A Korean battery maker said it would build a $303 million plant to make electric car batteries in the town of Holland.

The company, LG Chem, said it would hire 400 new employees for the plant. The factory is expected to make enough lithium-ion battery cells for up to 200,000 vehicle battery packs a year.

The new factory is one of four advanced battery plants underway in Michigan. All three companies have tapped large federal grants from the Department of Energy to help finance the new plants. Michigan also offers a host of incentives, including tax credits for advanced battery cells and job creation.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.