Global Clean Energy Manufacturer Topsoe to Invest $400 Million in Virginia

RICHMOND, VA - Governor Glenn Youngkin today announced that Topsoe, a Danish manufacturer and global leader in carbon emission reduction technologies, plans to invest more than $400 million to build a factory at Meadowville Technology Park in Chesterfield County. Pending Final Investment Decision, the company will manufacture advanced, energy-efficient Solid Oxide Electrolyzer Cells (SOEC) that are essential in the production of clean hydrogen at the facility. Federal tax credits from the U.S. Department of Energy under the Qualifying Advanced Energy Project Credit (Section 48C) will support the construction of the facility, which would be Topsoe’s largest U.S. investment. The project is expected to create 150 new jobs.  

To support the next generation of innovators, Topsoe also plans to launch the “Topsoe STEM Scholarship” program which will award five $10,000 one-year scholarships to high school seniors from Chesterfield County high schools. These scholarships will be awarded to eligible high school seniors seeking to continue their education in a STEM major in college, with the first awards given in the spring of 2025 for the next academic year. Topsoe plans to continue this scholarship program in subsequent years.

“I am thrilled that Topsoe has chosen the Commonwealth of Virginia for its new, state-of-the-art factory that will be key to scaling clean hydrogen production,” said Governor Glenn Youngkin. “Virginia’s robust workforce, strategic location, and top business climate provide the necessary tools for Topsoe to continue to grow as a leader in the clean energy industry. I also applaud Topsoe’s commitment to the next generation of Virginians with the launch of the Topsoe STEM Scholarship program that will drive the innovation pipeline for years to come."

“Global manufacturers like Topsoe are recognizing the Virginia advantage that will enable Topsoe to continue to play a leading role in clean energy innovation,” said Secretary of Commerce and Trade Caren Merrick. “We are proud that the Commonwealth continues to attract companies like Topsoe with our strong business climate, premier location, and workforce training opportunities.”

"We are thrilled to announce our plans for this new US facility," said Roeland Baan, CEO at Topsoe. “The US is positioning itself as a clean energy leader, and with strong support from individual states like Virginia the country's clean energy future looks bright. With our strong dedication to scientific research and innovation, we will help the US achieve its goals of driving down the cost of clean hydrogen and delivering clean energy jobs. Our collaboration with Virginia is just beginning. In addition to the economic benefits that our facility would bring to the area, we’re investing in STEM education to help the next generation of students prepare for the booming American clean energy economy.”

“Today’s announcement from Topsoe marks a tremendous day for Chesterfield County,” said James Holland, Chair of the Chesterfield County Board of Supervisors. “Not only do we gain a new corporate citizen, but one with deep ties to solving some of the world’s toughest problems with cutting edge technology and innovation. We welcome the project’s clean energy jobs and celebrate this investment into our community.” 

“Topsoe’s $400 million investment in a clean energy facility is unlike anything the region’s seen from an international firm,” said Jennifer Wakefield, President and CEO of the Greater Richmond Partnership. “Coupled with 150 new jobs and STEM scholarships, Topsoe is poised to become a partner for social good in the Richmond Region and beyond.”

"I am delighted that Topsoe has selected Chesterfield County as the site of its next manufacturing facility,” said Senator Ghazala Hashmi. “Not only is Topsoe investing in our region, but it is investing in our people as the company proposes to bring 150 new jobs to the county. The inclusion of the Topsoe STEM Scholarship program will offer our next generation of talent the opportunity to pursue their higher education goals. The strong collaboration between VEDP, Chesterfield County, and the Greater Richmond Partnership continues to highlight why this region is attractive for both domestic and international businesses."

“I welcome Topsoe to the 75th House District and thank them for their jobs investment in our community and their learning investment for our students,” said Delegate Carrie Coyner. “Chesterfield is fortunate to be home to a Topsoe factory as they lead in energy solutions.” 

Topsoe is a leading global provider of technology and solutions for the energy transition. Topsoe combats climate change by helping its customers and partners achieve their decarbonization and emission reduction goals. Based on decades of scientific research and innovation, Topsoe offers world-leading solutions for transforming renewable resources into fuels and chemicals for a sustainable world, and for efficient and low-carbon fuel production and clean air. Topsoe was founded in 1940 and is headquartered in Denmark, with over 2,800 employees serving customers all around the globe. To learn more, visit www.topsoe.com.

The Virginia Economic Development Partnership worked with Chesterfield County and the Greater Richmond Partnership to secure the project for Virginia. Governor Youngkin approved a $6 million grant from the Commonwealth Opportunity Fund to assist Chesterfield County with the project. The company is eligible to receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program.

Support for Topsoe’s job creation will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System and other higher education partners, with funding support from the Governor’s administration and the Virginia General Assembly. Launched in 2019, the program accelerates new facility start-ups through the direct delivery of 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.

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