Toptoe to Invest $400 Million in New Factory in Chesterfield County

RICHMOND, VA – Virginia Governor Glenn Youngkin 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.”

“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.”

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.

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.