Friday, January 27, 2023

ACS will build its second major plant for electric vehicles in the US for 1,000 million

New crorepati contract for the group ACS Relating to the introduction of the electric vehicle in the United States. your building specialistUri is going to build a battery factory, commissioned by ascending element, in Hopkinsville, Kentucky. The prize money is 1,000 million dollars (about 952 million euros).

construction union included Kokosing Industrial & SSOE, Turner is coming off winning contracts to build battery plants for Honda Motors and LG Energy in Ohio last month. In this case, Yates Construction, a subsidiary of ACS, and the aforementioned Cocosing Industrial team up to perform the $3,500 million worth of work.

Cocosing Industrial is becoming the reference partner for turners in this kind of work. The company is part of the Kokosing Industrial Group, a family-based American contractor, but with the makings of a large company: it has 3,100 employees and annual revenues of $1.3 billion.

The Ascend Elements facility will have battery recycling as its primary mission, reducing electric vehicle deployment’s reliance on materials such as lithium. Once commissioned, the 46,500 square meter plant will employ half a thousand employees. Its owner will have the capacity to supply components to 250,000 vehicles.

Turner Manufacturing Senior Vice President, Tom Manahan, has highlighted through a statement that the project is “the largest private investment in the history of Western Kentucky”. The Factory of the Future is part of efforts to rebuild an area hit by a tornado in late 2021.

SSOE assumes the role of project manager, while Turner and Kokosing will focus on the execution of the tasks. SSOE director Matthew Biershbach noted that monitoring by his teams would seek to “save runtime and cost” for the ascension elements.

The latter, headquartered in Westboro, Massachusetts, is a provider of sustainable battery solutions, operating in both recycling and production. The firm has a patented technology, Hydro to Cathode, with which it produces lithium-ion cathodes from pre-used cells. The difference, according to the company, lies in environmental efficiency and production cost.

Founded in 2015, Ascend has received $480 million in a grant from the Department of Energy and raised $400 million in a funding round that brought in shareholders such as South Korean conglomerate SK Group, Japanese Hitachi Ventures, InMotion Ventures (Jaguar Land). Rover), TDK Ventures, Oman Investment Authority (OIA), Lithium America Corporation, GLY Capital and Mirae Asset Capital & LS and Shinhan GIB.

It is this capital injection that allows Hydro to accelerate the commercialization of cathode technology and the construction of a factory in Kentucky called Apex 1. “Our investment partners understand the urgent need to produce sustainable materials for lithium-ion batteries” Ascend Elements CEO in late October, Mike O’Cronley, The company has an active first factory, Base 1, in Georgia, for which it anticipates battery recycling capacity of 30,000 tons per year.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news