LANSING, Mich. (Michigan News Source) – The Michigan Strategic Fund board has approved $435 million from the Strategic Outreach Attraction Reserve (SOAR) for two battery production projects and a wastewater pipeline project.

The approval is meant to spur large-scale economic development projects.

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The board first approved $125 million in SOAR funds for a Chinese-based battery company building a factory in Big Rapids. The board also approved a Designated Renaissance Zone worth an estimated $540 million and a $50 million Strategic Site Readiness Program performance-based grant through SOAR funds, which would be given by The Right Place to help with infrastructure improvements.

According to our media partners at MIRS News, Michigan beat out Texas, Georgia, Kentucky, South Carolina, Illinois and Ohio as possible sites for the new facility.

The MSF board held a special meeting today to approve the funding for the project and for a Southeast Michigan battery project being instigated by Our Next Energy, a Novi-based company.

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Our Next Energy was awarded a $200 million Critical Industry Program performance-based grant through SOAR funds, a $15 million Michigan Investment Fund loan and State Essential Services Assessment Exemption worth about $21.6 million for its first battery factory.

The battery company is partnering with Ashley Capital to build a nearly 700,000 square-foot facility. The company will use raw North American supplies to refine in-house and is expected to create 20 gigawatts per hour energy storage device.

Tudor Dixon, the GOP gubernatorial candidate, says Michigan continues to be “hostile” to businesses.

 

The election is November 8. Dixon and Whitmer will face off in their first debate on Thursday, October 13.