Electric vehicle battery company doubles planned investment to build $1.6B plant in SC
An electric vehicle battery company, which first announced plans to build a Florence County facility, doubled its planned investment in South Carolina.
Envision Automotive Energy Supply Co. now plans to build a $1.62 billion facility in Florence County, instead of an $810 million project announced last year. The project will produce 1,620 jobs, instead of the 1,170 already announced.
Construction on the facility started earlier this year and is slated to be completed in 2026.
“Our partnership with Florence County and the State of South Carolina has exceeded our expectations and we are proud to commit to creating additional high value jobs for this great community for years to come,” said AESC US Managing Director Jeff Deaton. “As we continue to make significant strides towards the development of high-performance, longer-range batteries to propel the EV transition in the U.S., we are excited to have Florence County as a partner on this journey with us.”
To help those plans move forward, state economic developers promised to spend $121 million on the project to build training facilities, and carry out road improvements, sewer improvements and site preparation.
The $121 million package is $50 million larger than what commerce officials planned in 2022. Lead legislative budget writers, the governor, state treasurer and comptroller general approved the larger incentive package Tuesday during a meeting of the State Fiscal Accountability Authority.
State officials have worked to build up the electric vehicle industry in South Carolina as the automotive industry shifts away from gas-powered vehicles to EVs.
Envision is making batteries for BMW’s Upstate plant in Spartanburg, which is carrying out a $1.7 billion transition toward making solely electric vehicles by 2030.
The advanced battery format is expected to add 20% more energy density than the current generation, reduce charge time, and increase range and efficiency for electric vehicles by 30%, the state said in a news release.
For the past year or more, state officials have been pushing for investments in electric vehicle manufacturing, which also included a $1.3 billion incentive package as Scout Motors spends $2 billion to build a plant in Richland County. South Carolina promised $226 million for Redwood Materials to build a $3.5 billion electric vehicle battery manufacturing plant in Berkeley County.
Gov. Henry McMaster even ordered the Department of Commerce to start a “one-stop shop” to provide assistance to electric vehicle companies interested in coming to the state.
“AESC’s continued investment in South Carolina is a testament to the business-friendly environment we’ve fostered, which has helped to solidify our place as the premier destination for electric vehicle companies to call home,” McMaster said. “I look forward to the transformative impact that AESC’s historic investments will have on not only the Pee Dee but all of South Carolina.”