LANSING, MI (WHTC-AM/FM, Mar. 22, 2022) – One of the final roadblocks for LG Energy Solution’s efforts to expand its lithium-ion battery plant on Holland’s southeast corner has been lifted in Lansing.
On Tuesday morning, the Michigan Strategic Fund board approved a package of incentives to support a planned $1.7 billion initiative that would quintuple the facility’s capacity, creating around 1,200 jobs in the process. This includes a $10 million Michigan Business Development Program performance-based grant, a $10 million Jobs Ready Michigan performance-based grant for job training, a 20-year Renaissance Zone approval for the City of Holland that is valued at $132.6 million, and up to $36.5 million in Community Development Block Grant funs for Allegan County to reimburse LG Energy Solution for buying machinery and equipment, with another $50,000 for grant administration.
“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,” Governor Whitmer is quoted in a statement from her office. “Thanks to LGES’ 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. The impact of this win will be felt around the entire state for decades to come.”
“LG Energy Solution is at the forefront of green business, promoting sustainability, electrification and innovation. We have already become a contributor to the State of Michigan’s ‘championship economy.’ Michigan was a natural choice to our commitment of building an impactful global business because of its rich pool of talent, being close to the geographic epicenter of the automotive industry and its strong support,” LG Energy Solution Michigan President Bonchul Koo is quoted as saying in that same gubernatorial office statement. “I am optimistic about realizing LG Energy Solution’s aim to achieve carbon neutral by 2050 and about creating ripple effects of environment conscious business in Michigan and beyond. I look forward to what the future holds.”
President Obama had presided over the ceremonial ground breaking of the East 48th Street plant in 2010, and the company currently employs nearly 1,500 workers statewide. During the Holland City Council’s consideration of LG Energy Solution’s Renaissaince Zone request, some local residents voiced objections to the move, claiming that, although assessed property values haven’t been altered, they feel as if they can’t sell their property.
This expansion is expected to be completed by 2025.
