A Michigan board approves $400 Million to advance Electric Vehicle Batteries
A Michigan board has approved 400-million-dollars to advance Electric Vehicle batteries.
The Michigan Economic Development Corporation approved two incentives packages totaling over $400 million for two electric vehicle battery facilities that will cost an estimated $4 billion and bring 4,500 jobs to the state.
Final approval of the packages will now go to lawmakers and will come from a fund created last year to help the state land major business expansions.
Energy-storage company Our Next Energy will build its $1.6 billion facility in the Detroit suburb of Novi while Gotion, a Chinese manufacturer, will build a $2.4 billion facility in Big Rapids in northern Michigan.
The facilities will help manufacture electric vehicle battery components.