The Virginia Beach Economic Development Authority approved an Economic Development Investment Program grant to the amount of USD 170'000 based on the capital investment and the number of new jobs created with the expansion, the German company announced. BMZ will invest USD 2.8 million in Virginia Beach covering real estate, construction, machinery and tools. "BMZ has grown significantly in the past two years," said Virginia Beach Economic Development Business Coordinator Michelle Chapleau. Under the new management and by hiring experts from the industry, sales volume has increased from less than USD 4 million in 2016 to approximately USD 10 million in 2018. "This is the second EDIP grant we've awarded, and it's clear this investment has paid off in keeping a major international manufacturing headquarters here in addition to creating more jobs." "Moving to the new premises is crucial in order to meet our sales target of $50 million in 2021, because we will assemble most of our batteries in Virginia Beach," said Kai Schoeffler, General Manager of BMZ USA. ”BMZ USA will achieve this by investing in automated production lines that will allow the company to provide its North American customers with high quality products at competitive prices. We are thankful for the support of the Virginia Beach Department of Economic Development, which supported us in moving our operations to the new location and build a state-of-the-art battery assembly facility.” BMZ's U.S. facility handles North American sales, assembly, distribution, research and development of lithium ion battery units for a variety of industry sectors. The batteries are used in power tools, outdoor power equipment, material handling, medical devices, wind and solar energy, household items and e-bikes. BMZ also imports lithium ion batteries and chargers from its manufacturing facilities in Asia and Europe and partners with local companies to manufacture plastic housings and wiring components.