Tax Incentives Extended for Battery Maker
Dow Kokam was granted state of Michigan tax incentives to augment its $161 million grant from the U.S. Department of Energy for its battery cell manufacturing and battery pack assembly in Midland. Now the Michigan Strategic Fund has amended its $100 million tax credit by moving the deadline for creating at least 300 jobs from 2015 to 2018. So far Dow Kokam has created 109 jobs and invested $340 million in the projects. It has also received a four-year extension (to 2020) on a $42 million state tax credit, on the condition that it create an additional 300 new jobs and invest an additional $200 million on battery pack manufacturing. The Renaissance Zone tax credits requirements were also amended. "Due to slower than anticipated development of the marketplace for advanced energy storage systems, the timing of project completion has changed," according to a memo from the MEDC to the Michigan Strategic Fund Board.
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