South Carolina Gov. Henry McMaster has outlined his Executive Budget for fiscal year 2024-2025. Among the budget’s highlights are $15 million requested for SC Nexus for Advanced Resilient Energy and $50 million for electric vehicle training institutes.
“South Carolina’s booming economy has once again created a record budget surplus, this year totaling over $1.64 billion in unexpected revenue,” writes McMaster in a letter to the state’s General Assembly.
Led by South Carolina’s Department of Commerce, SC Nexus aims to be a global leader in advanced energy by developing, testing and deploying exportable electricity technologies.
“SC Nexus is the culmination of groundwork laid in prior years through the collaborative public-private initiatives,” writes McMaster in the letter. “Examples of this cooperative spirit include the state’s Electric Vehicle Working Group, which designated a one-stop shop to recruit and assist with electric vehicle investment and manufacturing in the state, as well as the PowerSC Energy Resources and Economic Development Interagency Working Group.
“This working group, also created by executive order, leads the effort to coordinate the state’s energy stakeholders’ efforts to develop strategic plans to ensure South Carolina has the energy capacity to meet the needs of future economic development and population growth,” writes McMaster.
“Recently, SC Nexus received the U.S. Department of Commerce’s Economic Development Administration’s (EDA) designation as one of 31 Regional Technology and Innovation Hubs (Tech Hubs), which allows SC Nexus to apply for EDA’s Phase 2 federal funding,” writes McMaster. “Individual Tech Hub grants may be valued between $40 million to $70 million annually with total funding of approximately $500 million for the next five years. This Executive Budget recommends $15 million to support SC Nexus and serve as the ‘state’ match as required to be eligible for EDA Phase 2 federal funding.”
McMaster’s letter also addressed financing for EV training institutes:
“To meet this important workforce demand, this Executive Budget recommends $50 million in funds to create or expand ReadySC EV training institutes at our technical college campuses where automotive technology programs exist or are being developed to meet local manufacturing workforce needs,” writes the governor.
For a copy of the governor’s executive budget, along with his letter to the General Assembly and a detailed explanation of each allocation, click here.