EV Battery Supplier Shinsung Invests $54M in Bowling Green
BOLWING GREEN, KY – Shinsung is Set to Invest $54 Million in a New Facility
A Look into the Investment Plan
Shinsung ST KY Inc., a well-known manufacturer of press parts and secondary battery components, has announced a hefty investment of $54 million into the development of a new facility in Bowling Green, Kentucky. The planned investment targets rent, building enhancements, and equipment procurement for the new facility.
The detailed plan, which was presented at the Kentucky Economic Development Finance Authority (KEDFA) monthly board meeting held on Thursday, March 28, states that Shinsung ST KY Inc. is deliberating on setting up its facility in Warren County. The primary objectives of the new facility will be to manufacture energy storage containers designed to promote energy efficiency and foster eco-friendliness.
Shinsung ST is known for its production of busbars and module cases for electric vehicle batteries. The busbar components are crucial as they connect the current between EV battery modules.
Investment Cum Employment Generation
The company has projected a $54.2 million total investment in Kentucky. Of this amount, $35 million will be used to purchase equipment, while $11.2 million has been set aside for rent expenses related to the new facility. The development is also expected to spur job creation, with ten new jobs expected at the onset. The average wage is likely to be around $40 an hour, with a predicted increase to 80 jobs over the upcoming two years.
Tax Incentives: A Boost for the Project
Shinsung’s project stands to benefit from significant tax incentives provided by both the Kentucky Business Investment (KBI) and Kentucky Enterprise Initiative Act (KEIA) programs. Together, these initiatives are expected to save Shinsung approximately $2 million, thereby encouraging more effective and efficient project execution.
As part of a broader trend, this investment indicates the growing focus on environmentally friendly and energy-efficient technologies. With this new facility, Shinsung is positioning itself at the forefront of this shifting paradigm, investing not just in Kentucky, but in a greener future for all.
