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Subsidy Tracker Individual Entry

Company: LG Chem-Compact Power
Parent Company: LG
Subsidy Source: multiple
Location: Michigan
City: Holland
County: Ottawa
Address: 10717 Adams St
Zip: 49423
Project Description: advanced battery manufacturing
Year: 2009
Major Industry of Parent: diversified
Specific Industry of Parent: diversified
Subsidy Value: $198,000,000
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots: 300
Capital Investment: $200,000,000
Source of Data: The tax credit amounts came from an April 14, 2009 press release issued by the office of then-Gov. Jennifer Granholm. The job training portion came from: Pete Daly, "LG Chem brings jobs," Grand Rapids Business Journal, February 7, 2011. The Renaissance Zone figure came : Ken Kolker, "Volt no jolt: LG Chem employees idle," WOOD TV 8 (NBC affiliate for Grand Rapids), October 18, 2012. The additional MEGA tax credits and personal property tax exemptions came from: Terry Oparka, "City tax break continues to power lithium ion battery corporation," Troy Times, March 8, 2012.
Notes: The subsidies included: up to $100 million in state battery tax credits, MEGA tax credits worth $25.2 million; additional MEGA credits worth $3.8 million; $19.6 million from Michigan New Jobs Training Program; an estimated $48.5 million in Renaissance Zone subsidies; and about $870,000 in local infrastructure improvement and personal property tax abatements. Not included in the total was a $151 million federal Department of Energy grant. The larger state awards are listed separately in the main Subsidy Tracker data under the program names (using the company name Compact Power).
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.