Latest news with #GreaterMemphisChamber
Yahoo
20-05-2025
- Business
- Yahoo
Korean company to invest $51M in Memphis, creating over 100 new jobs
MEMPHIS, Tenn. — A South Korean power transformer manufacturer is expanding its operations in Memphis, investing $51 million in the city and creating over 100 new jobs. Hyosung HICO, Ltd announced on Wednesday that the company plans to expand its current operations at its transformer manufacturing facility in southwest Memphis, offering 123 new jobs in Shelby County. 'We've been waiting on this day since December of 2019,' said Ted Townsend, president and CEO of the Greater Memphis Chamber. 'Hico Hyosung took over this facility and laid out plans to power the world from Memphis, the heart of the Digital Delta.' xAI purchases 1 million-square-foot property in Memphis Hyosung HICO, a subsidiary of South Korean Hyosung Heavy Industries, is a leading U.S. producer of large power transformers. In 2019, the company announced that Memphis would be its first U.S. production facility. 'Today's announcement is a testament to how global brands thrive in our strong businessclimate, thanks to Tennessee's highly skilled workforce and low taxes. I'm grateful to Hyosungfor their commitment to creating 123 high-quality jobs that will provide greater opportunity forfamilies across Shelby County,' said Gov. Bill Lee. Its current warehouse location in southwest Memphis is the U.S. manufacturing headquarters for the South Korean company. Its warehouse on Riverport Road is 360,000 square feet in size and located on a 200-acre site adjacent to both rail and water, according to a press release. This year's Memphis in May poster set for unveiling 'We are committed to executing this expansion with the firm belief that only companies thatsucceed in the U.S. market can secure true competitiveness. Today's expansion of ourMemphis transformer facility marks a major milestone in our U.S. growth strategy andunderscores our vision to become the #1 supplier of large power transformers in the country by2027, and the leading supplier of solutions by the end of this decade,' said Taehee Woo, CEO ofHyosung Heavy Industries. Jason Neal, presidenty of Hyosung Hico, said, 'It's been a dream come true for all of us, and today's announcement is increasing our capacity by 50 percent.' The Memphis expansion is viewed as a critical role in the U.S. power grid. 'What we supply are large power transformers. It's very critical to the inner connection of data centers, generation, onshoring in manufacturing, expansion transmission. The product that we manufacture here is key to the growth in all those areas,' Neal said. But with so much recent debate about the XAI supercomputer and its demand on the power grid, Your News Leader asked if the Elon Musk project will be directly connected to the Hyosung Hico expansion? 'It's not directly connected to XAI. It's connected to the nation's power grid and there will likely be some benefits of having a company like this on our grid,' Mayor Paul Young said. 'MLGW, TVA, they're going to be able to use these transformers and instead of having them shipped from somewhere else in the world, they'll be right here in the City of Memphis.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-05-2025
- Business
- Yahoo
This year's Memphis in May poster set for unveiling
MEMPHIS, Tenn. — The Greater Memphis Chamber is set to unveil the annual poster for the Memphis In May International Festival on Wednesday. This year is a salute to South Korea, the honored country for the festival. The annual selection highlights the growing economic partnership between the city of Memphis and South Korea. According to the chamber, the country has invested more than $85 million since 2019, creating 400 new jobs to the greater Memphis area. Memphis artist Therrious 'Therro The Kid' Davis created this year's commemorative poster. Wednesday's unveiling ceremony will take place at 5 p.m. at the Hyatt Centric Beale Street Memphis. Click here to learn more. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Reuters
07-03-2025
- Business
- Reuters
Elon Musk's xAI buys new property in Memphis amid supercomputer expansion
March 7 (Reuters) - Elon Musk-owned artificial intelligence firm xAI has bought a 1-million-square-foot property in Southwest Memphis, Tennessee, the Greater Memphis Chamber said on Friday, as the startup looks to expand its AI infrastructure amid intensifying competition in the industry. The new investment builds on the company's earlier announcement in December, in which it laid out plans to expand its Colossus supercomputer to house at least one million graphics processing units (GPUs) in the state. Colossus is seen as pivotal in advancing Musk's AI ambitions, as he works to gain a competitive edge over rivals such as OpenAI following the recent escalation in tensions between him and ChatGPT maker's CEO, Sam Altman, with the billionaire's bid to take control of the firm. The Chamber said that the Colossus supercomputer is "well on the path to the supercluster size", as indicated in xAI's December announcement. The expansion of AI infrastructure has drawn criticism from environmental activists, as data centers consume large amounts of energy. The Memphis Chamber said xAI's new facility follows an $80 million water recycling plant and also features the world's largest deployment of Tesla Megapacks for data center operations. It was reported on Wednesday that Musk's Tesla (TSLA.O), opens new tab will also build a 1-million-square-foot factory in Texas to manage and store its Megapack energy products.
