ONE eyes USD-1.6bn investment in EV battery gigafactory in Michigan

Michigan-based energy storage developer Our Next Energy Inc (ONE) will pour USD 1.6 billion (EUR 1.64bn) to set up an electric vehicle (EV) battery cell factory in its home state, targeting annual production of 20 GWh.

The project will create the company’s first battery cell manufacturing plant in Michigan, it said last week.

The new production facility, dubbed ONE Circle, will be located in the state’s Van Buren Township in Wayne County. The site is being leased from real estate investment firm Ashley Capital, with its construction due to be completed in January 2023. After building works have been finalised, ONE will take possession of the property and start making upgrades and installing the required equipment.

The complex will integrate raw material refinement, cathode materials production, and cell and battery manufacturing. ONE anticipates that the factory will start working at full capacity by the end of 2027, producing 200,000 EV batteries per year.

Part of the production will be sourced from recycled materials under a partnership between ONE and an unnamed North American battery recycler.

The project site was selected following a review of sites in 12 states and one Canadian province. ONE noted that the investment in its home state is expected to open more than 2,000 jobs. A special workforce development programme is due to be launched in 2024.

(USD 1.0 = EUR 1.028)

Choose your newsletter by Renewables Now. Join for free!