EnerSys, a leading industrial battery maker based in Berks County, Pennsylvania, has finalized a deal with the federal government to receive $199 million in funding for its new lithium-ion battery manufacturing facility in Greenville, South Carolina. The company plans to use the money to build a 500,000 square-foot plant, which will produce advanced lithium-ion cells for commercial, industrial, and defense end markets.
The grant, awarded by the Department of Energy’s Office of Manufacturing and Energy Supply Chains, is part of the Bipartisan Infrastructure Law of 2021. Construction on the new facility is expected to begin this year, with production operations set to start in 2028.
EnerSys has already invested $615 million into the project, which will significantly boost the company’s manufacturing capacity and help drive growth in the energy storage sector. The news comes as shares of EnerSys (NYSE: ENS) trade at $98.26, near the midpoint of the stock’s range over the past year.
The deal marks a significant win for EnerSys, which has been recognized by the Department of Energy for its innovative manufacturing practices and commitment to energy supply chain development. The company’s market capitalization stands at $3.91 billion, solidifying its position as a leading player in the industrial battery sector.
Source: https://www.wfmz.com/news/area/berks/berks-county-battery-maker-inks-deal-with-federal-government/article_136916e6-d5d8-11ef-8d71-177178afb637.html