Electric Boat, which builds nuclear submarines for the U.S. Navy, over the past few weeks has opened newly renovated space for almost 600 employees near it main campus in Groton, partially with financial support from the state of Connecticut.
The manufacturer’s purchase and renovation of the 85,000-square-foot former warehouse is part of an ongoing $31.5 million effort to expand and upgrade its facilities in Groton — located next door to Naval Submarine Base New London — and New London, reported the Day.
The state Department of Economic and Community Development provided Electric Boat a $10 million loan toward the project at an interest rate of 2 percent for a 10-year term. The build out and acquisition of the property would not have happened without the state’s support, EB president Jeffrey Geiger said when he announced the expansion initiative in October 2014.
In addition to supporting the firm’s renovation of the former warehouse, the state has contributed to the modernization of Electric Boat’s shipyard, and the renovation of Pfizer’s former R&D headquarters into a research and design facility for the sub builder.
The company’s growth stems from a $17.6 billion contract to produce 10 Virginia-class attack submarines and an increase in work on the Ohio-class replacement program, the next generation of ballistic missile submarines, according to the story.