TN Advanced Energy Economic Impact Report: Snapshot of media coverage

On June 17, the Tennessee Advanced Energy Business Council released the Tennessee Advanced Energy Economic Impact Report, the first document of its kind that defines the scope and scale of Tennessee’s advanced energy sector and quantifies its economic impact.

The report received statewide media coverage and recognition of advanced energy as an economic driver for Tennessee and a source of high quality jobs. It was distributed to more than 200 local, state and national economic development stakeholders.

Here’s a snapshot of the media coverage from the report release, with links to the full stories. Enjoy!

Tennessee could be a major player in $200B advanced energy economy (Knoxville News Sentinel)
“Tennessee is poised to take a significant chunk of the nation’s $200 billion advanced energy sector according to a new report from the Tennessee Advanced Energy Business Council. The state’s advanced energy sector employs nearly 325,000 individuals…and the jobs pay well above the state average.”

Advanced energy industry grows in Tennessee (Chattanooga Times Free Press)
“Much of the growth in Tennessee is being driven by the automotive industry, which is working to reach a fleet average mileage standard of 54.5 miles per gallon by 2025.”

Report: Tennessee leader in ‘advanced energy’ (The Tennessean)
“’We see advanced energy as an economic driver, especially in rural areas,’ said Steve Bares, president and executive director of Memphis Bioworks Foundation.”

New report tracks Tennessee’s economic impact in ‘advanced energy’ sector (Kingsport Times-News)
“Advanced energy provides a home for Tennessee’s emerging workforce as the state attempts to get 55 percent of Tennesseans equipped with a college degree or certificate by 2025.”

Study: Advanced energy business contributes $33.4 billion to state GDP (Memphis Business Journal)
“Schneider Electric’s Jim Plourde said compiling the information was important for increasing visibility, highlighting Tennessee as a leader in the field, showcasing opportunities to an emerging workforce and driving the economy.”

Budding advanced energy sector grows in Tennessee (Nooga.com)
“The [advanced energy] industry provides opportunities for entrepreneurs. A developing sector means ripe opportunities for new ideas and businesses.”

TAEBC releases first-ever look at state’s advanced energy sector (Teknovation.biz)
“Advanced energy is a lucrative growth sector and a source of high quality jobs in the Volunteer State, according to a new report from the Tennessee Advanced Energy Business Council (TAEBC).”

Schneider Electric among state leaders in advanced energy sector (Daily News Journal)
“’National studies show rapid growth that outpaces the rest of the economy,’ said Matt Murray, with the Howard Baker Jr. Center for Public Policy, which produced the report. He added it also found employment growth in the sector was more robust than any other sector from 2012 to 2013.”

Alcoa, Inc. receives conditional Advanced Technology Vehicles Manufacturing loan

The U.S. Department of Energy’s (DOE) Advanced Technology Vehicles Manufacturing’s (ATVM) loan program enables the domestic manufacturing of advanced technology vehicles and components. To date, the Department’s Loan Programs Office (LPO) has helped accelerate the resurgence of American auto manufacturing by issuing more than $8 billion in direct loans, which supported the production of more than 9 million cars and approximately 35,000 direct jobs across eight states.

Recently, DOE announced a conditional commitment for a $259 million loan to Alcoa Inc. This conditional commitment is the first issued by DOE under the ATVM loan program since Secretary Moniz announced a number of improvements to the program last year, and is the first step toward issuing a final loan to Alcoa. If finalized, the loan would support the company’s Alcoa, Tenn., manufacturing facility, where the company will produce high-strength aluminum for North American automakers looking to lightweight their vehicles.

According to U.S. Energy Secretary Ernest Moniz, the ATVM loan program can play an important role in helping to finance expanded domestic manufacturing of fuel-efficient technologies that will support the next generation of advanced vehicles.

The loan is good news for Alcoa, and for Tennessee. More than one-third of Tennessee manufacturing jobs are auto-related, and investment in advanced manufacturing is an important part of how our state will continue to attract good-paying jobs, said Senator Lamar Alexander.

The automotive sector in Tennessee represents what may be the single largest opportunity to expand the use of advanced energy technologies. The industry is looking to a number of these technologies to improve fuel efficiency demanded by government and consumers. Alcoa is an example of a company creating new materials that will make possible significant reductions of vehicle weight and improvements in gas mileage.

Alcoa estimates that its expanded production is expected to create an additional 200 permanent full-time jobs, in addition to 400 jobs at the peak of construction.

For more information on the ATVM loan program and Alcoa’s loan, click here.