Funding Secured for Lithium-Ion Battery Plant in Endicott
A company that makes lithium-ion battery cells says it has landed significant funding for a factory in Endicott.
Riverstone Credit Partners and Magnis Energy Technologies say the plan is moving forward for the iM3NY Lithium-ion Gigafactory at the Huron Campus and with the potential of creating 150 jobs right away and thousands in the future.
The company held an event April 21 announcing it has completed the significant funding of a total of $85-million for the project. That includes a secured loan of $50-million, $4-million in Upstate Revitalization Initiative grant money and $3.5-million in Excelsior Jobs Program tax credits.
The new venture will be working with C4V or “Charge CCCV” of Binghamton which has been developing environmentally-friendly lithium-ion batteries.
In their announcement, company officials say they plan to hire around 150 people for initial manufacturing operations and the company headquarters next to the factory with plans for around 2,500 workers once the plant reaches capacity over eight years.