The Michigan Strategic Fund Board on Tuesday approved cutting $50 million from state incentives for Our Next Energy’s planned battery plant expansion in Van Buren Township after the company cited a decline in the electric vehicle market that delayed the project and left it unable to meet its original milestones.
At ONE’s request, the board reduced the company’s Critical Industry Program grant from $200 million to $150 million. The Novi-based battery company also will have its job-creation commitment reduced from 2,112 jobs to 1,606, while its required capital investment increases to about $1.67 billion, up by $47.7 million.
The amended agreement was updated to include lithium-ion cell manufacturing for defense, energy storage, locomotive and other applications, according to a Michigan Economic Development Corporation memo. ONE said it is focusing development on higher-margin markets as it responds to changes in federal policy and volatile market demand…