LG Chem Ltd. will build its new $303 million lithium-ion battery manufacturing facility in Holland, Michigan. Scheduled for groundbreaking this summer, the 650,000 square-foot facility will be financed in part from a $151.4 million grant the company received from the US Department of Energy (DOE) as part of the Recovery Act Award for Electric Drive Vehicle Battery and Component Manufacturing Initiative. LG Chem will also make a $151.5 million investment in the facility.
The plant will be operated by LG Chem's North American subsidiary, Compact Power, Inc. At its peak, the plant will produce enough cells for 50,000 to 200,000 vehicle battery packs. LG Chem said it expects the plant to be fully operational in 2012. Initially, the plant will make cells for the Chevrolet Volt.
Michigan Governor Jennifer M. Granholm said an incentive package from the state—which included a $100 million advanced battery cell tax credit, a 15-year job-creation tax credit worth $25.2 million, a Renaissance Zone designation and job-training assistance—helped Michigan seal the deal and win the new battery cell facility over competing national and international sites.
Source: Green Car Congress
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