Dow Chemical Invests in Lithium-Ion Battery Facility
As yet another example of advanced manufacturing investments in the ACP region, Dow Kokam, a joint venture between Dow Chemical and a South Korean partner, are investing almost $300 million in a lithium-ion battery manufacturing facility in Midland, Michigan. It is estimated that this new plant will create at least 320 full-time jobs within the next four years. CAR believes that investments in advanced, innovative technologies will continue to occur in the ACP region because of the region's strong, automotive endowment.
Below is text from a February 25, 2010 Detroit News article providing more details about the investment.
Below is text from a February 25, 2010 Detroit News article providing more details about the investment.
Dow Chemical, S. Korean partner to invest $294M in Midland battery plant
JACLYN TROP
The Detroit News
A pair of green initiatives by Dow Chemical Co. and its partners will bring hundreds of jobs and hundreds of millions of investment dollars to the state, the Michigan Economic Development Corp. confirmed Wednesday.
Dow Kokam MI LLC, a joint venture formed last year between Dow Chemical Co. and South Korean partner TK Advanced Battery LLC, will construct a manufacturing facility in Midland for its lithium-polymer batteries for electric vehicles. The project will operate for at least the next 15 years.
The facility entails a $294 million investment from Dow Kokam MI over the next three years and will create at least 320 full-time jobs by February 2014. The average weekly wage will be $730, with an additional $85 in weekly health care benefits.
Construction on the 400,000-square-foot structure is expected to begin in May.
The project's second phase will construct an identical facility, allowing the venture to power 60,000 electric vehicles.
The Michigan Economic Development Corp. has awarded the project an estimated $3.4 million in annual Michigan Business Tax abatements. Dow Kokam MI also will receive an estimated $4.3 million in annual property tax breaks.
The MEDC's decision "is a very critical milestone," said Dow Kokam MI spokeswoman Kristina Schnepf. "This puts us a step closer to being the first advanced battery facility to break ground in the state."
Dow Chemical will partner with Oak Ridge National Laboratory, which is involved in producing carbon fibers, in a separate venture to develop a facility focused on low-cost carbon fiber for wind turbine blades and other projects.
The project, valued at $20 million, will receive $10 million from Dow and $5 million from the Department of Energy. Dow has requested an additional $5 million from the Center of Energy Excellence, a statewide program to join companies, educational institutions and the state in developing alternative energy technology.
Gov. Granholm is expected to attend Dow's announcement of the projects today in Midland.
The projects will diversify Michigan's economy and help the state become a leader in carbon fiber production for the wind energy and transportation industries, MEDC spokeswoman Bridget Beckman said.
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JACLYN TROP
The Detroit News
A pair of green initiatives by Dow Chemical Co. and its partners will bring hundreds of jobs and hundreds of millions of investment dollars to the state, the Michigan Economic Development Corp. confirmed Wednesday.
Dow Kokam MI LLC, a joint venture formed last year between Dow Chemical Co. and South Korean partner TK Advanced Battery LLC, will construct a manufacturing facility in Midland for its lithium-polymer batteries for electric vehicles. The project will operate for at least the next 15 years.
The facility entails a $294 million investment from Dow Kokam MI over the next three years and will create at least 320 full-time jobs by February 2014. The average weekly wage will be $730, with an additional $85 in weekly health care benefits.
Construction on the 400,000-square-foot structure is expected to begin in May.
The project's second phase will construct an identical facility, allowing the venture to power 60,000 electric vehicles.
The Michigan Economic Development Corp. has awarded the project an estimated $3.4 million in annual Michigan Business Tax abatements. Dow Kokam MI also will receive an estimated $4.3 million in annual property tax breaks.
The MEDC's decision "is a very critical milestone," said Dow Kokam MI spokeswoman Kristina Schnepf. "This puts us a step closer to being the first advanced battery facility to break ground in the state."
Dow Chemical will partner with Oak Ridge National Laboratory, which is involved in producing carbon fibers, in a separate venture to develop a facility focused on low-cost carbon fiber for wind turbine blades and other projects.
The project, valued at $20 million, will receive $10 million from Dow and $5 million from the Department of Energy. Dow has requested an additional $5 million from the Center of Energy Excellence, a statewide program to join companies, educational institutions and the state in developing alternative energy technology.
Gov. Granholm is expected to attend Dow's announcement of the projects today in Midland.
The projects will diversify Michigan's economy and help the state become a leader in carbon fiber production for the wind energy and transportation industries, MEDC spokeswoman Bridget Beckman said.
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