Daedalus Composites has plans to renovate its Edenton, North Carolina plant

The State of North Carolina and town of Edenton are channeling a US$500,000 Building Reuse Program grant to a local yacht builder for an expansion plan that could add up to 50 jobs.

The North Carolina Rural Infrastructure Authority announced that Edenton will receive the grant to assist Daedalus Composites, a yacht design, engineering and manufacturing company that specialises in thermoformed carbon fiber composites, with its plans to invest $1.1m in renovations to its existing 38,000sq ft manufacturing plant, according to a news release from the North Carolina Commerce Secretary.

Edenton Mayor Roland Vaughan told the Daily Advance the town was thrilled with the good news.

“It was truly a collaborative effort with the town, county and the Edenton Chowan Partnership sticking together and working with the Department of Commerce to get the grant approved,” he said. “[Founder] Michael Reardon and his Daedalus team are committed to Edenton and we are delighted we could assist them in getting the grant approved.”