(Bloomberg) —
Australian-based Fortescue Ltd. is partnering with the state of Michigan to open a production hub for automotive and heavy industry batteries, fast chargers and electrolyzers as demand increases for electric vehicles.
The company will rehabilitate an existing 410,000-square-foot facility in Detroit, with production starting in 2025, Fortescue said in a statement Tuesday. Among other incentives, the state approved a $9 million grant to support the project while Detroit has offered a tax break worth about $7.7 million. The plant has capacity to create about 600 jobs.
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After years of investment drought, international companies are returning to the US to open factories in the Midwest and the South as they seek to tap President Joe Biden’s incentives that seek to boost the nation’s manufacturing sector.
Fortescue, led by founder Andrew Forrest, has been pushing to accelerate the iron ore giant’s shift to green energy, expanding in metals that are vital to the energy transition.
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