HOLLAND, MI (WKZO AM/FM) — Governor Gretchen Whitmer joined the Michigan Economic Development Corporation on Tuesday, March 22, in announcing Michigan Strategic Fund approval of a wide range of projects, to include support for LG Engergy Solution’s new battery manufacturing facilities in Holland.
LG Energy Solution, formerly known as LG Chem Michigan, manufactures large lithium-ion polymer battery cells and packs for electric vehicles. As the future of the electric vehicle industry grows, LGES needs the additional capacity to allow for the production, testing and storage of materials needed for battery manufacturing.
The project is expected to generate a total capital investment of $1.7 billion dollars and create 1,200 new jobs. Officials saying that the company has been one of the largest employers in the Holland community since 2010.
To support the project, the Michigan Strategic Fund today approved:
- A $10 million Michigan Business Development Program performance-based grant for the creation of up to 1,200 jobs;
- A $10 million Jobs Ready Michigan grant;
- A 20-year Renaissance Zone to the city of Holland, valued at an estimated $132.6 million;
- Up to $36.5 million in Community Development Block Grant funds to Allegan County for the purchase of machinery and equipment, with an additional $50,000 for grant administration.
Local support includes an Economic Development Incentive Rider from the Holland Board of Public Works that will provide significant savings. Allegan County is also acting as applicant for the CDBG program application and process, and the city of Holland is supportive of a property tax abatement.
