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byline: Courtney Mabeus-Brown

Dominion pitches state on $70M battery storage pilot

Dominion Energy Virginia is asking the state to allow it to test two technologies that it says could lengthen the time its batteries can electrify the grid from an average of four hours to longer than four days.

In a 117-page filing made Monday with the State Corporation Commission, Dominion said its Darbytown Storage Pilot Project, based at Henrico County’s Darbytown Power Station, would test two alternatives to in-demand lithium-ion batteries, which are currently used in a range of products from power tools to electric vehicles and by energy storage systems. The project proposes testing an iron-air battery pilot, developed by Somerville, Massachusetts-based Form Energy, and a zinc-hybrid battery developed by New Jersey-based Eos Energy Enterprises. Together, the batteries comprise a total 8.94 megawatts.

Form Energy’s iron-air batteries are based on a process called “reversible rusting.” While discharging, the battery breathes oxygen from the iron, covering iron to rust. While charging, an electrical current converts rust back to iron and the battery breathes out oxygen. The technology has the potential to store energy for as long as 100 hours, according to the SCC filing.

“This technology has the potential to store renewable energy and make it available when and where it is needed, even during multiple days of extreme weather, grid outages, or periods of low renewable generation,” Dominion wrote in its SCC filing.

Eos Energy’s zinc-hybrid batteries can discharge energy across a wide range of operations between three and 12 hours. The systems store electricity by converting zinc dissolved in water to zinc metal deposited on an electrically conductive surface. According to MIT Technology Review, that system makes them more stable so they won’t ignite. The company received a nearly $400 million loan from the U.S. Department of Energy to construct production lines in August.

The proposed project comes as Dominion plans for its 2.6-gigawatt, $9.8 billion Coastal Virginia Offshore Wind project, 27 miles off the coast of Virginia Beach, and expands its solar fleet and battery storage fleet, including the Dulles Solar and Storage Project at Washington Dulles International Airport.

The current batteries in Dominion’s fleet are, on average, limited to four hours or less, the company said. Additionally, lithium-ion batteries have been subject to price volatility and supply chain issues, and competition from the electric vehicle market could make matters worse. Long duration energy storage sources “will be critical to the future of the electric grid where there will be increased intermittent renewable generation,” Dominion said in its filing.

“We are making the grid increasingly clean in Virginia with historic investments in offshore wind and solar,” Ed Baine, president of Dominion Energy Virginia, said in a statement. “With longer-duration batteries in the mix, this project could be a transformational step forward, helping us safely discharge stored energy when it is needed most by our customers.”

In addition to SCC approval, the project requires development plan approval from Henrico County. Dominion said construction would begin by late 2024, and the project would be operational by late 2026. The cost to test the two batteries is estimated at $70.6 million.

Dominion Energy Virginia operates three battery facilities in Powhatan, New Kent and Hanover counties and has battery storage facilities under development in Chesterfield and Sussex Counties, as well as Dulles, in Loudoun County.

Va. trade office opens in Taiwan

Virginia has opened its trade office in Taiwan.

Announced in April, the office is Virginia’s fourth international trade office and follows Youngkin’s meeting with Taiwan’s president, Tsai Ing-wen, during the governor’s first international trade mission.

Virginia Secretary of Commerce and Trade Caren Merrick was joined by Liang-yu Wang, director general of Taiwan’s Department of North American Affairs in its Ministry of Foreign Affairs, as well as officials from the Virginia Economic Development Partnership for the opening ceremony in the country’s capital of Taipei Tuesday morning.

One employee will staff the office, VEDP spokesperson Suzanne Clark said in an email.

The Virginia-Taiwan Trade Office was established by Executive Order 25 to strengthen the business ties between Virginia and Taiwan, an island of 23 million people off the coast of China. The announcement also comes amid tense relations between the U.S. and China, and occurred just months after Youngkin pulled out of a $3.5 billion economic development deal that could have brought an electric vehicle battery plant to Pittsylvania County over concerns about China’s involvement in the deal.

“Taiwan represents a significant market for foreign direct investment and international trade, and the new Virginia-Taiwan Trade Office will strategically position the commonwealth for economic development opportunities,” Youngkin said in a statement. “We look forward to strengthening our partnership with Taiwan as we actively work to recruit Taiwanese companies and encourage trade with Virginia businesses.”

Virginia exported $730 million in products to Taiwan in 2022 and imported $1 billion in goods from the island. The Virginia-Taiwan Trade Office will offer services to help Taiwanese companies with opportunities in Virginia, bring investment and new jobs to the commonwealth and further open markets for Virginia products. A memorandum of understanding signed between Virginia and Taiwan in April also commits to collaboration in research, innovation and critical global industries such as consumer electronics.

Taiwan is a global leader in the semiconductor industry, and Virginia has launched a workforce initiative around growth for that sector in the state that includes businesses and academia.

VEDP also has trade offices in Germany, Japan and South Korea.

44 Va. schools make U.S. News and World Report’s 2024 list

Forty-four Virginia schools ranked on the U.S. News and World Report’s 2024 best lists of more than 600 universities and liberal arts colleges in the country, released Monday.

The University of Virginia ranked No. 24 in national universities, tying with Carnegie Mellon and Emory universities and Washington University in St. Louis. U.Va. ranked No. 5 on the top public schools list, followed by Virginia Tech at No. 20. William & Mary ranked No. 23. George Mason ranked No. 51, while James Madison, Virginia Commonwealth University, Old Dominion University and Radford University rounded out the public schools with rankings of No. 64, 76, 151 and 162, respectively.

“The rankings are confirming what we here at Mason and Virginians have known for some time; based on our performance, George Mason University is one of America’s top 50 public universities,” Mason President Gregory Washington said in a statement. “Further, today’s rankings reflect the value and performance families are looking for from a college education, and Mason’s year-over-year enrollment increases and placement of our graduates confirm that we are now a destination for graduates from Virginia and beyond.”

Fifteen Virginia universities made the U.S. News and World Report 2024 list of the 439 best universities:

  • No. 24 University of Virginia
  • No. 47 Virginia Tech
  • No. 53 William & Mary
  • No. 105 George Mason University
  • No. 124 James Madison University
  • No. 142 Virginia Commonwealth University
  • No. 280 Hampton University
  • No. 280 Old Dominion University (tied with Hampton U.)
  • N0 304 Radford University 
  • N0 304 Shenandoah University (tied with Radford U.)
  • No. 320 Marymount University
  • No. 345 University of Lynchburg
  • No. 360 Regent University
  • No. 394-435 Liberty University 
  • No. 394-435 Mary Baldwin University

Hampton University ranked No. 7 among Historically Black Colleges and Universities, a tie with North Carolina Agricultural and Technical State University. Virginia State University ranked No. 16 on that list, tying with Bowie and Winston-Salem state universities; Norfolk State University ranked No. 22 on that list, tying with Fayetteville State University.

Of the 211 schools ranked this year, 15 Virginia liberal arts colleges made U.S. News and World Report’s 2024 list:

  • No. 21 Washington and Lee University
  • No. 25 University of Richmond
  • No. 63 Virginia Military Institute
  • No. 107 Randolph-Macon College
  • No. 116 Hampden-Sydney College
  • No. 124 Hollins University
  • No. 130 Roanoke College
  • No. 154 University of Mary Washington 
  • No. 165 Randolph College
  • No. 158 University of Virginia’s College at Wise (tied with Randolph College)
  • No. 167 Bridgewater College
  • No. 174 Virginia Wesleyan University
  • No. 180 Sweet Briar College
  • No. 185-204 Southern Virginia University
  • No. 185-204 Virginia Union University

U.Va. receives $50M gift from Breeden Co. founder

Ramon W. Breeden Jr., founder and chair of Virginia Beach-based developer The Breeden Co., has given $50 million to his alma mater, the University of Virginia, to support business education and athletics.

University President Tim Ryan announced the gift during a U.Va. Board of Visitors meeting Friday, according to a news release.

The gift will be divided between the university’s McIntire Expansion Project and the Virginia Athletics Master Plan. It is matched by the university with $25 million for the McIntire project, which is a renovation and expansion of U.Va.’s commerce school. Breeden is a 1956 graduate of the McIntire School of Commerce. Pending approval from the school’s board, spaces within McIntire, as well as a new athletics complex, will be named for Breeden.

“U.Va. is the heart and soul of my education. It was truly the pinnacle of my education,” Breeden said in a statement. “The McIntire School prepared me to go toe-to-toe with Ivy League graduates. U.Va.’s business school didn’t just teach me about business practices, the school also taught me to have the confidence to speak. I learned how to be actionable in business because of my time at McIntire.”

Breeden, an avid sports fan, also said he believes athletics “play a crucial role in teaching and promoting camaraderie.”

The McIntire expansion includes construction of a new building, Shumway Hall, on the southeast corner of U.Va’s lawn as well as a renovated Cobb Hall and a host of outdoor meeting areas, expanded walkways and green spaces. Construction of the new building is underway, with opening projected for February 2025. Renovations to the 106-year-old Cobb Hall include completion of its portico installation of a new slate roof as well as two new classrooms, a double-height solarium, study rooms, staff office and added seating areas.

The Virginia Athletics Master Plan calls for a new athletics complex, including a 90,000-square-foot home for U.Va’s football program, an Olympic sports center to support to more than 750 student-athletes and the Center for Citizen Leaders and Sports Ethics. Construction of the new football operations center began in June 2022 and is expected to be completed in spring 2024; McCue Center, the program’s current home, will be renovated to support U.Va. sports programs including field hockey, cross country, track and field, lacrosse, rowing and soccer with new locker rooms. The Olympic sports complex is scheduled to open in summer 2025, and will include the Center for Citizen Leaders and Sports Ethics.

“I am deeply grateful for Ray’s far-reaching investment in our athletics facilities and McIntire’s growing presence on Grounds,” Ryan said in a statement. “Our student-athletes and commerce students, among others, will have terrific new spaces in which to practice and learn for many years to come.”

Breeden founded his company in 1961 and served as a member of the McIntire Foundation Board from 1994 to 1996 and also served on its advisory board. He stepped down as president and CEO of his company in January 2022, naming Timothy Faulkner as his successor. Breeden also co-founded Commerce Bank, which was purchased by Branch Bank & Trust, and he then served as a state director of BB&T, now part of Truist Financial Group.

The Breeden donation is among several large gifts U.Va. has received in recent years. In January, U.Va. announced a $100 million donation from Charlottesville investor Paul Manning and his wife, Diane. The university is putting that money toward a biotechnology institute as the region aims for a biotech revolution.

GDIT names new chief growth officer

Falls Church-based General Dynamics Information Technology has named Paul Tartaglione as its new chief growth officer, the company, a subsidiary of Fortune 500 contractor General Dynamics, announced Monday.

Tartaglione started in his new role Monday. He joined GDIT from McLean-based Fortune 500 management consultancy Booz Allen Hamilton, where he most recently served as senior vice president and partner leading several IT services programs for a range of federal agencies. He follows interim chief growth officer Ben Gianni, who served in the position for six months in addition to his role as GDIT’s chief technology officer.

“Paul brings more than 20 years of experience as a technology and cybersecurity executive and senior consultant in the federal IT services space,” GDIT President Amy Gilliland said in a statement. “He is a respected leader with an impressive track record of operational execution, business development and driving growth in large organizations. I look forward to accelerating our progress across our growth strategies under Paul’s leadership.”

Tartaglione earned his MBA and a bachelor’s degree from the University of Rochester and has numerous industry certifications, GDIT said in a news release.

General Dynamics employs more than 100,000 people worldwide and in 2022 reported $39.4 billion in revenue, an increase of 2.4% from 2021. GDIT employs more than 30,000 people, including 8,250 in Virginia.

German yeast upcycler building plant in Rockingham

Leiber, a German manufacturer that processes brewers’ yeast into animal food, biotechnology and supplements, will invest as much as $20 million to establish its first U.S. operation in Rockingham County’s Innovation Village, adding an estimated 35 jobs.

Gov. Glenn Youngkin announced the new facility Monday. It will be completed in phases and increase the company’s processing capability, as well as its range of products. Founded in 1954, Leiber works with breweries to offload yeast for further upcycling, operating five production sites in three countries and supplying products to more than 65 countries. It also conducts research in the company’s laboratories to develop products.

Virginia competed with four other states for the project. Ilya Frumkin, vice president of business development for Leiber US, declined to name the other states; an announcement from Youngkin’s office only said that they are adjacent.  Construction is expected to begin in October, with production beginning in the first quarter of 2025.

“We are thrilled to welcome Leiber’s first U.S. operation to Virginia, again demonstrating that the commonwealth is an ideal launch point for international manufacturers to enter the U.S. market,” Youngkin said in a statement. “The company’s new facility in Rockingham County is in strategic proximity to the Shenandoah Valley’s robust beverage processing industry, and we are confident this new partnership is a recipe for success.”

The Virginia Economic Development Partnership worked with Rockingham County and the Shenandoah Valley Partnership to secure the project for Virginia and will support Leiber’s job creation through the Virginia Jobs Investment Program, which provides consulting and funding to companies creating jobs to support employee recruitment and training activities.

“We evaluated various sites in five different states in the northeast U.S. and found in the Shenandoah Valley of Virginia a perfect mix of qualified workforce, proximity to customers and vendors, as well as strong and professional support from VEDP and Rockingham County,” Christian Stork-Bohmann, director of corporate development at Leiber GmbH in Germany, said in a statement.

Estes trucking subsidiary to buy Minn. supply chain co.

Estes Forwarding Worldwide, a wholly owned subsidiary of Richmond-based Estes Express Lines, plans to acquire Superior Brokerage Services, a Minneapolis-based, single-sourced supply chain company specializing in domestic and international transportation, U.S. customs brokerage services and warehousing.
Terms of the deal were not disclosed, but EFW CEO Scott Fisher told Virginia Business on Thursday that the deal is all cash and expected to close in October. He expects the combined companies’ revenues to reach $850 million this year, and to grow to more than $1 billion by 2025. It brings the company’s total employee headcount from about 650 to more than 1,100.
“Our yearly growth has been 35% over the last 20 years, so we feel very good to hit that billion-dollar mark in 2025,” Fisher said.
The deal is the 20-year-old company’s fourth acquisition and is in line with the company’s growth plans. Fisher hinted at another acquisition to come. The Superior Brokerage Services acquisition gives EFW better end-to-end solutions for U.S. customers and also provides it with a footprint in Asia, including a control center in Taiwan that manages the flow of business from that region of the globe to the U.S., said Lance Harcrow, EFW’s chief operating officer.
It also will boost EFW’s warehousing from about 4 million square feet to more than 7.5 million square feet, with locations scattered across the U.S. and adds an asset-based trucking division, which Fisher said will make it among the top 25 warehousing contract logistics companies in North America.

Paul Goff, SBS’s founder and president, will stay on as executive vice present with EFW and will maintain its location in Minneapolis.

“We are thrilled to join the Estes family and bring our expertise to EFW. While we have similar philosophies, our companies have succeeded in different areas,” Goff said in a statement. “Combining our strengths will enable us to better serve customers across the globe.”

EFW started as a domestic air freight forwarder about two decades ago and has grown into a third-party logistics freight forwarder. It acquired Lewis Logistics in 2021, and in March acquired Reading, Pennsylvania-based trade show and event logistics company Legacy Logistics. EFW parent company Estes Express Lines, one of the nation’s largest privately owned freight carriers, has been in a bidding war over the bankrupt Yellow trucking company’s extensive real estate holdings, and on Wednesday offered $1.525 billion for its properties, The Wall Street Journal reported.

On Wednesday, Estes Chair and CEO Rob Estes and his wife, Jean, announced a matching gift incentive of $125,000 to the VA250 Mobile Museum Experience to celebrate the United States’ upcoming 250th birthday and in honor of the Virginia Trucking Association. Every dollar donated to the VA250 Mobile Museum Experience, which aims to bring the story of Virginia’s role in the American Revolution across the state in 2024, will be matched by the couple, up to $125,000.

“We are honored to support the VA250 Mobile Museum Experience,” Estes said in a statement. “This museum will be a great way to teach children and adults about the history of American independence in Virginia. We hope our gift will encourage others to give as well.”

NoVa home prices increase, Hampton Roads sees inventory boost

Median home prices in Northern Virginia continue to increase, hitting $700,000 in August, an 11.6% percent increase over the previous year, according to the latest report from the Northern Virginia Association of Realtors.

At the same time, year-over-year sales declined, decreasing 12.4% from August 2022, but month-over-month sales increased as the summer reaches its end. In July, 1,444 units sold compared to the 1,535 sold in August.

“Finding a home to buy remained challenging in August with limited options and higher prices, but we are seeing positive signs, including a less drastic drop in home sales,” NVAR Board Member Stacy Holscher, a real estate agent for Redfin, said in a statement. “It’s important that homebuyers are prepared so they can make quick and appropriate decisions, including getting pre-approved for a mortgage, knowing what they want and working with a professional to help navigate the process.”

The average home stayed on the market 17 days in August, two days longer than in July and two days less than in August 2022. Inventory also remained tight, with 1.08 month’s supply, down 1.4% from August 2022 and also down from the five-year average of 1.2 months of inventory.

The tight supply pushed prices even higher as the median selling price for a home in August reached $700,000, an increase from July, when prices hit $691,000.

NVAR reports on home sales for Fairfax and Arlington counties as well as the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton. According to NVAR:

  • The sold volume in August was $1,270,936,173, up 0.6% compared to August 2022 and slightly up compared to July, when the sold volume was $1,151,230,998.
  • The average sold price for a home in August was $831,968, an increase of 15.8% from August 2022 and up from July, when the average sold price was $806,574.
  • The number of active listings in August was 1,492, a 30.7% decrease compared to August 2022.
  • The total number of new pending sales in August was 1,304, a 16.7% decrease compared to August 2022.

HAMPTON ROADS

House prices also remain high in Hampton Roads, and the number of homes listed for sale reached its highest point of the year in August, according to the Real Estate Information Network, the multiple listing service for the region.

The median sale price of homes sold during August was $341,100. That’s up slightly from $340,000 in July, and up 7.95% from $315,990 in August 2022, but a decrease from June, when MSP for homes across Hampton Roads hit a record $345,000. Active residential listings for August were 3,680, up 6.6% from 3,452 in July, but down 10.6% year-over-year from August 2022.

“There are a lot of factors that impact the local housing market, not the least of which is available inventory,” REIN Board of Directors President Jon McAchran, principal broker and co-founder of Virginia Beach-based AtCoastal Realty, said in a statement. “Likewise, the median sales price is still near the record set in June, and mortgage rates remain stubbornly high.” 

The month’s supply of inventory also reached its highest point since October 2020, at 1.68, according to REIN. That’s an increase over July, when the MSI hit 1.54, and also a jump from 1.39 in August 2022. Homes spent a median 14 days on the market in August, up two days compared to July but a decrease of one day when compared to the same month in 2022.

“Despite current mortgage rates and a somewhat limited number of properties for sale, people are still willing to buy when the right home comes along,” said McAchran. “If inventory continues to rise, it will level off prices. However, we’re still historically low, and we don’t anticipate anything drastic.” 

REIN covers an area from Williamsburg to Virginia Beach and extends to the North Carolina border. It includes more than 9,000 members and licensees, including brokers, agents, appraisers and other real estate professionals. 

According to August data from REIN:

  • Pending sales stood at 2,289, a 1.06% month-over-month increase compared to 2,265 in July, but down year-over-year by 15.66%.
  • Settled sales during the month were 2,478. That’s up 6.99% when compared to July’s 2,316, but down 17.15% compared to 2,991 last August.
  • Residential new construction sold in August was 249, compared to 202 in July and 285 in August 2022.

Glen Allen shopping center sells for $9.5M

A shopping center anchored by a Michaels craft store in Glen Allen sold for $9.5 million, Cushman & Wakefield | Thalhimer announced.

Airport Hotel LLC, of Ellicott City, Maryland, bought Broad Street Plaza, located at 9856-9864 W. Broad St. in Henrico County, on Sept. 12. The four-tenant retail center is 100% leased and includes a Kids Empire, which recently signed a 10-year lease.

Cushman & Wakefield | Thalhimer’s Capital Markets Group represented seller Sledd Properties in the sale.

Liberty University partners with Spirit in pilot pipeline program

Liberty University is partnering with Spirit Airlines in a pipeline program to land aeronautics graduates jobs as pilots amid a national shortage.

Spirit, a low-cost airline headquartered in Miramar, Florida, with presences at Richmond and Norfolk’s airports, announced the partnership Thursday. Liberty, which has an aeronautics school, is the 10th partner in the airline’s Spirit Wings Pilot Pathway program.

“Liberty University offers a premier pilot training program designed to provide graduates with the skills to lead in the aviation field, and Spirit’s growth creates opportunities for those graduates to achieve their dreams with us,” Ryan Rodosta, Spirit Airlines’ senior director of flight operations and system chief pilot, said in a statement.

Liberty students pursuing an aviation degree can apply for the program after finishing their sophomore year and with a recommendation from a faculty member. If successful in Spirit’s interview process, they will receive a conditional offer of employment, mentorship and an electronic flight bag, which can help perform basic flight planning and offers digital documentation tools. After reaching federal minimum requirements for co-pilot certification, students must complete the Spirit-funded and approved airline transport pilot certification training program and jet transition course. Graduates who meet all the requirements will be offered a position as a first officer with the airline.

“This partnership is a major step in creating exceptional opportunities for our graduates, providing selected Liberty trained aviation professionals with a unique pathway directly to Spirit once they fulfill the necessary training and experience,” Rick Roof, dean of Liberty’s School of Aeronautics, said in a statement. “Spirit will gain access to pilots with exceptional technical skills and the character to be difference-makers in the aerospace industry, while Liberty Aeronautics graduates can become a member of the Spirit team where they will join a recognized leader in quality of life while flying some of the most advanced aircraft in the skies.”

Liberty did not immediately respond to requests from Virginia Business for more information.

The partnership comes as airlines face criticism over snarls that have caused travel delays across the country on several occasions in recent years, including from a national shortage of pilots that forced airlines to cut flights. An expected wave of pilot retirements was also exacerbated by the COVID-19 pandemic, during which airlines offered early retirement and buyout packages in an effort to save money. The federal Bureau of Labor Statistics estimates about 16,800 openings for airline and commercial pilots annually during the next decade to replace those exiting the workforce, including retirements.