LANSING – State Representative Mary Valentine (D-Norton Shores) today praised a plan that will award a $100 million refundable tax credit to help attract an advanced battery manufacturer, bringing 745 jobs to Muskegon County.
"The Fortu PowerCell project will help Michigan further position itself to become a leader in the development and production of advanced batteries to power the next generation of automobiles," Valentine said. "Our state has the top-notch workers and facilities that this company needs to thrive. In order to turn our economy around, we have to attract these 21st century businesses that will put our residents back to work."
The two-phase project is expected to generate $670 million in investment. The incentive plan making the project possible was passed by the House on Nov. 12 and now awaits Senate approval.
Fortu PowerCell was founded in 1997 to develop advanced battery technology. The company has identified several potential market areas, including vehicle, battery back-up systems for cell phone transmitters, power-generation plants and niche recreational vehicles.
In April, a plan was signed into law that expanded state tax credits for companies involved in advanced battery manufacturing to $555 million, building on Michigan's first-in-the-nation tax credits that were signed into law in January. The first of those tax breaks were awarded to General Motors for the production of lithium-ion batteries for its new Chevy Volt, which will be built in Michigan. The tax incentives have resulted in more than $3 billion in investments by seven world-class advanced battery companies that will create more than 6,600 jobs in Michigan.
"Our first in the nation tax credits made it clear that Michigan is open for business, and this new investment has shown that our efforts are working," Valentine said. "This is great news for our state and our workers."