HAZEL PARK, Mich.—German lithium-ion battery maker Akasol A.G. plans to invest up to $40 million to open a manufacturing plant in Hazel Park to support European customers in the U.S.
The project is expected to create 224 jobs at the former Hazel Park Raceway. The U.S. subsidiary, Akasol Inc., has yet to sign a lease for the property, which also houses Amazon, Bridgewater Interiors and competing battery maker LG Chem, according to Susan Harvey, senior vice president for site developer Ashley Capital.
The state of Michigan is supporting the project with a $2.24 million grant, which the Michigan Strategic Fund board approved June 25. The city of Hazel Park will provide resources and job fair assistance for the project, the Michigan Economic Development Corp. said in a memo.
Akasol will supply lithium-ion batteries to customers that make on- and off-road vehicles from the Hazel Park plant, the memo said. The company is expanding operations in Germany by increasing production capacity to 800 megawatt hours from 300 megawatt hours by the first quarter 2020.
Akasol A.G. was founded in 2008 and went public in Germany in 2018. It employs 153 in Germany and has one employee in Michigan now. The company generated revenue of about $10 million in the first quarter of this year.