State offers incentive for $900M manufacturing project that would bring 1,200 jobs

The Ohio Tax Credit Authority approved tax incentives for Semcorp Manufacturing USA’s $900 million investment in its “first North American manufacturing plant to support the electric vehicle battery market,” ColumbusCEO reports. Ohio is competing with Texas for the project, which would bring 1,200 jobs with a payroll of $73 million, according to the article. Semcorp is a “large producer of separator film used in lithium-ion batteries,” with a focus on “electric vehicles along with consumer electronics and energy storage systems.” A JobsOhio spokesperson said the project “is critical to the U.S. supply chain as more (original equipment manufacturers) shift away from the internal combustion engine supply chain and toward electric vehicle production.” For more, read the full article

Economic Development, Financial Incentives, State Updates