The Michigan Strategic Fund Board approved amendments Tuesday to an incentive agreement for an electric vehicle battery plant in Lansing and Delta Township after General Motors Co. sold its stake in the $2.5 billion project to LG Energy Solution Ltd.
The changes transfer a $120 million performance-based grant from Ultium Cells LLC to LGES., allowing the development to continue under new ownership.
“Advanced batteries are an industry that’s critical to American competitiveness and job creation in the 21st century,” Dae sik Choi, vice president of LG Energy Solution and president of LG Energy Solution Michigan, said in a statement. “Batteries are the most complex and valuable part of electric vehicles, and this facility will be key to helping us create a North American value chain for this and related industries.”
Thank you to The Detroit News for highlighting this exciting news for LG Energy Solution. To read the full article, click here.