(The Center Square) — State officials on Thursday said Hyundai Motor Group and LG Energy Solution plan to invest an additional $2 billion in a battery cell manufacturing joint venture in Bryan County.
The companies announced a memorandum of understanding to create the joint venture in May, but state and federal politicians haggled over whether the investment was part of one Hyundai announced in May 2022.
Last year, Hyundai said it had selected Georgia for its first fully dedicated electric vehicle and battery manufacturing facility. However, the company did not name the battery manufacturing partner.
Officials previously said the project represented a $5.5 billion “investment.” The new spending brings the total to nearly $7.6 billion.
“These types of major investments ultimately go to hardworking Georgians in the form of paychecks, improved schools and infrastructure, and more,” Gov. Brian Kemp, a Republican, said in an announcement.
The joint venture will be located at the 2,923-acre Hyundai Motor Group Metaplant America, currently under construction along Interstate 16. Officials now say the project should create 8,500 jobs, including an additional 400 jobs that are part of the increased spending plan.
Georgia governments and development authorities offered more than $1.8 billion in incentives for the project. It is unclear whether taxpayers will be on the hook for additional incentives to lure the new “investment.”
Following the May announcement, U.S. Sen. Jon Ossoff, D-Georgia, tried to place credit for a new electric vehicle battery manufacturing facility on tax incentives in the Inflation Reduction Act. But state officials rebuffed him, saying the investment was agreed to before Congress passed the IRA, and President Joe Biden signed it into law in August 2022.
Spokespeople for Kemp and Ossoff did not respond to requests for comment, while a Georgia Department of Economic Development spokesperson did not clarify whether taxpayers are on the hook for additional incentives.
