Duke Energy site readiness efforts help land $1.2 billion advanced manufacturing project in Cherokee County

Duke Energy (NYSE: DUK) highlighted how its Site Readiness Program helped prepare the Bailey Industrial Site in Cherokee County, South Carolina, for USA Rare Earth's planned $1.2 billion advanced manufacturing facility, expected to create 490 new jobs.

Rhea-AI Summary

Duke Energy (NYSE: DUK) highlighted how its Site Readiness Program helped prepare the Bailey Industrial Site in Cherokee County, South Carolina, for USA Rare Earth's planned $1.2 billion advanced manufacturing facility, expected to create 490 new jobs.

Since 2005, program sites in South Carolina have attracted $3.5 billion in capital investment and over 5,200 jobs, with Duke Energy evaluating 102 sites and 26 companies choosing program locations.

Positive

• $1.2 billion USA Rare Earth investment and 490 new jobs at Bailey site
• Site Readiness locations have attracted $3.5 billion and 5,200+ jobs since 2005
• In 2025, Duke Energy helped recruit $3.4 billion and 2,000 jobs statewide

Negative

• None.

Argus Jun 3 session

-0.04% close to close Open Argus

Details

News Market Reaction – DUK

On Jun 3, the day this news came out, DUK closed 0.04% below the previous close.

Data tracked by StockTitan Argus for the Jun 3 session.

Market Context

This announcement highlights Duke Energy’s role in landing USA Rare Earth’s $1.2 billion advanced ma...

Analysis

This announcement highlights Duke Energy’s role in landing USA Rare Earth’s $1.2 billion advanced manufacturing facility and 490 jobs at the Bailey Industrial Site, adding to over $3.5 billion in capital investments and more than 5,200 jobs tied to its Site Readiness Program. In context with recent regulatory filings and large capital plans, investors may watch how such projects translate into long-term load growth, cost recovery, and balance-sheet management alongside existing financing capacity under its PremierNotes program.

Key Figures

USA Rare Earth investment: $1.2 billion New Cherokee County jobs: 490 jobs Program-driven capital investments: $3.5 billion +5 more

USA Rare Earth investment

$1.2 billion

Facility to be built at Bailey Industrial Site in Cherokee County

New Cherokee County jobs

490 jobs

Jobs tied to USA Rare Earth’s advanced manufacturing project

Program-driven capital investments

$3.5 billion

Capital investments announced on Site Readiness Program sites since 2005

Program-driven jobs

5,200+ jobs

New jobs in South Carolina from Site Readiness Program sites since 2005

Recognized years

22 years

Consecutive years in Site Selection magazine’s Top Utilities in Economic Development list

South Carolina sites evaluated

102 sites

Sites evaluated in South Carolina under the Site Readiness Program

Companies selecting sites

26 companies

Companies that have chosen Site Readiness Program locations

2025 capital recruited

$3.4 billion

Capital investment Duke Energy helped recruit in South Carolina in 2025

Historical Context

5 past events · Latest: May 29

5 events

1. May 29

   Customer rate reduction

   24h Move

   -0.8%

   Florida rate cuts lowering typical 1,000-kWh bill by about $50 in 2026.

2. May 28

   Storm prep grants

   24h Move

   -1.3%

   $500,000 in grants to 20 North Carolina entities for hurricane preparedness.

3. May 27

   New demand response program

   24h Move

   +0.3%

   Approval of PowerShare Storage demand response program with multiple bill-credit incentives.

4. May 26

   Florida storm grants

   24h Move

   -0.6%

   $130,000 in grants to 10 Florida organizations for storm preparedness.

5. May 20

   Veterans workforce grants

   24h Move

   -0.0%

   $30,000 in Memorial Day grants to South Carolina veterans’ workforce nonprofits.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Advance work at the Bailey site prepared the property for a significant industrial investment by USA Rare Earth
  
• Collaboration underscores the power of ready-to-go sites; adds to the $3.5 billion of capital investments and more than 5,200 new jobs the Site Readiness Program has helped bring to South Carolina

GREENVILLE, S.C., June 3, 2026 /PRNewswire/ -- USA Rare Earth's announcement this week of a major investment and new jobs in Cherokee County highlights the impact of Duke Energy's Site Readiness Program, which helped prepare the Bailey Industrial Site for major economic development. Through upfront due diligence, infrastructure planning and site marketing, the program made Bailey more competitive for companies looking to move quickly on a new project.

Since 2005, the program has helped attract significant investment across South Carolina, and Bailey is the latest example. After completing the site-readiness process, the Cherokee County property was better positioned to compete for transformative projects – culminating in USA Rare Earth's announcement that it will build a facility there, bringing a $1.2 billion investment and 490 new jobs in one of the county's biggest economic wins.

Our view: "Duke Energy is proud to help bring this transformative project to Cherokee County and strengthen America's domestic rare earth supply chain," said Tim Pearson, Duke Energy South Carolina president. "The Bailey site is a strong example of how our Site Readiness Program helps communities compete for game-changing projects. By working with state and local partners to prepare the site in advance – from diligence and coordination to energy planning – we helped make this property more appealing for a company ready to invest, create jobs and move quickly. As we continue to prioritize reliable power at the lowest possible cost for our customers, we stand ready to use this program and every tool in our toolbox to help South Carolina win more opportunities like this."

Zoom out: The Duke Energy Site Readiness Program includes detailed site assessments by partners in site selection and engineering to identify opportunities, address challenges and improve a property's competitiveness before a prospect is on the table. That proactive work can help communities shorten timelines, reduce uncertainty and better position sites like Bailey for major industrial announcements.

• Under the program, Duke Energy works with local economic development organizations on the overall strategy to improve and add to South Carolina's site inventory.
• Large-scale economic development projects play a key role in keeping costs as low as possible by helping pay for fixed infrastructure costs that benefit all customers through capacity expansion and improvements to reliability.

By the numbers: For 22 consecutive years, Duke Energy's economic development efforts have been recognized by Site Selection magazine in the publication's annual list of "Top Utilities in Economic Development."

• Since 2005, projects that have located on Site Readiness Program sites have announced $3.5 billion of capital investments and more than 5,200 new jobs for South Carolina.
• Duke Energy has evaluated 102 sites in South Carolina, and 26 companies have selected sites that have gone through the program.
• Examples of successful program sites include EA Sween in Greenwood County, Thermo King in Greenville County, Fancy Pokket in Lancaster County, Cyclic Materials in Chesterfield County and most recently USA Rare Earth in Cherokee County.

The Site Readiness Program is a key example of how Duke Energy helps create jobs and bring more value to South Carolina. In fact, in 2025, Duke Energy helped recruit $3.4 billion in capital investment and 2,000 new jobs throughout the state.

More sites set for success: In addition to the Cherokee County site, two other prime locations for development recently went through the Site Readiness Program:

• The Anderson Area Airport Industrial Park is a 226-acre property adjacent to the airport. Owned by Anderson County, it contains 175 buildable acres and is well positioned from both a utility and accessibility standpoint. 
• The Carolina's Centre Industrial Park in Chesterfield County is a 296-acre site with frontage along Highway 9 between the towns of Chesterfield and Cheraw. The property contains a 52,000 square foot spec building, water and heavy electrical infrastructure.

What they're saying

• Ken Moon, Cherokee County Development Board executive director: "Duke Energy's Site Readiness Program was instrumental in USA Rare Earth's decision to choose the Bailey site for a major expansion and new facility in South Carolina. The program's preparation helped make the site competitive and ready to meet the company's needs, creating a major economic win for Cherokee County. Duke Energy continues to be a strong partner in helping position our community for growth."
• Tommy Dunn, Anderson County Council chairman: "Duke Energy remains an essential partner in advancing economic development in Anderson County, and the Site Readiness Program is a powerful example of that collaboration. By proactively identifying and preparing sites past, present and future, the Site Readiness Program investment has enhanced our competitiveness and strengthened our ability to attract transformative projects."
• Libby Lear, Chesterfield County Economic Development director: "I cannot emphasize enough the importance of site readiness and how significantly it impacts community growth. Duke Energy's Site Readiness Program is instrumental in attracting businesses, creating jobs, and fostering economic development in Chesterfield County. By preparing sites for potential investment, we are not only enhancing the appeal of our area but also paving the way for sustainable growth and prosperity."

Duke Energy 
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.

Duke Energy is executing an energy modernization strategy, keeping customer value at the forefront as it invests in electric grid upgrades and efficient generation resources to strengthen the system and serve growing energy needs.

More information is available at duke-energy.com. Follow Duke Energy on X, LinkedIn, Instagram, TikTok and Facebook for stories about the people and innovations powering its communities.

Media Contact: Ryan Mosier
24-Hour: 800.559.3853

View original content to download multimedia:https://www.prnewswire.com/news-releases/duke-energy-site-readiness-efforts-help-land-1-2-billion-advanced-manufacturing-project-in-cherokee-county-302790078.html

SOURCE Duke Energy

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Duke Energy (DUK) announce about the Bailey Industrial Site in Cherokee County on June 3, 2026?

Duke Energy announced that its Site Readiness Program helped position the Bailey Industrial Site to land USA Rare Earth’s $1.2 billion facility. According to Duke Energy, the project is expected to create 490 new jobs, marking one of Cherokee County’s largest economic development wins.

How much investment and how many jobs will USA Rare Earth bring to Cherokee County through Duke Energy’s Site Readiness Program?

USA Rare Earth plans a $1.2 billion investment and 490 new jobs at the Bailey site. According to Duke Energy, this advanced manufacturing project is among Cherokee County’s biggest economic wins and underscores the competitiveness of prepared, “ready-to-go” industrial sites in South Carolina.

What results has Duke Energy’s Site Readiness Program delivered in South Carolina for DUK investors?

The Site Readiness Program has supported $3.5 billion in capital investments and more than 5,200 new jobs in South Carolina. According to Duke Energy, 102 sites have been evaluated and 26 companies have selected locations that completed the program, enhancing industrial growth across the state.

How did Duke Energy support USA Rare Earth’s decision to locate in Cherokee County, and what does it mean for DUK?

Duke Energy provided upfront due diligence, infrastructure planning, energy planning and site marketing for the Bailey site. According to Duke Energy, this preparation improved the site’s competitiveness, helping secure USA Rare Earth’s project and supporting long-term load growth and infrastructure utilization for the utility.

What other South Carolina sites have recently completed Duke Energy’s Site Readiness Program?

Recent sites include the 226-acre Anderson Area Airport Industrial Park and the 296-acre Carolina’s Centre Industrial Park in Chesterfield County. According to Duke Energy, these locations feature strong utility access, highway frontage or spec buildings designed to attract future industrial and manufacturing investments.