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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
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
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
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
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
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
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
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
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.
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See also:
LG Chem: A Look Back at the Failed Predictions
MEDC Removes … 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