale implementation of the Innovative Framework for Economic Growth and achieved full staffing levels for three dedicated teams to drive growth in the Knowledge Work, Manufacturing, and Logistics sectors.
VEDP’s International Trade division served a record 520 companies this year, continuing to deliver top-tier customer service while expanding the scope of export and supply chain assistance programs.
VEDP’s Regional Talent Solutions and Business Outreach team continued to engage key businesses across the Commonwealth and address their talent and growth needs, conducting over 560 outreach visits in FY25.
The Virginia Office of Education Economics (VOEE) added additional staff capacity and developed new dashboard capabilities to promote further alignment between education and industry workforce needs.
VEDP launched the Virginia International Soft Landing Support web page, providing a one-stop shop for foreign companies interested in establishing a U.S. presence.
The Virginia Economic Development Partnership’s team of dedicated and knowledgeable professionals is committed to Virginia’s economic success and connects industry-leading businesses to the resources they need to make relocations and expansions successful. From site selection, customized research, cost analysis, and coordination with public and private partners to discretionary incentives and workforce solutions VEDP’s services are tailored to companies’ unique requirements.
To learn more about VEDP’s expertise and resources, visit vedp.org
Roanoke County