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September 7, 2009
In August, Vice President Joe Biden, visited the state to announce a $1.36 billion grant to fund advanced battery technology companies. In addition to the available $700 million in tax credits, these companies will be able to apply for the now billions of dollars in federal grants.
Michigan is the first state to receive money for this project, and Governor Jennifer Granholm sees the prospective of up to 40,000 jobs created by this project, assuming things run smoothly.
Current legislation awaiting movement in the Senate will provide $100 million in tax credits throughout four years to XTreme Power, a commercial battery company from Texas to make advanced batteries at a former Ford Motor Company plant in Wixom, Michigan. Within this plan, the company is expected to create up to 6,600 jobs for the state.
This legislation is expected to pass the senate and kick-start Michigan’s plan to become a leader in alternative energy sources.
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