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Energy Companies Plan Purchase of Dormant Ford Plant in Michigan

08/26/2009
Two alternative energy companies are proposing a potential $1 billion investment that could bring 4,300 jobs to Wixom, Michigan. The Detroit Free Press reports that Xtreme Power -- a grid storage battery company based in Austin, Texas -- and Clairvoyant Energy -- a solar panel manufacturer based in Santa Barbara, California -- have struck a tentative deal to purchase a 320-acre dormant Ford Motor Company factory in Wixom, with plans to create a renewable energy business park for their own and other companies. The Associated Press reports that the companies will apply for federal loans by a September 14 deadline, but that they are awaiting approval from the state on an incentives package of $100 million in refundable tax credits for advanced battery production and a $25 million tax break for solar based manufacturers. If the project moves forward, the companies plan to begin production in 2011.

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