The $130 million Siemens expansion bolsters Charlotte's quest to become an "energy hub" by bringing various manufacturers and engineering divisions to complement the Duke Energy headquarters. The move to rebrand itself as an energy hub comes after two major banks headquartered in Charlotte have faltered in the last year.

The city and Mecklenburg County had been heavily courting Siemens for several months, according to The Charlotte Business Journal.

The city pledged $44.5million in federal tax-exempt bonds for the expansion in December, and Mecklenburg County last year pledged $13.3 million. Siemens was considering a handful of other cities for the expansion and relocation.

The N.C. Commerce Department, which manages the state's incentive programs, is expected to approve the Siemens deal on Thursday.

The company employed 780 people in Charlotte as of last May.

Siemens is headquartered in Erlangen, Germany.