Advanced Nano Products Plans Hardin County, Kentucky, EV Battery Plant
The company will construct a 50,000-square-foot facility on 22.6 acres along North Black Branch Road in Elizabethtown to supply EV battery plants throughout the region, such as BlueOvalSK Battery Park. The investment supports ANP’s supply of special carbon nanomaterials, which serve as conductive materials for cathode and anode in mass-produced batteries. Construction is planned to start in February 2023 and will be completed later the year.
“We are pleased to be part of the incredible momentum in the EV sector throughout Kentucky. Starting in 2023, ANP will start manufacturing efforts in South Korea, China, Japan, Poland and the United States,” said Dr. Changwoo Park, CEO of ANP. “Kentucky is a key logistical location for ANP for our continued expansion to become a global supplier to EV battery plants. We look forward to the successful production start of our Elizabethtown site and we hope to expand our manufacturing facilities in Kentucky in 2025 with continued growth of the EV sector.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2.6 million in tax incentives based on the company’s investment of $49.6 million and annual targets of creation and maintenance of 93 Kentucky-resident, full-time jobs across 10 years and paying an average hourly wage of $40 including benefits across those jobs.
Additionally, KEDFA approved the company for up to $400,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing. By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
“Kentucky has firmly established its place as a leader in the rapidly growing electric vehicle sector,” Governor Andy Beshear added. “This announcement solidifies that further as we continue to see EV suppliers locate in the commonwealth. The automotive industry is changing quickly, and we are determined to be part of that to drive our state’s growth for decades to come. Congratulations to Advanced Nano Products on this incredible investment. I hope to see the company grow with us far into the future.”
In addition, the company can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
“Economic development related to investments in electric-vehicle technology has become abundant in our commonwealth, and so much of that development is happening here in Hardin County,” said Andy Games, vice president of the Elizabethtown-Hardin County Industrial Foundation. “When BlueOvalSK was announced last year, it was abundantly clear that ancillary development would soon follow. This announcement from ANP illustrates that, and it further solidifies that our region is experiencing immense growth.”
South Korea-based ANP was founded in 2001 and specializes in the development and manufacturing of nanomaterials for high-end industries including the EV, solar and TV display markets. The company established its EV business in 2016 and has worked closely with Korean battery manufacturers, such as SK Innovation, LG and Samsung SDI. ANP also maintains a manufacturing operation in China with corporate offices in California and Japan.
Kentucky continues to make significant strides to lead the way in the EV sector, with significant investment throughout the past two years. Since June 2020, the commonwealth has seen over $8.5 billion in EV-related investments, with well over 8,000 full-time jobs announced.
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