Mon. 10:23 a.m.: Tax incentive approved for Lordstown battery plant
LORDSTOWN — The Ohio Tax Credit Authority this morning approved a 1.95 percent, 15-year job creation tax credit for the Ultium Cells LLC electric vehicle battery-cell plant in Lordstown, a joint venture of General Motors and South Korea’s LG Chem.
The tax credit starts in December 2023, according to the authority, which unanimously OK’d the incentive.
Tony Ciambrone with JobsOhio, the state’s private economic development accelerator, said the plant is an “integral part of GM’s ambitious” future to develop 20 electric vehicles by 2023.
The $2.3 billion plant is under construction on 158 acres of land immediately adjacent to the automaker’s former assembly plant in Lordstown.
At full production, the plant will employ about 1,200 people.
The commission has yet to act on whether it will require GM to repay all of some of $60.3 million in tax credits for its former assembly plant.
In exchange for the 15-year, 75 percent credits, GM agreed to keep the plant open for at least the next 30 years from then, but closed it 10 years into the agreement and sold it to electric truck startup Lordstown Motors Corp.