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AESC Expands Florence, South Carolina, Operations

Battery technology company AESC plans to expand its production operations in Florence County, South Carolina. The $1.5 billion project is expected to create 1,080 jobs.

The investment will include the construction of a new electric vehicle battery manufacturing facility adjacent to the company’s existing site at the Florence Global Technology Park.

“We greatly value our partnership with South Carolina and Florence County as we strengthen our work together through this latest expansion that enhances our commitment to create high value jobs in the region and invest in the state. South Carolina is a crucial part of our strategy to power next generation electric vehicles for customers across the U.S. by manufacturing high-performance, longer-range EV batteries locally. Through our collaborative efforts, I am excited that we are able to support thousands of new workers and increase both AESC and South Carolina’s leadership in providing advanced clean energy transportation solutions,” AESC CEO Shoichi Matsumoto said.

The Joint Bond Review Committee and the State Fiscal Accountability Authority authorized the issuance of up to an additional $111 million in state general economic development bonds in support of the expanded project, as well as the costs of issuance. The bond proceeds will be used to offset the costs of a county-owned warehouse building, site preparation, on-site roads, off-site road and water improvements, and additional expansion of the training center that will serve both manufacturing facilities at the Florence site.

“South Carolina is proud to have AESC as a key player in our state’s burgeoning electric vehicle industry. Its expanding presence has helped our state assemble the backbone of the ecosystem that will take us through the entire life cycle of the electric vehicle battery,” noted Secretary of Commerce Harry M. Lightsey III.

The Coordinating Council for Economic Development also approved job development credits related to the project. “Today’s announcement by AESC is a truly remarkable economic development achievement. The continued momentum of AESC’s presence in Florence County brings even more high-level jobs and opportunities to residents of the region. This landmark initiative epitomizes the strength of our region’s business climate, and we commend AESC for their commitment to South Carolina,” added NESA Executive Committee Chairman Yancey McGill.

AESC develops and manufactures high-performance batteries for electric vehicles and energy storage systems. The company has produced power batteries for more than 1,000,000 electric vehicles in 59 countries.

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