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Honda Banks Another $237M Funding for its Plant Project in Ohio

Published on February 10, 2023 by BikeJunction

Honda has sealed a deal with Ohio's privatised economic development office to invest $237 million in the construction of a sizable battery factory project, which the Japanese manufacturer hopes to utilise to turn the state into its North American electric vehicle centre.

Jobs Ohio published information on the three grants on Wednesday. They consist of an economic development grant of $140 million for the plant that Honda is constructing alongside LG Energy Solution of South Korea, a workforce grant of $10 million for the project itself, and an investment of $87 million to upgrade Honda's current facilities.

In addition to the approximately $156.3 million in tax incentives and infrastructure upgrades that the state of Ohio is contributing to the project, the cash is payable over the following ten years.

The battery plant, according to officials, will be situated in rural Fayette County, roughly 40 miles (64 kilometres) southwest of Columbus, the state capital.

Including 2,200 employees through the Honda-LGES battery project and 327 jobs through Honda's retooling, Honda and LG have pledged to create 2,527 new jobs and more than $140 million in new payroll. In addition, Honda has announced that it is putting $700 million into three of its own Ohio plants and creating 300 new jobs in order to get them ready to start producing EVs and componentry.

At least $4.2 billion in capital investments have been made to the two projects by Honda and LG. According to JobsOhio, that works out to $1 invested at a rate of $17.72.

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