Basic Search  |  Geographic Searches  |  Advanced Search | Megadeals

Subsidy Tracker Individual Entry

Company: Accelera by Cummins et al.
Parent Company: 
Subsidy Source: multiple
Location: Mississippi
County: Marshall
Project Description: Electric vehicle battery plant
Year: 2024
Subsidy Value: $482,000,000
Subsidy Value in 2023 Dollars: $467,548,000
Program Name: multiple
Awarding Agency: Mississippi Development Authority
Type of Subsidy: 
MEGADEAL

Number of Jobs or Training Slots: 2,000
Wage Data: $66,000
Wage Data Type: Average annual wage
Capital Investment: $1,900,000,000
Source of Data: A press release from PACCAR, "Accelera by Cummins, Daimler Truck and PACCAR Form a Joint Venture to Advance Battery Cell Production in the United States," September 6, 2023, (click here). Grant McLaughlin, January 18, 2024, "Mississippi Legislature passes $482 million incentive package for EV battery plant," The Clarion Ledger, (click here).
Notes: Accelera, the zero-emissions business unit of engine-maker Cummins, has formed an unnamed joint venture with Daimler Truck and PACCAR to manufacture battery cells for electric vehicles. Each company owns a 30% stake in the venture, and battery manufacturer, EVE Energy, holds a 10% minority stake. The facility will be built in the Chickasaw Trail Industrial Park in Marshall County, just south of Memphis, Tenn. In a special session called by the governor, Mississippi lawmakers approved $365 million in bonds and $117 million in general fund appropriations to be used for grants to the company, infrastructure improvements, and workforce development programs. The project will also benefit from sales tax exemptions on equipment, materials, and energy purchased during construction, a 10-year income tax exemption, and a fee-in-lieu of franchise and property taxes agreement (value of tax exemptions not known). If the project is completed as anticipated by 2027 and has an annual capacity of 21 GWh, the companies could be eligible for another $1.8 billion in federal income tax credits through the Inflation Reduction Act's 45X program (not included in megadeal total). Overlaps with main data: None.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.