Posted Apr 15, 2023, 6:46 PM
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Detroiter4life
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Join Date: Jul 2001
Location: Back home in Georgia!
Posts: 4,115
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Michigan close to landing 2 new projects in clean energy, microchips, MEDC says
Quote:
Michigan is poised to land two more projects that would receive incentives from the state's large-scale business-attraction fund, one in the clean-energy sector and the other in the microchip industry, top economic development officials told lawmakers.
The outlays from the Strategic Outreach and Attraction Reserve Fund, or SOAR, would be under $100 million combined. Michigan is a finalist for three or four SOAR-scaled projects and is in the early stages of discussions on 10 others.
The information was shared Thursday by Michigan Economic Development Corp. CEO Quentin Messer Jr. and Josh Hundt, the agency's chief projects officer and executive vice president of strategic accounts, during testimony to the Senate Economic and Community Development Committee.
The panel's chair, Democratic Sen. Mallory McMorrow of Royal Oak, wanted to know how the MEDC balances seemingly "disconnected messages" — using the SOAR account to attract manufacturing, largely electric vehicle battery factories including in rural areas, amid a need to shift to the knowledge economy. Messer said the state has two accepted offers outside the automotive/mobility sector, both in urban regions, but they cannot be made public until reviews and negotiations are finalized. One is related to clean energy, the other to semiconductors. The projects for which Michigan is a finalist are in the EV, semiconductor and advanced manufacturing spaces, Hundt said.
While officials are aggressively targeting 10 other sectors beyond transportation, Messer said, they also are focused on "winning what we can win right now." He noted unprecedented competition among states due to two 2022 federal laws that provide incentives to manufacturer EVs and microchips in the U.S.
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https://www.crainsdetroit.com/econom...rgy-microchips
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