Ann: Launch of Fortescue Capital, page-83

this project has just gained approval from the Detroit Brownfield Redevelopment Authority…sorry if it has been mentioned on here in the last day

https://www.michiganradio.org/envir...-build-35-million-ev-battery-plant-in-detroit
Australian company to build $35 million EV battery plant in Detroit
Michigan Radio | By George Weykamp
Published December 14, 2023 at 5:59 PM EST

• Facebook
• Twitter
• LinkedIn
• Email

Fortescue Metals Group is planning to build a $35 million-dollar electric vehicle battery systems plant in Detroit.

The Australian-based company first made the announcement last month, but the plan officially gained approval from the Detroit Brownfield Redevelopment Authority on Wednesday. The plant is expected to be a major hub for Fortescue's battery, charging, and hydrogen generator production.

The company said the new plant could create up to 600 jobs locally.

Fortescue will directly benefit from federal and local tax credits for battery modules, the company said. The Inflation Reduction Act, which was passed by Congress last year, provides a tax credit of $10/kWh for battery models produced domestically.

“Michigan and the United States are extremely attractive places to manufacture, given the skilled workforce, existing supply chain and significant incentives from state and federal governments, including the Inflation Reduction Act," Fortescue Energy CEO Mark Hutchinson said in a statement.


Pre-development activities are expected to begin in early 2024, according to documents. The developer requested $11.8 million in tax increment financing reimbursement.

“Our intent for this facility is to create zero-emissions power systems and becoming a tier one supplier to multiple industries,” said Melanie Melendez, head of global manufacturing for Fortescue. “So we are looking to evolve that and create close to 600 jobs by 2030 with an investment in the facility.”