Nebius Group Secures Approval For AI Factory

Nebius Group NV (NASDAQ:NBIS) said on Tuesday that Independence City's government approved a Chapter 100 industrial development incentive plan to build a 1.2 GW AI factory, clearing the way for construction on a 400‑acre campus. The project will feature closed-loop cooling and noise-reduction technology, is projected to create about 1,200 construction jobs and 130 permanent high-tech positions, and includes $650 million in PILOT payments over 20 years.