CHARLESTON – Gov. Jim Justice, U.S. Sens. Shelley Moore Capito and Joe Manchin, leaders of West Virginia two major universities, state lawmakers and economic development officials celebrated Wednesday a major investment in the Mountain State by South Korea-based electronics manufacturer LG.
LG CEO William Cho joined Justice and state officials at the West Virginia Culture Center in Charleston to announce a nearly $700 million investment by LG Electronics in the state for a new strategic initiative to spur technological advancements in the region.
LG plans to launch its NOVA North American Innovation Center project in West Virginia, along with branch offices in Huntington and Morgantown, partnering with the state, Marshall University and West Virginia University.
The goal of NOVA is to work with local companies, entrepreneurs and business start-ups to create technological advancements. LG launched its first NOVA Innovation Center in 2021, aimed at assisting entrepreneurs and new business start-ups to bring their ideas to fruition and scale up.
The project is estimated to create 275 high-skilled jobs in West Virginia with its $700 million investment over the next five years.
West Virginia is providing state tax dollars toward the project. In a special meeting earlier Wednesday, the state Economic Development Authority approved up to $54 million in forgivable loans for LG through the High Impact Development Project program.