Ohio offers $156M in incentives for Honda battery plant
Oct 12, 2022, 6:43 PM | Updated: Oct 13, 2022, 6:47 am
(AP Photo/Samantha Hendrickson)
COLUMBUS, Ohio (AP) — Ohio plans to offer approximately $156.3 million in tax incentives and infrastructure improvements for a massive battery plant project that Honda says is key to turning the state into its North American electric vehicle hub.
Officials say the battery plant, to be built jointly with LG Energy Solution of South Korea, will be located in rural Fayette County, about 40 miles (64 kilometers) southwest of the state capital of Columbus.
Of $85 million set aside for infrastructure improvements, $75 million will be for water and utility improvements and the rest will be to improve local and state roads, state officials said Wednesday.
The remainder will go towards tax incentives over a 30-year period, according to state officials. However, local tax incentives are not included in this incentives package.
In an announcement Tuesday, Honda said it will build a $3.5 billion joint-venture battery factory in rural southern Ohio and hire 2,200 people to staff it.
Honda also announced its plans to invest $700 million and add 300 jobs at three of its own Ohio factories to prepare them to start making EVs and components.
The battery plant could see a total investment of $4.4 billion, officials said.
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