CHARLESTON, W.Va. — Driving back home from a West Virginia University research and technology department session, state Sen. Glenn Jeffries was inspired to write a longshot “come to West Virginia” letter to nine global billionaire investors, including Berkshire Hathaway Chairman Warren Buffett.
“It started out with – since pick-axes first struck coal in 1810 in Wheeling – energy has always been the lifeblood of Appalachia. Fifty-three years later, born out of the strife and blood of the Civil War, West Virginia was created,” Jeffries said. “Our state’s fortunes and challenges have always been directly linked to those energies, namely coal. We now have some technology that has to do with rare earth minerals. I asked him to come to West Virginia, come and see our mountains, it’s a beautiful place.”
Jeffries said he nearly fell to his knees when top Berkshire Hathaway executive Bill Furman gave him a call and told him Buffett had read his letter and said “get on this.” Jeffries also did just that.
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“After I sent the letter, I started getting legislators involved, officials involved and we put together a team,” Jeffries said. “We started going out throughout the state looking for areas that we could have some impact in. I actually drove them all around West Virginia, and we ended up with Jackson County. When Bill looked at the site, he made the determination right then – that we can do something.”
That longshot letter culminated in a $500 million Berkshire Hathaway investment. The Fortune 500 leader will develop a 2,000 acre, first-of-its-kind renewable energy microgrid-powered industrial site where the old Century Aluminum plant employed hundreds for decades.
Precision Castparts Corp., a Berkshire Hathaway business, will be the first company to locate on the site and will develop a state-of-the-art titanium melt facility that will use 100% renewable energy to manufacture titanium products for the aerospace and other industries.
West Virginia Secretary of Economic Development Mitch Carmichael said the aerospace parts plant is only the first of several projected for the Jackson County site.
“There will be a cluster of industries that both supplies and off takes from the titanium manufacturer with aerospace,” Carmichael said. “We envision this as the aerospace hub for advanced manufacturing materials handling for North America.”
Carmichael said nearly 100% of the major corporations he’s now attempting to recruit to West Virginia want renewable energy in their potential site plan.
“People and companies, their stockholders and so forth, are imploring them to decarbonize. West Virginia has got a great heritage with our fossil fuel industry and we’re going to continue to provide energy to the world,” Carmichael said. “But we also want to be an ‘all of the above’ energy state. If you want to locate a renewable facility here, then you’re welcome.”
Ravenswood is in state Sen. Amy Grady’s district. She said compared to the economic growth in the Eastern Panhandle, the western side of the state is sometimes overlooked.
“I’m really excited that this company looked around the entire state of West Virginia and decided to settle on the area in Jackson County,” Grady said. “That speaks a lot about the huge companies like Nucor, and now Berkshire Hathaway coming into that small demographic right there.”
Jeffries said with all the talk of partisanship and miscommunication in state government, he simply wrote a letter, then made some calls and formed a bi-partisan team that got the job done.
“It’s by working together that we have come to where we are today,” Jeffries said. “West Virginia is the place that people are looking for. People are looking to locate here.”
Meet Nebraska’s 3 billionaires
Richest billionaires in Nebraska
The first billionaire ever is thought to be Standard Oil magnate John D. Rockefeller back in 1916, or perhaps Henry Ford in 1925. Fast forward some 100 years to 2021: as the COVID-19 pandemic continued to rage, a record-breaking 660 people became billionaires globally, growing the previous year’s number by 30%. While the U.S. is home to the most billionaires out of any other country, Americans are somewhat split in their feelings on the billionaire class. According to Pew Research Center data, people in the U.S. became somewhat more critical of billionaires between 2020 and 2021. Although support for individual billionaires like Elon Musk or Bill Gates is relatively strong, many Americans view the ultra-rich—as a group rather than as individuals—negatively. Meanwhile, Amazon CEO Jeff Bezos is projected to become the world’s first trillionaire by 2026.
The U.S.’s wealthiest billionaires are mostly concentrated within just a couple of industries: finance and investments, and technology. Other wealthy sectors include food and drink, fashion and retail, and media and entertainment. Stacker compiled a list of the richest billionaires that are residents of Nebraska, using data from Forbes. Billionaires are ranked by net worth as of April 30. Forbes lists 3 billionaires in Nebraska.
#3. Daniel Hirschfeld
– Net worth: $1.3 billion (#2,208 wealthiest in the world)
– Residence: Kearney, Nebraska
– Source of wealth: fashion retail
#2. Henry Davis
– Net worth: $2.3 billion (#1,329 wealthiest in the world)
– Residence: Omaha, Nebraska
– Source of wealth: beef processing
#1. Warren Buffett
– Net worth: $116.6 billion (#6 wealthiest in the world)
– Residence: Omaha, Nebraska
– Source of wealth: Berkshire Hathaway, Self Made
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