HOLLAND, Mich. (Michigan News Source) – LG Energy Solution wants to expand in Holland, but the company needs $1.7 billions to do it.
The company received a financial boost when the Strategic Fund Board of the Michigan Economic Development Corporation approved a $500 million private bond inducement for LG. The project is expected to get about $525 million in incentives, but LG will have to reach certain hiring milestones over the years to earn all of the benefits.
LG is looking to add a two-story, nearly 963,000-square-foot facility to its Holland campus. The expansion also calls for a warehouse, control room, cell test building, offices, utility and safety facilities.
The company plans to increase production of lithium ion batteries by about 500% and develop a long cell battery to extend the driving range of electric vehicles. LG expects to start production in the second quarter of 2024.
LG Energy Solution is also considering partnering with GM to build its fourth US battery plant, this one in Indiana.
