JobsOhio gives Honda, LG $237 million in grants for $4.2 billion Ohio investment

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JobsOhio is handing out $237 million in grant to Honda and LG Energy for their $4.2 billion investment in the state.

“JobsOhio’s assistance aligns with Honda’s 45 years of growing jobs in Ohio and investing in Ohio’s people and communities, and it is based on Honda and LG Energy Solution meeting their commitments for the next 30 years," JobsOhio President and CEO J.P. Nauseef said in a statement."This represents 75 years of job creation and investment in Ohio, which will further build out the already vast supply chain across the state, benefitting allOhioans.

“Honda is proud to partner with the State of Ohio and JobsOhio on how we can transform our operations amid the market and industry challenges of transitioning to electrification. ... The support from the state − much like their support at other critical points of Honda’s investment in the 1970s and 1980s — will result in our shared success for decades to come," Honda said in a statement.Honda and LG announced in October plans to build the $3.5 billion plant east of Interstate 71 and near U.

Honda and LG plan to start construction early next year with a goal of having the plant finished by the end of 2024. Production of pouch-type, lithium-ion batteries is scheduled to begin by the end of 2025.The $237 million is broken into three chunks: A $140 million grant for the Honda and LG battery plant, a $10 million workforce grant for that plant and then $87 million to Honda for retooling the existing factories to make electric vehicles.

Honda and LG will spend $3.5 billion on the battery plant, and Honda will spend $700 million to retool the factories − the Marysville Auto Plant, the East Liberty Auto Plant and the Anna Engine Plant.JobOhio says Honda and LG will invest $17.72 for every dollar in assistance from JobsOhio, which is funded by the state's liquor business.

While the JobsOhio award is larger than what it gave Intel, the state is providing more assistance overall to Intel with aid

 

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So much corporate welfare.

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