Panasonic Energy, a wholly-owned subsidiary of Panasonic Holdings Corporation, has agreed a deal that will allow the firm to build an EV lithium-ion battery manufacturing plant in Kansas, US.
The announcement comes as Kansas approved an Attracting Powerful Economic Expansion (APEX) state incentive application submitted by Panasonic Energy.
APEX was established by the State of Kansas to attract investment and is available to qualified companies within specific industry sectors that agree to invest at least $1 billion.
Panasonic has identified a site in De Soto for the planned project, which could attract up to $4 billion in investment.
While early estimates put the cost of the incentives at $1.3 billion, the Kansas Department of Commerce has said Panasonic would be eligible for $829 million in tax credits, exemptions and other incentives, reported newspaper Kansas City Star.
However, paired with an expected local property tax incentive from De Soto, the deal could mean taxpayers will fund close to a quarter of the projected cost, reported the newspaper.
The announcement comes five years after Panasonic Group began production of lithium-ion batteries at Panasonic Energy of North America (PENA) in Nevada, US.
The construction of a manufacturing facility is subject to approval by the Panasonic Holdings Corporation’s board of directors.
Further information on the plans will be made once the Japan-based firm has made the relevant decisions official.
