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LG Chem to Build Battery Plant in Holland, Michigan
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Korean battery maker LG Chem Ltd. and its U.S. subsidiary Compact Power Inc. will build its new $303 million lithium-ion battery plant in Holland, Michigan.
The new plant will produce enough battery cells for 50,000 to 200,000 vehicle battery packs, including General Motors Co.'s Chevrolet Volt.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 U.S. 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.
An incentive package from the state secured the Michigan location, said Gov. Jennifer Granholm in a statement. LG Chem received a $100 million advanced-battery cell tax credit, a $25.2 million 15-year job-creation credit, and a Renaissance Zone designation.
LG Chem will supply GM with li-ion battery cells, electronic components and control hardware for the Chevy Volt extended range electric vehicle..
LG Chem will also supply lithium-ion batteries for hybrid vehicles made by South Korea's top carmaker Hyundai Motor.
Michigan is putting a lot of efforts to attract car battery makers to produce advanced technology batteries in the state. Four companies were granted $100 million each in state tax credits and are expected to spend $1.7 billion on manufacturing and research facilities.
Johnson Controls Inc., as part of its joint venture with French battery maker Saft, is retrofitting its idled plant in Holland for its new lithium-ion battery plant.
Also, A123 Systems Inc.’s lithium-ion battery plant in Livonia is scheduled to open later this month.
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Baran
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24 April, 2012 11:46:20
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Holly
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24 April, 2012 11:32:52
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24 April, 2012 04:38:06
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Sergio
on
23 April, 2012 09:16:09
if you get 200 mpg in a Volt and drive 10000 miles per year fuel cost is 200 bucks at 4.00/gal.another person who has a ...
Tax Rebate
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16 April, 2012 05:51:01
It is necessary to approve legal transactions and tax rebate accurately. Thus, authorized bodies are working to conduct all activities.
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