A battery manufacturer is preparing to start its North American operations in Sherman. Eternity Technologies, which is owned by A1 Dobowi Group, was formed in 2010, is based in the United Arab Emirates, manufactures specialized batteries for forklifts, and just was approved an almost $200k incentive package from the Sherman Economic Development Corporation.
The incentive is aimed at helping the battery manufacturer with its $3.8 million investment in a facility on Fallon Drive.
“As the world’s energy demands grow, we believe these new, innovative battery designs will revolutionize the stored power industry,” SEDCO Board Chairman Brad Douglass said in a news release. “It’s great to see these pioneering companies like Eternity Technologies investing in electrons in a traditional hydrocarbon state. The future is battery powered with new designs that efficiently and safely store energy.”
Following its creation, the company quickly developed operations in Europe, South American and Asia but only recently turned its attention to the U.S. market. The Sherman location will represent the first location for the company within the U.S.
The SEDCO board of directors approved the $190,000 incentive package during its regular monthly meeting Tuesday morning.
“Eternity Technologies has quickly developed a leading global reputation based on the performance of our advanced fork-lift battery products, and we look forward to building our business in the United States and becoming part of the Sherman community,” Eternity Technologies President Jerry Hoffman said in a news release.
The company first started scouting the area for a location in April and continued to work with SEDCO representatives, SEDCO President Kent Sharp said. The company chose a 40,000 square-foot facility at 2720 Fallon Drive, which is currently occupied by drilling equipment manufacturer Robit.
Robit, who occupied the building for more than six years, recently moved all of its production from the Sherman facility to Australia, Robit’s Sherman Operations Manager Ed Oakley said Wednesday, citing a company-wide restructuring. With the change, the Sherman company is moving from the larger production site to a smaller building on Baker Road.
Oakley said the new site will serve as the distribution and sales hub for North America.
With the opening of Eternity Technologies, Sharp said the company plans to invest $3.8 million in new equipment. The incentive payment represents five percent of the investment that the company plans to make, Sharp said.
The payment from SEDCO will be made once the full investment is made by the company, he added.
Currently, the company plans to employ 46 workers at the facility over the course of the next two years. The annual salaries for these employees comes in at nearly $40,000, Sharp said.
The company is expected to start operations at the new Sherman facility some time in September or October.
The motion to approve the agreement, following legal review, was unanimously approved with Vice Chairman Tom Shields abstaining from the discussions and vote saying he is the owner of the building that Eternity Technologies will be occupying.