HOLLAND, MI-The state-run Michigan Economic Development Corp. has designated the 120-acre site here, planned for a new $303 million advanced battery plant, as a Renewable Energy Renaissance Zone. The 15-year designation was created by the state for the company, LG Chem-Compact Power Inc.

The zone will allow the company to operate free of virtually all state and local taxes. The firm expects to produce 15 million battery cells per year when the 650,000-square-foot plant is at full capacity.

State officials are doing anything possible to encourage electric battery production in the state, a business that is seen as the successor to the traditional automotive plant. “Investments in clean energy manufacturing such as advanced batteries are creating jobs in Michigan and moving our state and nation to a clean energy economy,” said Gov. Jennifer Granholm.

Recommended For You

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.