Lithium-ion battery manufacturer EnerDel will invest $237 million in a new manufacturing plant near its Indianapolis headquarters in order to meet anticipated demand for advanced battery systems used in both automotive and stationary smart grid applications. The $237M investment is part of a targeted $600M in investments worldwide during the next five years.
The new Indiana plant will give EnerDel the capacity to produce battery packs for approximately 600,000 hybrid electric vehicles, or 60,000 battery-electric cars. (EnerDel is referring to the latter as “electric-vehicle equivalents” —about 20-25 kWh.) Worldwide, Enerdel is shooting for capacity for about 120,000 electric vehicles by the end of the five year plan, representing about $2.2B in sales.The Indiana plant will be financed through a $118.5 million grant awarded under the federal stimulus package under a 50:50 cost-share program, of which EnerDel plans to spend $60 million in 2010. The project represents just the first stage of the company's expansion plans in the Indianapolis area.
The announcement came during a special unveiling at the EnerDel facility of the new EnerDel-powered C30 electric vehicle platform for Volvo Cars. (Earlier post.) The unveiling was to commemorate 18 months of collaboration between the two companies, with EnerDel and Volvo management outlining the C30’s imminent path to commercialization to gathered media and investors. That path apparently does not lead to the US.
State and local economic development incentives are valued at $69.9 million, which comprises a state incentive package of $21.3 million and Hancock County package valued at $48.6 million. EnerDel has also applied for an additional $9 million from Federal Government development programs.