CONCORD, N.C. (WBTV) - On Friday, Alevo, the Concord manufacturer that had hoped to employ thousands producing forty foot lithium ion batteries, suddenly announced that it was bankrupt and that 290 workers would lose their jobs.
240 of those workers were finished that day.
Alevo says they have significant production challenges and insufficient revenue.
"The Company has been actively seeking new funding sources to finance its operations and growth strategies. Unfortunately, despite best efforts, the funding has not been realized in time," the release said.
Alevo CFO Peter Heintzelman says the decision was driven by challenges of bringing a new technology into commercial production. He calls the decision to file for bankruptcy "a difficult, but necessary decision."
"It is a sad day for our dedicated employees and partners, as well as for the promise of Alevo's technology," Heintzelman said.
Exactly nine weeks prior to that, Alevo held what it advertised as the first of three job fairs. A company spokesman said that the company was "ramping up production" and needed 200 additional workers.
"It was very significant, I was shocked," said Concord Mayor Scott Padgett. "I can't say that I was totally surprised because we've all known this wasn't going as fast as we thought it would go and they weren't hiring as fast as they said they were going too."
On Tuesday many of the displaced workers were taking advantage of resources being offered by the NC Jobs Career Center. A Rapid Response team had been put in place as soon as officials found out on Friday that Alevo was closing.
"We found out about this Friday around noon and we started preparing the packets for all of the people who are going to be affected by the lay-off," said Denisha Torrence-Nesbit of the NC Works Career Center in Concord.
Torrence-Nesbit urged workers to visit the NC Works Career Center, whether in Concord, or any of the other counties where Alevo workers lived, including Mecklenburg, Stanly, Rowan, and Catawba.
For more than 200 workers now out of job, there is help.
"They can expect assistance with applying for unemployment benefits, as well as recruitment events that are taking place in our office as well as recruitment events that are taking place in our office," said Torrence-Nesbit.
Companies like S & D Coffee, Southeast Packaging and others are already talking with displaced Alevo workers.
"Right now employers are very much looking for qualified help and this is a great time to be looking for work because of the demand of the employers are looking for an with the growth in Cabarrus County there is no shortage of opportunities," said Ken McCoy, Project Director, Centralina Workforce Services.