Michigan Based So Korean Battery Plant

Troy Michigan based Compact Power Inc, owned by Roncelli Co. a So Korean company, and has received 151 million in federal dollars to open a battery manufacturing company in Troy. They will create 300 jobs by 2013, and will build the battery for GM’s Volt. Total cost of the plant is 303 million. The funds do not have to be paid back. Michigan also awarded a 15 year tax credit to the company. How can this company not make money our government gives them half the cost of their plant and Michigan awards tax free status for 15 years. This is to a So Korean Company where all the profits will be sent out of the country. Sure they are creating jobs but why didn’t a US company step up to the plate and do this. It sounds like a no brainer to me. We worry about China and possibly Japan taking over our country but I think So Korea is slipping in the back door unnoticed. Update they are also going to produce the battery for the Ford Focus. They will start producing batteries in Korea and assemble them in Michigan until the plant is finished