The Story

Hanon Systems (“Hanon”) is a global supplier of thermal and energy management solutions for electric and conventional vehicles. Hanon’s products include components used in the heating and/or cooling operations of battery boxes and vehicle interiors. In an effort to increase Hanon’s presence within the US electric vehicle (EV) market, Hanon is expanding its operations to rural Statesboro, Georgia, by building a manufacturing facility to serve a nearby EV manufacturing plant. The facility will total approximately 112,000 square feet and will have the opportunity to expand to 330,000 square feet, should Hanon need additional space.

The Financing

• Total project cost: $17,600,000
• MuniStrategies Allocation: $9,500,000 

The Impacts

• Economic – Bulloch County is a Persistent Poverty County, with a poverty rate of 22.6%. The median household income in Statesboro in 2022 was $39,306, compared to $72,837 for state overall. The county also has an unemployment rate of approximately 1.5x the national average
• Jobs – This project will create 91 new permanent jobs, 75% of which are accessible to the low-income community and those without a college education, along with 90 temporary construction jobs The average salary is also 240% above the living wage for Bulloch County.
• Community – The project will support the area’s growing electric vehicle ecosystem and supply chain by allowing Hanon to serve as a supplier of automotive thermal solutions to electric vehicle manufacturers in the area. By contributing to Georgia’s electric vehicle ecosystem, Hanon’s new facility can attract additional automotive suppliers to the area, allowing Georgia’s automotive and e-mobility industries to continue to grow and creating additional jobs and spurring economic activity in Bulloch County.
• Workforce Development – This project is partnering with the Technical College System of Georgia (TCSG), Quick Start (a division of TCSG), and the Development Authority of Bulloch County (DABC), for recruitment, training, and development of its workforce.