The engineering and manufacturing company is a leader in the research and development of ceramic matrix composites that can withstand high temperature, high pressure, and highly corrosive applications found in the solar, nuclear, industrial, and aerospace sectors.
Since beginning operations in 2006, CTP has shared production space with engineering services company NovaTech in Lynchburg, Virginia, but as both companies experienced growth, it spurred the move for CTP to Campbell County.
“This building becoming available as we were looking to relocate was a case of great timing,” says Jeff Halfinger, CTP’s CEO. “As new contracts emerge, we have the space here to accommodate another full production line on the shop floor and still have plenty of storage area.”
CTP has already secured several notable federal contracts from the Department of Energy. It continues to develop new innovations that will increase efficiency and lower costs for emerging renewable energy applications. CTP’s initial lease agreement with the 10,000-square-foot industrial building at 265 Ewing Drive runs for two years and includes renewal terms that could extend their occupancy for up to eight years.
The IDA upgraded the building’s electrical system, converting the existing 208 volts service to 480 volts. The 480V 3-Phase is the most common power system used in US industrial plants. The upgrade will provide 2.3 times the power output with the same current and offers long-term advantages to the IDA as landlords of the industrial space. The Appalachian Power customer service, distribution systems, and economic development teams were quick to respond and worked with the IDA and tenant to ensure the upgrade was in place before their move in, which was a rapid two-month turn around.
“An upgrade like this will not only meet the needs of our current tenant, but will also make the property itself even more competitive when the time comes to seek future tenants,” says Vance Driskill, IDA chairman.
Campbell County Board of Supervisors approved a $21,400 incentive package over four years for CTP on July 18, 2023 based on their capital investment within the County.
“As a company focused on emerging technologies, CTP’s potential for growth is outstanding and we are glad to have an innovative company like this calling Seneca Commerce Park home,” says Nina Rezai, Director of Economic Development for Campbell County. “We are excited to have CTP join Pinnacle Trailers and Shentel Communications in Seneca Commerce Park.”
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