Duke Energy site readiness efforts help land $1.2 billion advanced manufacturing project in Cherokee County

• Advance work at the Bailey site prepared the property for a significant industrial investment by USA Rare Earth

• Collaboration underscores the power of ready-to-go sites; adds to the $3.5 billion of capital investments and more than 5,200 new jobs the Site Readiness Program has helped bring to South Carolina

GREENVILLE, S.C. - USA Rare Earth's announcement this week of a major investment and new jobs in Cherokee County highlights the impact of Duke Energy's Site Readiness Program, which helped prepare the Bailey Industrial Site for major economic development. Through upfront due diligence, infrastructure planning and site marketing, the program made Bailey more competitive for companies looking to move quickly on a new project.

Since 2005, the program has helped attract significant investment across South Carolina, and Bailey is the latest example. After completing the site-readiness process, the Cherokee County property was better positioned to compete for transformative projects - culminating in USA Rare Earth's announcement that it will build a facility there, bringing a $1.2 billion investment and 490 new jobs in one of the county's biggest economic wins.

Our view: "Duke Energy is proud to help bring this transformative project to Cherokee County and strengthen America's domestic rare earth supply chain," said Tim Pearson, Duke Energy South Carolina president. "The Bailey site is a strong example of how our Site Readiness Program helps communities compete for game-changing projects. By working with state and local partners to prepare the site in advance - from diligence and coordination to energy planning - we helped make this property more appealing for a company ready to invest, create jobs and move quickly. As we continue to prioritize reliable power at the lowest possible cost for our customers, we stand ready to use this program and every tool in our toolbox to help South Carolina win more opportunities like this."

Zoom out: The Duke Energy Site Readiness Program includes detailed site assessments by partners in site selection and engineering to identify opportunities, address challenges and improve a property's competitiveness before a prospect is on the table. That proactive work can help communities shorten timelines, reduce uncertainty and better position sites like Bailey for major industrial announcements.

• Under the program, Duke Energy works with local economic development organizations on the overall strategy to improve and add to South Carolina's site inventory.
  
• Large-scale economic development projects play a key role in keeping costs as low as possible by helping pay for fixed infrastructure costs that benefit all customers through capacity expansion and improvements to reliability.

By the numbers: For 22 consecutive years, Duke Energy's economic development efforts have been recognized by Site Selection magazine in the publication's annual list of "Top Utilities in Economic Development."

• Since 2005, projects that have located on Site Readiness Program sites have announced $3.5 billion of capital investments and more than 5,200 new jobs for South Carolina.
  
• Duke Energy has evaluated 102 sites in South Carolina, and 26 companies have selected sites that have gone through the program.
  
• Examples of successful program sites include EA Sween in Greenwood County, Thermo King in Greenville County, Fancy Pokket in Lancaster County, Cyclic Materials in Chesterfield County and most recently USA Rare Earth in Cherokee County.

The Site Readiness Program is a key example of how Duke Energy helps create jobs and bring more value to South Carolina. In fact, in 2025, Duke Energy helped recruit $3.4 billion in capital investment and 2,000 new jobs throughout the state.

More sites set for success: In addition to the Cherokee County site, two other prime locations for development recently went through the Site Readiness Program:

• The Anderson Area Airport Industrial Park is a 226-acre property adjacent to the airport. Owned by Anderson County, it contains 175 buildable acres and is well positioned from both a utility and accessibility standpoint.
  
• The Carolina's Centre Industrial Park in Chesterfield County is a 296-acre site with frontage along Highway 9 between the towns of Chesterfield and Cheraw. The property contains a 52,000 square foot spec building, water and heavy electrical infrastructure.

What they're saying

• Ken Moon, Cherokee County Development Board executive director: "Duke Energy's Site Readiness Program was instrumental in USA Rare Earth's decision to choose the Bailey site for a major expansion and new facility in South Carolina. The program's preparation helped make the site competitive and ready to meet the company's needs, creating a major economic win for Cherokee County. Duke Energy continues to be a strong partner in helping position our community for growth."
  
• Tommy Dunn, Anderson County Council chairman: "Duke Energy remains an essential partner in advancing economic development in Anderson County, and the Site Readiness Program is a powerful example of that collaboration. By proactively identifying and preparing sites past, present and future, the Site Readiness Program investment has enhanced our competitiveness and strengthened our ability to attract transformative projects."
  
• Libby Lear, Chesterfield County Economic Development director: "I cannot emphasize enough the importance of site readiness and how significantly it impacts community growth. Duke Energy's Site Readiness Program is instrumental in attracting businesses, creating jobs, and fostering economic development in Chesterfield County. By preparing sites for potential investment, we are not only enhancing the appeal of our area but also paving the way for sustainable growth and prosperity."

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.

Duke Energy is executing an energy modernization strategy, keeping customer value at the forefront as it invests in electric grid upgrades and efficient generation resources to strengthen the system and serve growing energy needs.

More information is available at duke-energy.com. Follow Duke Energy on X, LinkedIn, Instagram, TikTok and Facebook for stories about the people and innovations powering its communities.

Media Contact: Ryan Mosier
24-Hour: 800.559.3853