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$300 Million Battery Plant Announced For Holland
3/12/2010
FOX 17 News
HOLLAND - A $300 million plant will be built in Holland to manufacture the latest in lithium-ion batteries for the auto industry. LG Chem of South Korea says the plant is expected to create 400 jobs by 2013.
"The center for lithium ion technology in north america is open for business right here in Holland, Michigan," said Randy Thelen of Lakeshore Advantage, an organization that delivers busines growth and economic development services.
The company's North American unit, Compact Power, Inc., has been chosen by General Motors to be a supplier for its Chevrolet Volt electric car and will operate the plant. The plant will be built on 120 acres near the intersection of South Waverly Road and East 48th Street in Holland.
A sizable tax incentive package is credited with attracting LG Chem to choose Michigan: the land was designated a Renaissance Zone, the state offered a $100 million tax credit specifically for production of electric car batteries, and the project qualified for a $25.2 million job creation tax credit. Holland's Mayor says this is the first step for the area.
"But, we will need to make sure that our workforce, because of these economies of scale, our workforce is trained. That means we bring in our educational partners. That means we have some great opportunity for some great supply chain business," said Mayor Kurt Dykstra.
LG Chem says the business environment is what won them over.
"What I would call the operating environment for business and we heard from some of the buisness leaders who are working here in Holland," said Prabhakar Patil, CEO of Compact Power.
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