LG Chem Building $303M Lithium-Ion Plant in Michigan
In brief: LG Chem Ltd will build its new $303 million lithium-ion battery plant in Holland, Michigan.
The company will break ground on the new battery manufacturing plant this summer and the 650,000 square foot facility will be finished and operational next year.
The facility is financed by several government-backed deals including $151.5 million in Department of Energy funds to match LG Chem's own investment of the same. Michigan gave a huge incentive package to convince LG Chem to build there, including $100 million in advance tax credits on battery cells and another $25.2 million for a 15-year "job creation" credit and more.
LG Chem's subsidiary, Compact Power, Inc., will be making batteries for the Chevrolet Volt at the plant.
And so ...
Not to be too critical, but for a mere $151.5 million, LG got a return of about $300 million up-front. Wow.
Photo credits: LG
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