State, Local Support
SK on, a subsidiary of SK innovation, and the Hyundai Motor Group may receive about US$700 million in incentives from the state of Georgia and local governments for a battery factory they are jointly establishing in the U.S., according to a report by the Atlanta Journal-Constitution (AJC) on June 6 (local time).
According to the report, the battery factory to be established in Bartow County in northern Georgia will receive property tax cuts of US$247 million and large project tax benefits of US$98 million from state and local governments over the next 25 years.
The state government will also construct water treatment facilities worth US$46 million and a road worth US$6 million free of charge. In addition, it will invest US$11 million in a vocational training program named Georgia Quick Start.
The factory, which is being built with a goal of operating by 2025, aims to produce 35-gigawatt hours (GWh) of batteries, equivalent to approximately 300,000 electric vehicles.
The battery cells produced at this factory will be supplied to Kia’s car factory in West Point, Georgia, and Hyundai's factory in Montgomery, Alabama for use in electric vehicles.