AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Van buren township12/24/2023 ![]() right now," Ijaz said.įounded in 2020, ONE has lured investment from BMW i Ventures, Assembly Ventures and funds backed by billionaires Jeff Bezos and Bill Gates. "Our goal is to implement this factory without needing a joint venture, and that's kind of rare when you look at where the battery industry is in the U.S. Ijaz said the different chemistry allows for longer drive time, reduces fire risk and eliminates dependence on materials such as cobalt and nickel, which are in short supply and controlled by foreign countries such as China.Īnother important distinction is that the company is the first wholly American-owned manufacturer of lithium iron phosphate batteries, and it is launching the plant without the help of an OEM. The plant differs in several ways from others recently announced, including LG Energy Solution's $1.7 billion cell plant in Holland.įor one, the company's batteries are built with lithium iron phosphate, as opposed to lithium ion, which powers most EVs on the road today. Ijaz said ONE Circle will house manufacturing for battery packs and cells. The fund, which Michigan created less than a year ago to back big economic development deals, currently has $846.1 million after Whitmer on Tuesday signed a spending bill to replenish it.Īssuming legislators OK the incentives and others that were approved by the Michigan Strategic Fund board, the SOAR fund balance will drop to $411.1 million. Two legislative committees, the House and Senate budget panels, will next be asked to approve the transfer of SOAR funding to support the ONE project. Officials also approved $715 million in incentives for a $2.4 billion electric vehicle battery parts plant to be built by Gotion Inc. The company will receive a $200 million Critical Industry Program performance-based grant from the state's Strategic Outreach and Attraction Reserve a SESA tax exemption valued at $21.7 million and a $15 million Jobs for Michigan Incentive Fund Loan, according to the MEDC. "With this new gigafactory, we will continue bringing the supply chain of electric vehicles, chips, and batteries home to Michigan and the USA while creating a sustainable, clean energy economy," Gov. ![]() The project also represents a "critical opportunity" to cement Michigan's leadership in the evolving automotive industry, according to state officials, who approved Wednesday incentives valued at $237 million for the project. supply chain strategies on iron, lithium, iron phosphate, graphite….We're ready to build an ecosystem of suppliers here in Michigan." "Our announcement will bring about really clear U.S. "This is the first and largest effort in fully trying to move away from nickel and cobalt," Ijaz told Crain's.
0 Comments
Read More
Leave a Reply. |