Lio Energy Systems, a joint venture of Santa Monica, California's CODA Automotive Inc. and China's Lishen Power Battery, will receive up to $15.9 million from the Ohio Tax Credit Authority. The company will receive the funds in the form of a 15-year, 75 percent Job Creation Tax Credit.
CODA is planning to build a plant in Columbus, Ohio, to make lithium ion batteries for plug-in electric cars, potentially creating up to 1,000 jobs.
CODA has already been approved for a $33 million incentive from the city of Columbus and a $2 million Third Frontier grant. But the company is waiting to finalize the project until it receives a state incentive and a loan of up to $500 million from the U.S. Department of Energy.
The total project cost is estimated at more than $556.6 million. CODA would lease a facility of more than 750,000 square feet.