A major financial investment is bringing hundreds of jobs to the Mohawk Valley.

A company called Cree is building the world's largest Silicon Carbide Device Manufacturing Plant in Marcy, in Oneida County.

The silicon carbide chips that will be manufactured at the facility will increase efficiency and reliability for power consumption. They're vital components of several industries, and play a key role in the development of electric car technology.

Experts say with these chips in place, electric cars should be able to travel an average of 6 to 10 percent farther, and the construction of the facility comes at the perfect time for the industry.

Cree Inc. CEO Gregg Lowe believes the technology will continue to grow.

"We're at the early phase of a very important transition from silicon to silicon carbide," said Lowe.

As part of the partnership, Cree will invest approximately $1 billion in construction, equipment and other related costs for the facility being called the "North Fab." The company is based out of North Carolina.

New York state will provide a $500 million grant from Empire State Development.

The new facility, set to ramp up in 2022, will be up to 480,000 square feet in size. About one-fourth of that will be clean room space, for future expansion as needed.

Cree plans to partner with local community and four-year colleges in New York to develop training and internship programs to prepare its workforce for the high-tech employment and long-term growth opportunities.

SUNY Chancellor Kristina Johnson says they will create specialized curriculum to ensure students can be successful with the company.

Construction is set to begin next year.