An Australian mining company is exploring plans to build a $480 million plant in Ascension Parish that would manufacture materials for electric vehicle batteries, Louisiana Economic Development announced Wednesday.
If built in Ascension, the project from Element 25 would create up to 220 new direct jobs with average annual salaries of more than $90,000, according to an LED news release. It would also create 408 indirect jobs.
Element 25 has already completed a feasibility study for its prospective sites and expects to make a final decision on the plant’s location in the coming months, LED said. Construction could start in the third quarter of 2023 with operations beginning in 2026.
The plant would manufacture HPMSM, a critical component in electric vehicle batteries.
LED has offered incentives to lure Element 25, including a $6 million performance-based grant for infrastructure expenditures. The company is also expected to apply for the state’s Quality Jobs and Industrial Tax Exemption programs.
This is a developing story.
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