Global Courant 2023-05-15 22:32:09
A company seeking to become a major U.S. supplier of graphite for electric batteries announced on Monday that it will Investing $800 million to build a factory in southwest Georgia, hiring 400 workers.
Chicago-based Anovion Technologies said it would make synthetic graphite anode in Bainbridge. Production of the key ingredient for lithium-ion batteries should start in 2025.
The plant would build on Georgia’s push to recruit electric vehicle makers and their suppliers. Republican Governor Brian Kemp said the announcement furthers his goal of making Georgia the nation’s electric mobility capital. Most battery graphite is currently made outside the United States.
Georgia economic development officials say more than 40 electric vehicle-related projects have been announced in Georgia since 2020, pledging $22 billion in investment and 28,000 jobs.
Anovion was formed last year through the combination of the graphite business of two existing companies, Pyrotek and Amsted Graphite Materials, along with a new investment from Monomyth Group, a private equity firm.
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It has existing facilities in Sanborn, New York, and Clarksburg, West Virginia, and previously announced plans to build a graphite plant with an annual capacity of 35,000 tons near Muscle Shoals in northwestern Alabama.
Anovion won a $117 million grant last year under the new federal infrastructure law to help fund the new Alabama plant, as well as improvements to the existing New York plant.
Anovion, the company that makes graphite for electric batteries, plans to build an $800 million plant in southwestern Georgia.
The company was attracted by Georgia’s workforce, research universities and growing solar energy production, Eric Stopka, CEO of Anovion, said in a statement.
“We look forward to providing solutions that further secure the nation’s electrified future with the support of our partners in Georgia and the federal government,” said Stopka.
Anovion executives have said they are aiming to reach 150,000 tons of production in the next few years, starting with almost nothing.
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Synthetic graphite is made from carbon products such as petroleum coke, a by-product of oil refining, and heated to super-high temperatures for long periods of time to refine it. Such furnaces usually require huge amounts of electricity, making energy costs an important consideration when locating factories.
Anovion could claim several tax breaks, including a state tax credit that would allow it to deduct $3,000 per job annually from state income taxes for five years, as long as employees earn at least $31,300 per year. That could be worth $6 million. The company could also qualify for Bainbridge and Decatur County real estate tax benefits.
Monday’s announcement is the second major industrial win in two years for Bainbridge, located in the far southwestern corner of the state. Danimer Scientific, a maker of biodegradable plastic, announced in 2021 that it would build a $700 million factory and hire 400 workers.
“We’ve always known that in order to stay competitive and grow, we had to diversify our industry mix,” Pete Stephens, chairman of the Decatur County Commission, said in a statement.
