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Another One: Stimulus-Backed Battery Company Workers With No Work To Do — Playing Cards, Watching Movies, Reading Magazines

LG Chem joins the growing list of 'green' failures

LG Chem, a Korean-owned company with a battery manufacturing plant in Holland, Mich., received a $151 million grant through the federal stimulus program … sitting there and doing nothing, and it's basically on taxpayer money."  LG Chem promised in 2010 to create 443 new jobs in five years — those projections … more

Obama-Promoted Battery Plant Moves to 'Rolling Furloughs' As Company Pulls Back on Jobs Projections

LG Chem received $151 million from feds, $100 million from state

Two years ago, when President Obama visited the LG Chem battery plant in Holland, it was hailed as part of the transformation of Michigan to a “green … when the company is going to be able to launch production and grow," said LG Chem Spokesman Randy Boileau. "The company has said the Holland facility will … more

LG Chem: A Look Back At the Failed Predictions

Company generated more press releases than batteries

… manufacturing plants for LG Chem were going to make Michigan … a federal investigation, LG Chem is being made to repay $842,000 … credits and subsidies for LG Chem were predicted to create hundreds … officials were bullish, too. "LG Chem-Compact Power could have gone … given any tax credits yet to LG Chem. “LG Chem Michigan was awarded … more

Dead Batteries

LG Chem, a battery company based in Holland, Mich., received a $151 million grant through the federal “stimulus” program and another $100 million in promised … sitting there and doing nothing, and it's basically on taxpayer money."  LG Chem is a Korean-owned company that promised in 2010 to create 443 new jobs … more

Battery Maker LG Chem Is Back At Michigan’s State Subsidy Window

$189.1 million this time

… cards. The audit reported that LG Chem Michigan hadn’t produced a … successor company — now known as LG Energy Solutions — is set to … Solutions was formerly known as LG Chem Michigan. The parent company LG Chem says LG Energy Solutions was … Michigan. Back in 2010, LG Chem Michigan was celebrated as … more

EV battery maker gets $189M in corporate welfare, lays off 170 employees

Mass layoffs come less than two years after incentive package

LG Energy Solutions announced this week plans to lay off 170 … announced but never created. LG Energy Solutions was created … through its parent company, LG Chem, which originally received … administration’s push for green energy. LG Chem was touted by Granholm as … previously reported that LG Chem was awarded $250 million in … more

Five Years Later, Granholm's Green Economic Vision has Failed to Materialize

Former governor said Michigan would be the capital of green energy

… transformation. In a June 2010 press release, Granholm declared that the company LG Chem in Holland was making Michigan “a world capital for advanced batteries.” … America.” Five years later, plans for a biogas facility in Reed City died and LG Chem was made to repay $842,000 from a federal stimulus grant after employees … more

Terrible Track Record

Government's 'green' venture capitalism experiment a failure.

… be one of the biggest green failures in the country. While countless articles have been dedicated to exposing green failures like Solyndra, A123, LG Chem, Energ1 and others, Frontier, which is a part of Mascoma Corp., has received little media attention. In June, Michigan Capitol Confidential reported that … more

Cost to Revive Economy With Battery Plant Subsidies: $5 Trillion

… electric car battery plant owned by the Korean firm LG Chem. The federal contribution is $151 million in "stimulus" … half the state's total output for a year.) LG Chem's owners are not the only battery-plant operators … battery packs will take place at both this and the LG Chem Holland plant, with primary production actually … more

Analysis: Michigan Taxpayers to Write $100 Million Check to Korean Battery Maker

… of the South Korean battery maker LG Chem. The MEDC in effect converted the … Jennifer Granholm in May. It absolves LG Chem's American subsidiary, Compact Power, … the form of cash disbursements. LG Chem's facility is one of four such plants … their facilities to become renaissance zones. LG Chem was just the first such conversion … more

Michigan Taxpayers Writing Check to Second Electric Car Battery Maker for $100 Million

… Systems renaissance zone award actually preceded one to the Korean firm LG Chem for a Holland plant, as reported in Michigan Capitol Confidential on July … $100 million "refundable" business tax credits for both A123 Systems and LG Chem.* "Refundable" means that the state will send the companies a check for … more

Granholm Predicted 62,000 Michigan Battery Jobs — There's Less Than 1,800

She made big boasts on electric vehicle subsidy deals

… number of jobs that would flow from the many subsidies she authorized for battery makers. In a conversation with the one of those company’s CEO, LG Chem’s Peter Kim, she said the following: “During our meeting, Mr. Kim remarked that Michigan is becoming a world capital for advanced batteries,” Granholm … more

Electric Vehicle Battery Subsidy Failures Evident Early On

Former Gov. Granholm defends her policies in Detroit Free Press article

… A123 Systems, Dow Kokam, Johnson Controls and L.G. Chem. Nearly $600 million in federal money alone was … Articles also were done on the failed promises of LG Chem; the GOP reviving the subsidy program after vowing … bankruptcy in October 2012. ~~~~~ See also: LG Chem: A Look Back at the Failed Predictions MEDC Removes … more

Michigan Senate Revives Corporate Welfare Scheme Governor Vowed to End

Bill authorizes $50 million from state for another electric car project

… a second electric car battery assembly plant owned by the Korean firm LG Chem is now operating in Holland. This state money is in addition to federal … workers rather than the 3,000 predicted by President Obama and the company. LG Chem was given $151 million in federal "stimulus" money. ~~~~~ See also: … more

Déjà vu: Michigan going all-in on taxpayer-subsidized battery plants

State battery subsidies have been an enormous bust so far

… report to legislators, the Michigan Strategic Fund noted that it had approved funding for five companies: A123 Subsystems, Dow Kokam, fortu PowerCell, LG Chem and Johnson Controls-Saft. These subsidies helped land investments and short-term jobs, but at a massive cost. Within a few years, the deals were … more

Chevy Volt Costing Taxpayers Up to $250K Per Vehicle

Analyst: 'This might be the most government-supported car since the Trabant'

… country's fledgling battery technology and domestic electric vehicle industries (not just specifically for the Volt as Ford's offering will also use LG Chem batteries and Fisker will use the A123 system for example) matches the same foresight and innovation  leadership that other countries are exhibiting … more

President Sees Bright Green Future for Battery Jobs; Details Show Reality Still Very Cloudy

… new industry.” Obama visited Holland last summer at the opening of a LG Chem advanced battery facility, which is also heavily subsidized with U.S. taxpayer … same promises. Following the President’s previous visit to Michigan to LG Chem, Mackinac Center legislative analyst Jack McHugh commented in Capitol Confidential … more

MEGA Failure: Job Projections From Michigan Tax Credit Program Rarely Came True

Only 2.3 percent of projects met projections

… became prominent failures. The film studios of Hangar 42 in West Michigan and Unity Studios in Allen Park both ended in scandal. A123 Systems and LG Chem were battery companies that went bankrupt. Renewable energy projects featuring the old Ford Wixom Plant, GlobalWatt, Dow Kokam and Suniva all flopped. … more

Former Gov. Jennifer Granholm Oversaw Parade Of Failed Green Energy Boondoggles

Would-be energy secretary’s record not promising

… new jobs. The state gave it millions, and the federal government approved $119 million. It laid off its staff and filed for bankruptcy in 2012. LG Chem: Granholm said the Holland-based company would help make Michigan “the world capital for advanced batteries” and offered it $125 million on top of … more

Granholm Brings Michigan’s Failed Green Energy Subsidies To Washington

Former governor, now U.S. energy secretary, visits state promoting same plan as if it worked

… local property tax abatements. It was also given $84.9 million in federal stimulus money for which 100 jobs were promised. It went bankrupt in 2011. LG Chem was going to be the “world capital of advanced batteries,” according to Granholm. It received $151 million though a federal stimulus and $100 million … more