LG Energy Solution is getting an extension on formally entering into an agreement with Michigan's quasi-governmental economic engine to quintuple the size of its Holland, Michigan, electric-vehicle battery plant just days after it first was reported that the company won't be building a fourth battery plant with General Motors Co.
The governing body of the Michigan Economic Development Corp. on Tuesday approved the 60-day extension for the Korean manufacturer to enter into the agreement. The company couldn't execute the agreement within the initially required 180 days because of "administrative limitations," according to a memo from Jeremy Webb, managing director for business development projects at the MEDC, to the Michigan Strategic Fund board.
Webb added that it's anticipated LGES will be able to execute the agreement within the allotted reauthorization timeline. It's not necessarily uncommon for extensions to be requested, especially given the project of this size.
