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July 01, 2024 | Tom Ballard

Southeast Shoutouts | Apple delays massive Tar Heel State project

Brookings Metro has released a new report that documents seven of the U.S. Economic Development Administration's Build Back Better Regional Challenge winners.

From Research Triangle Park, NC:

WRAL News reported last week that consumer electronics giant Apple Inc. is delaying plans to build a corporate campus in Research Triangle Park (RTP). But the company says it’s still committed to growing in the region.

Apple executives briefed state officials the week of June 17 on its plans to move forward with one of the region’s biggest economic development projects. The company wants to delay the start of the project by up to four years after a review of its real estate, according to people familiar with Apple’s plans. When the project was announced in 2021, the maker of MacBook computers and mobile devices such as iPads and iPhones said it would build a one-million-square-foot research and development campus in RTP — a project expected to create 3,000 jobs.

From Birmingham, AL:

The “Magic City,” as it is frequently called, is host to one of more than 75 regional start-up competitions that lead to the “Startup World Cup” grand finale October 4 in San Francisco.

Powered by Pegasus Tech Ventures, the Birmingham competition, held at Innovation Depot just a month before on September 4, will propel the start-up scene in Birmingham onto the global stage. Ten companies will compete for the title of Birmingham Regional Winner with that start-up advancing to the “Startup World Cup” where it will compete for a $1 million USD investment prize.

Applications for the Birmingham stop are being accepted through July 31 at this link. The 10 finalists will be announced on August 7.

From Raleigh, NC:

Truentity Health and IndyCare Health are joining forces in a collaboration that merges two pioneering forces in healthcare innovation in a combined effort to transform independent pharmacies into vibrant clinical hubs, revolutionizing the way they serve their communities.

According to the announcement, the integration significantly enhances service offerings, with a focused approach to managing chronic conditions in the aging population, positioning Truentity Health as a leader in community-based healthcare solutions. Truentity Health’s integrated platform simplifies technology management, medical billing, and physician oversight, enabling pharmacies to focus on delivering high-quality care. Artificial intelligence-based insights and monthly care summaries facilitate enhanced collaboration with local primary care providers, improving decision-making and patient health outcomes.

As part of the merger, Franklin Roye, Co-Founder and Chief Executive Officer (CEO) of IndyCare, will join Truentity as the Chief Commercial Officer. Greg Vassie, Co-Founder of IndyCare, will take on the role of Chief Strategy Officer, while Joshua Dobstaff, MD, will join as the Chief Medical Officer. Mike Desai, Truentity’s Co-Founder and CEO, will continue in his current role as will Co-Founder and Chief Technology Officer Rajeev Tipnis.

From Columbia, SC:

The largest pro-business advocacy and lobbying organization in South Carolina is seeking a new leader after its President and CEO abruptly resigned after about three years in the role. The S.C. Chamber of Commerce announced Bob Morgan‘s resignation in this news release issued on June 24. No reason was given.

Mike Brenan, a former Chairman of the Chamber’s Board of Directors, will serve as Interim President and CEO while the board conducts a comprehensive search for Morgan’s permanent successor. He spent decades in South Carolina’s banking industry before retiring in 2023 as the Regional President for the South Carolina Region of Truist Bank. Prior to that, Brenan was Regional President in South Carolina for the BB&T Corporation before its merger with SunTrust, which created Truist Bank.

From Miami, FL:

Hut 8 Corporation, a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, has announced that it has entered into a definitive agreement with a fund managed by Coatue Management L.L.C. pursuant to which Coatue has agreed to invest $150 million into the company through a convertible note (the “Note”).

“We are committed to supporting innovators advancing AI and believe that compute capacity is crucial to unlocking significant growth across the ecosystem,” said Philippe Laffont, Founder and Portfolio Manager of Coatue. “We believe that Hut 8 is well-positioned to accelerate new compute capacity and can capitalize on the opportunity it will bring.”

According to the announcement, Hut 8 says that many traditional data center operators are failing to meet the surging demand for artificial intelligence (AI) computing capacity due to power shortages, long lead times to bring new capacity online, and the extensive upgrades required for existing data centers to support the latest generation of high-density compute. Hut 8 believes it can leverage its proven ability to develop and operate complex energy infrastructure to address unmet demand and emerge as a leader in the AI infrastructure market.

“We are thrilled to be partnering with Coatue, given the firm’s deep expertise and long track record of investments in the AI ecosystem,” said Asher Genoot, Chief Executive Officer of Hut 8. “We believe this partnership will allow us to unlock significant opportunities and connectivity to the broader space as we enter this next phase of growth.”

From Washington, DC but about North Carolina:

Brookings Metro has released a new report that documents the early implementation of the U.S. Economic Development Administration’s (EDA) Build Back Better Regional Challenge (BBBRC). It provides case studies of seven awardees, one of which is represented by EDA’s Atlanta Regional Office. It is Accelerate NC – Life Sciences Manufacturing, a coalition that received approximately $25 million in BBBRC funding to strengthen its life sciences manufacturing cluster by: (1) investing in a more robust pipeline of biotech talent across the state; and (2) expanding those opportunities to underserved and historically excluded communities. The full report outlines how these coalitions came together around a shared cluster opportunity, identified and implemented projects, and organized themselves for sustained success.

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