Capital Group is opening a major East Coast operations hub in Charlotte, the company announced in a release Thursday.

An aerial view of Charlotte

The new hub will be a base for the investment firm’s legal, compliance, technology and data work, and it will also support its domestic and international growth, according to the release. The firm said it had selected Charlotte due to the metro area’s “strong and growing talent pool” in the financial services space and its thriving business scene. 

“Charlotte stood out as a natural fit for Capital Group’s next phase of growth,”  Capital Group Chief Operating Officer Rob Klausner said in a press release from the city of Charlotte.

Capital didn’t disclose the exact location of the hub, but Axios reports it will be in Uptown Charlotte. 

The hub will bring in an additional $5.2B in state tax revenue over 12 years, according to the North Carolina governor’s office. The state is making available up to $17M in reimbursement funds through the state’s job development investment grant program because of the firm’s estimated $60M investment in the state. 

As part of the move, the firm will close its office in Virginia’s Hampton Roads area by the end of 2027, Bloomberg reported. 

In the same announcement, Capital said it would invest in its newly purchased Los Angeles headquarters. This past week, the company entered an agreement with a Brookfield Properties entity to purchase the Bank of America Plaza office tower at 333 S. Hope St. in Downtown Los Angeles. It previously leased 320K SF of office space at the tower in a long-term lease that was set to expire in 2030. 

Capital boasts more than 9,300 associates in 33 offices across the world, including Asia-Pacific, Europe and North America. Sixteen of those offices are in the U.S., with four in California.

Oglethorpe Power will break ground on a new combined-cycle plant in Forsyth in Monroe County, Georgia. This two-unit, approximately 1,200-megawatt facility will be built on land the company owns, adjacent to the Smarr Energy Facility, an existing natural gas-fired simple-cycle combustion turbine plant that they operate. The development of this new facility will represent a capital investment of approximately $2 billion in Monroe County.

In Talbot County, Oglethorpe will begin construction on a new combustion turbine unit at its existing plant in Box Springs, Georgia. This new, approximately 240-megawatt unit, which will be the seventh unit at the Talbot Energy Facility, is expected to be the most efficient natural gas peaking plant in its fleet. The unit will also feature dual-fuel capability, enhancing year-round resiliency. The development of this new unit will represent a capital investment of approximately $360 million in Talbot County.

Oglethorpe provides power for Georgia’s 38 electric cooperatives.

Korea-based LG Chem has started work on the company’s 420-acre site in Clarksville, northwest of Nashville. LG Chem is investing $3.2 billion to build factories to make cathode material for batteries that will power electric vehicles. The cathode is a compound consisting of nickel, cobalt, manganese and aluminum. They hope to make enough to power 600,000 all-electric vehicles at a charge distance of more than 300 miles.

LG Chem’s investment is the largest investment by a foreign company in Tennessee history. The company expects to hire 860 workers over several years. Wages start at $24 an hour, and 200 jobs will pay $100,000 or more a year.LG Chem is spending half of its $3.2 billion in an initial round of construction. Production is set to begin in 2026. The plant will be built by JE Dunn Construction Co.