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LG Energy Solution to invest $1.7 billion to expand its plant in Holland, Michigan

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LG Energy Solution plans to invest $1.7 billion at its battery component plant in Holland, Michigan, an expansion that’s expected to quintuple the plant’s capacity. The facility manufactures large lithium-ion polymer battery cells and packs for EVs. The company is one of the largest employers in the community, and now has 1,495 employees in Michigan.

LG has a long-standing relationship with GM, which recently announced $7 billion of new investment in Michigan, including up to $2.5 billion to build a third Ultium Cell battery cell plant, a joint venture between GM and LG.

LG says its state-of-the-art Michigan plant will use the most advanced and efficient battery cell manufacturing processes. The facility will manufacture the company’s new long-cell batteries, which allow engineers to more fully utilize the space within the battery pack. LG says its long-cell batteries offer improved energy density and simplify the overall structure of the battery pack.

The Michigan Strategic Fund approved a package of incentives to support the company’s new battery manufacturing facilities, including several million dollars in performance-based grants. The city of Holland has proposed a property tax abatement.

“LG Energy Solution’s $1.7-billion investment in Michigan will create 1,200 good jobs in West Michigan and enable us to continue to lead in building and deploying next generation transportation solutions,” said Governor Gretchen Whitmer. “Thanks to LGES’s continued investment in our state—which spans more than a decade—Michigan’s leadership role in battery manufacturing will only get stronger as the automotive industry moves toward an electric future.”

“LG Energy Solution is at the forefront of green business, promoting sustainability, electrification and innovation,” said President of LG Energy Solution Michigan Bonchul Koo. “Michigan was a natural choice because of its rich pool of talent, being close to the geographic epicenter of the automotive industry and its strong support.”

Source: Michigan Economic Development Corporation

This article was originally published by Chargedevs.com. Read the original article here.
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