U.S. Lands Another Multi-Million EV Plant
A $238.7 million aluminum foil manufacturing operation will be opening in Elizabethtown, Kentucky.
Having returned to growing a few years ago, Kentucky has been making a comeback. With the announcement of this new $238 million investment by LOTTE Aluminum Materials USA, Kentucky's comeback has just reached another level.
The plant is part of a joint venture between LOTTE Chemical and LOTTE Aluminum. The goal is to produce 36,000 tons of cathode foil per year, which will be used in the construction of lithium-ion battery modules, or cells.
The project is the company's first aluminum foil facility in the U.S. and is estimated to create “significant” economic development for the region.
The electric vehicle market in the United States continues to expand rapidly. In fact, Kentucky has seen more than $8.5 billion in EV-related investments since June 2020, with over 8,000 full-time jobs announced to date.
The Kentucky Economic Development Finance Authority has offered the company an incentive package, which includes up to $3.3 million as long as the company maintains its $240 million investment and maintains 122 Kentucky-resident jobs over ten years.
The U.S. has a lot to be proud of when it comes to electric vehicle manufacturing. Thanks to the new investments made in Southern states like Tennessee, Kentucky and Alabama, we now have more than 2.4 million EVs on our roads.
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