Illinois secures $2bn investment from China’s Gotion for EV battery manufacturing
Illinois Governor JB Pritzker, in collaboration with Chinese energy solutions company Gotion, announced a $2 billion investment in a new state-of-the-art electric vehicle (EV) lithium battery manufacturing plant in Manteno, Illinois. The landmark deal is supported by a REV Illinois incentive package and the state’s new Invest in Illinois fund. Slated for production in 2024, the new facility represents a significant step in establishing Illinois as a major player in the EV manufacturing ecosystem.
“A New Paradigm for Illinois”: Governor JB Pritzker on the Gotion Deal
“Today, we take another leap forward, announcing the largest electric vehicle battery production investment in Illinois to date. It’s my pleasure to welcome a world-leading battery manufacturer — Gotion — to Illinois,” said Governor JB Pritzker. The Illinois Governor emphasized the 2,600 new jobs that will be created and highlighted the state’s favorable conditions for such investments, describing it as proof of a “new paradigm” where Illinois is on the rise and open for business.
Inside the Details: What the Gotion Investment Means for Illinois
The Gotion gigafactory is designed to meet the growing demand for batteries in the EV sector and will focus on lithium-ion battery cell and pack production as well as energy storage system integration. The Manteno facility aims to produce 10 GWh of lithium-ion battery packs and 40 GWh of lithium-ion battery cells. The plant will cover an expansive 150-acre area and aims to become a crucial part of the American EV battery supply chain.
Incentives and Agreements: How Illinois Won the Bid for Gotion’s Investment
Gotion’s total incentive package from the State of Illinois is valued at $536 million, including $213 million in tax benefits through REV Illinois over 30 years. The company has committed to investing a minimum of $1.9 billion and creating 2,600 full-time jobs. The investment was secured through Illinois’ comprehensive package of assets, from an abundant and qualified workforce to prime access to markets, which helped the state stand out in Gotion’s nationwide search for a gigafactory location.
Gotion: The First Beneficiary of the New “Invest in Illinois” Fund
As part of the historic deal, Gotion will be the first recipient of the new Invest in Illinois fund, signed into law earlier this year, with capital funding amounting to $125 million. The fund aims to make Illinois more competitive in securing large projects in burgeoning sectors like clean energy.