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Yahoo
07-05-2025
- Business
- Yahoo
Armed Forces Brewing Co. didn't tap state grants offered for Norfolk relocation
Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Generate Key Takeaways When Gov. Glenn Youngkin announced that a military-themed brewery was coming to Norfolk's Railroad District in July 2023, the state offered the company more than $300,000 in grants and tax breaks. But Armed Forces Brewing Co., which closed its Norfolk taproom and production facility in March, never completed the grant process or received those funds, according to state agencies. And it's unclear whether the brewery, which is facing debt and lawsuit threats, used the tax breaks either. The brewery arrived in Norfolk in 2023, attracting controversy with its aggressive, testosterone-fueled marketing and brand ambassador Robert O'Neill, the Navy SEAL who claimed to have killed Osama bin Laden. When the brewery left earlier this year, CEO Alan Beal blamed what he called the 'local woke mob' for undermining efforts to successfully do business in Hampton Roads. Virginia has incentive tools it traditionally uses to attract companies to relocate to the state. It offered several of those to the previously Maryland-based Armed Forces: up to $24,500 in Virginia Jobs Investment Program grants through the Virginia Economic Development Partnership, up to $213,600 in Enterprise Zone grants through the Virginia Department of Housing and Community Development and up to $70,260 in manufacturing sales and use tax exemptions through the Virginia Department of Taxation. However, the grant money was never used. Armed Forces was eligible to receive $700 for each net new, full-time job created within 36 months, for a maximum amount of $24,500, said Virginia Economic Development Partnership spokesperson Pryor Green in an email. 'The company accepted the incentive offer but never completed necessary steps to finalize those incentives,' Green said. Armed Forces also failed to apply for any of the Enterprise Zone grants, which are awarded to companies that create jobs or improve property in certain targeted areas, according to Virginia Department of Housing and Community Development spokesperson Alexis Mehretab in an email. Related Articles It's unclear whether Armed Forces used the tax breaks offered by the state, because a representative with the Virginia Department of Taxation said specific tax situations were exempt from public records laws. In an April 4 SEC filing, Beal revealed the company was more than $1.7 million in debt and could file for bankruptcy protections or cease operations if money was not raised to cover the debt. In a May 5 email to investors obtained by The Virginian-Pilot, Beal said the company had raised more than $270,000 in the past few weeks, which was not enough to pay off all the debt. However, Beal said the company has a plan to use that money to move forward with restructuring the business. At least one Armed Forces investor is also exploring a class-action lawsuit against the company, according to reporting by The Virginia Mercury. The outlet also reported that the Norfolk City Treasurer padlocked the former Armed Forces property after failure to pay taxes. Third party building owner Ironbound AFBC Properties, LLC owes the city $13,444 in taxes, according to city records. Beal did not respond to a request for comment. In the May email, Beal said the company plans to pay a missing payroll to employees, move the headquarters to another city and begin brewing beer again with a contract brewery. Beal also said the company would pursue criminal and civil litigation, but did not offer further details on who the suits would be filed against. Beal said in the email that the company might not make it, but would try to survive. 'We may not win our lawsuits, the criminal complaints we filed may never get prosecuted,' Beal said in the email. 'But we are going to continue to fight, because that's what we do, and that's what the U.S. military that we tribute would do.' Trevor Metcalfe, 757-222-5345,
Yahoo
19-02-2025
- Business
- Yahoo
Nodal Exchange to Expand Headquarters in Fairfax County
WASHINGTON, February 19, 2025--(BUSINESS WIRE)--Earlier today, Governor Glenn Youngkin announced that Nodal Exchange, a Fairfax County-based derivatives exchange providing price, credit, and liquidity risk management solutions to participants in the North American commodities markets, will increase capacity at its headquarters located at 1921 Gallows Road in Tysons. The expansion will create 33 new jobs. "Fairfax County is an ideal location for attracting and retaining an outstanding professional team necessary for operating Nodal Exchange and Nodal Clear, and we are thrilled to be able to continue to grow and further expand here. It is a wonderful location with a highly educated and diverse workforce," said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear. "It is also centrally located for our trading and clearing community and in close proximity to our regulators in Washington, D.C." Founded in 2007, Nodal Exchange is a derivatives exchange and a leader in innovation, having introduced the world's largest sets of electric power locational (nodal) futures contracts and environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 power contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. The majority of U.S. power futures open interest is on Nodal Exchange with 1.43 billion MWh representing 57% market share as of the end of January 2025. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear, which is a CFTC (Commodity Futures Trading Commission) registered derivatives clearing organization and a wholly owned subsidiary of Nodal Exchange. Nodal Clear is also the clearing house for Coinbase Derivatives. Nodal Exchange is a designated contract market regulated by the CFTC. "Congratulations to Nodal Exchange on your expansion and thank you for being a vital part of Fairfax County's dynamic and innovative business community," said Fairfax County Board of Supervisors Chairman Jeffrey C. McKay. "Your groundbreaking work in energy and financial markets showcases the excellence that defines our community and inspires economic growth." "We are proud to celebrate Nodal Exchange's second expansion in Fairfax County in three years" said Victor Hoskins, president and CEO of Fairfax County Economic Development Authority (FCEDA). "Their achievements highlight the strength of Fairfax County as a hub for business excellence, and we look forward to seeing the continued impact that Nodal Exchange will have both on our local economy and community." FCEDA worked with the Virginia Economic Development Partnership (VEDP) to secure the project for Virginia. VEDP will support Nodal Exchange's job creation through the Virginia Jobs Investment Program (VJIP), which provides consultative services and funding to companies creating new jobs in order to support employee recruitment and training activities. As a business incentive supporting economic development, VJIP reduces the human resource costs of new and expanding companies. VJIP is state-funded, demonstrating Virginia's commitment to enhancing job opportunities for citizens. "Nodal Exchange's expansion in Fairfax County demonstrates Virginia's ability to attract and retain global financial technology leaders," said Governor Glenn Youngkin. "As North America's largest power futures exchange, Nodal Exchange showcases how international firms can thrive in the Commonwealth while developing innovative solutions for the world's energy markets. This expansion reinforces Virginia's position as a premier location for businesses at the intersection of finance and technology." ABOUT NODAL Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world's largest set of electric power locational (nodal) futures contracts and the world's largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC. View source version on Contacts NodalNicole Ricard ricard@ Fairfax County Economic Development AuthorityRobin Geiger rgeiger@ Sign in to access your portfolio
