Kokomo-based Green Cubes Technology has expanded its operations both locally and internationally. The company, which manufactures Lithium-ion battery power systems, has added a second engineering and production facility in the Howard County city and is looking to fill 15 new jobs. Chief Financial Officer Bradley White says the expansion is being driven by an ever-increasing demand for Lithium-ion power, especially in the material handling and data center markets.
In an interview with Inside INdiana Business, White said the demand has been generated by a growing number of businesses going green.
“With the big movement of green energy and the push into more electrification of our processes, there’s been a big demand in Lithium-ion battery systems,” said White. “Those are really gaining acceptance in the United States, particularly in the material handling and warehousing sectors and that’s really what’s driving our growth in the U.S.”
The company has also opened a new engineering center in Switzerland and a new production center in Slovakia, in addition to its existing facilities in India and Malaysia.
“The growth internationally has been there for a little while and that’s why we opened up our foreign centers, not only for their R&D and expertise in engineering, but also to open up those markets so we can start bringing our products to those markets as well.”
The new, 36,000-square-foot facility in Kokomo is located on the General Motors Co. (NYSE: GM) campus. White says the decision to stay in Howard County instead of opening a new facility elsewhere in Indiana was an easy one.
“We’ve been in Kokomo for many years and Kokomo’s been a great location for us,” he said. “There’s good engineering talent in Kokomo and it’s also centrally located being in the Midwest to a lot of our customers. Kokomo made sense; it’s our home and it’s where we wanted to stay.”
Green Cubes is not disclosing its financial investment in the expansion. The company employs some 300 people worldwide and is currently hiring for manufacturing, engineering and technical support positions in Kokomo.
White says the company’s short-term goal is to increase production of its larger battery systems. Green Cubes says it has seen a 50% compounded annual growth rate over the last several years and White says the long-term goal is to continue that trend so the company can further expand domestically and internationally.
The expansion comes one year after Green Cubes was acquired by Boston-based private equity firm JMC Capital Partners. It also builds on the company’s $1.8 million investment in 2018 to establish its new corporate headquarters.
White says the demand has been generated by a growing number of businesses going green.