Gotion discloses update on Illinois lithium battery plant investment

Asian Tech Press (Oct 12) -- Chinese battery giant Gotion High-tech Co. Ltd. on Wednesday disclosed an update on its lithium battery plant investment in the U.S. state of Illinois.

Gotion High-tech said in a statement that it plans to build a lithium battery production line project in Illinois.

The project aims to meet the continuously growing demand in the new energy power and energy storage battery market in North America, Gotion High-tech said.

The company noted that the exact total amount of investment will depend on the project's feasibility analysis and the status of filing for approval, among other things.

Gotion High-tech plans to entrust its U.S. subsidiary Gotion Inc. to sign relevant agreements with the Illinois state government and other third parties.

Up to now, Gotion has completed the signing of agreements for the purchase of land, workshops and other fixed assets on the project.

The Illinois state government will provide tax subsidies for the project under the Reimagining Energy and Vehicles in Illinois Act (REV Illinois Act) supporting new energy and electric vehicle companies, according to a deal between Gotion and the state.

However, Gotion High-tech said the final amount of the subsidy will be subject to its actual investment in the project.

In early September, the Illinois state government announced that Gotion would build a $2 billion electric vehicle (EV) lithium battery manufacturing plant in Manteno.

The plant is expected to begin production in 2024, according to this statement.

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