15 April 2009 00:23 [Source: ICIS news]HOUSTON (ICIS news)--The state of Michigan announced on Tuesday it will provide $543.5m (€407.6m) in tax credits to support plans by four companies - including a Dow Chemical joint venture - to build lithium-ion battery plants.
The Michigan Economic Development Corporation and the governor's office said the state will provide tax credits to Johnson Controls-Saft ($148.5m), LG Chem-Compact Power ($125.2m), KD Advanced Battery Group ($144.6m) and A123Systems ($125.2m) to develop lithium-ion battery plants.
The Michigan Economic Development Corporation said the tax credits were part of its strategy to diversify the economy for the state, a long-time centre of US automotive manufacturing.
The American Chemistry Council has noted that the chemical sector will benefit from stimulus spending on green energy projects because components such as lithium-ion batteries and solar cells consume chemicals in production processes and as end-product components.
($1 = €0.75)
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