Subsidy Tracker Individual Entry
: LG Chem-Compact Power
: 10717 Adams St
: advanced battery manufacturing
Major Industry of Parent
Specific Industry of Parent
Type of Subsidy
Number of Jobs or Training Slots
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.
: 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).
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