 "Honda")
Ohio's privatised economic development office has finalised an agreement with Honda to infuse USD 237 million into development of a massive battery plant project that the Japanese automaker plans to use to transform the state into its North American electric vehicle hub.
JobsOhio posted details of the package of three grants on Wednesday. They include a USD 140 million economic development grant for the plant Honda is building jointly with LG Energy Solution of South Korea, a USD 10 million workforce grant for the project itself and USD 87 million to retool Honda's existing facilities.
The money, payable over the next 10 years, comes on top of the approximately USD 156.3 million in tax incentives and infrastructure improvements that the state of Ohio is putting toward the project.
Officials say the battery plant will be located in rural Fayette County, about 40 miles (64 kilometers) southwest of the state capital of Columbus.
Honda and LG have agreed to create 2,527 new jobs and more than USD 140 million in new payroll, including 2,200 jobs through the Honda-LGES battery plant and 327 through Honda's retooling.
Honda has said it is investing USD 700 million and adding 300 jobs at three of its own Ohio factories to prepare them to start making EVs and components.
Honda and LG have committed at least USD 4.2 billion in capital investment to the two efforts. JobsOhio said that amounts to USD 17.72 for every USD 1 it is investing.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
