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Gotion High-Tech received a grant of 175 million US dollars

Industry information
2023/03/17 10:00

According to reports, Gotion High-Tech has received a grant of 175 million US dollars (approximately 1.203 billion yuan), of which 125 million US dollars have been allocated to Gotion High-Tech, and the remaining 50 million US dollars have been allocated to The Right Place Inc., a regional economic development organization located in Grand Rapids City. The Right Place will use this fund to upgrade infrastructure to support the project.
In October last year, the US subsidiary of Gotion High-Tech, Gotion, approved a plan to build a battery material production plant near Grand Rapids, Michigan. The total investment is expected to be $2.364 billion, providing 2350 jobs. The factory will be completed in 2030 and is expected to produce 150000 tons of battery positive electrode material and 50000 tons of negative electrode material annually.
At the same time, the Michigan State Strategic Funds Commission has also granted Gotion a 30 year tax credit worth $540 million.
Up to now, Gotion High-Tech has formed six major material bases, and its supply and defense lines have been continuously strengthened and upgraded. The bases are located in Anhui Lujiang, Anhui Feidong, Jiangxi Yichun, Inner Mongolia Wuhai, Argentina Huhuyi (in preparation), and United States Michigan (in preparation).

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