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Subsidy Tracker Individual Entry

Company: LG Energy Solution
Parent Company: LG
Subsidy Source: multiple
Location: Michigan
City: Holland
County: Allegan
Project Description: battery manufacturing plant
Year: 2022
Major Industry of Parent: diversified
Specific Industry of Parent: diversified
Subsidy Value: $152,650,000
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots: 1,200
Capital Investment: $1,700,000,000
Source of Data: Data based on: Michigan Strategic Fund, Approved Meeting Minutes, March 22, 2022: (click here). See also: Carolyn Muyskens, "MEDC chief: LG's $1.7B expansion in Holland comes at critical time," The Holland Sentinel (Michigan), March 22, 2022, via LexisNexis.
Notes: The package is for a second EV battery manufacturing plant in Michigan. The deal includes: a $10 million grants from the Michigan Strategic Fund and the Jobs Ready Michigan Program; $132.6 million over 20 years in various state and local tax exemptions from the Renaissance Zone program (it includes 100% tax exemption for the first 17 years). The company will pay school related taxes. The company also received $36.5 million from Community Development Block Grant which is not included in the megadeal total as it is federal money regranted by the state. Overlaps with main data: none.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.