Market Report

2022 Q3 | Industrial Market Report (Signature Associates, Detroit)

The State of Michigan continues to pave the way in battery startups as it recently secured $4B in investments and 4,500 in news jobs. First, Our Next Energy, Inc. will invest $1.6B towards a battery cell manufacturing plant in Van Buren Twp., which they will also receive a $200M grant from the state’s Critical Industrial Fund with expectations of employing up to 2,112 new jobs over the next 6 years. While Gotion, Inc., a battery manufacturer, announced plans to invest $2.3B to build a battery components plant in Big Rapids, creating 2,350 jobs and is expected to receive a $125M grant from the state’s Critical Industry Fund and $50M from the Strategic Site Readiness Program. These recently announced projects are setting the stage for the creation of future developments and the role each will play, as each new development is an essential part in building future developments of electric vehicles and the opportunities Michigan holds.