EnerSys (ENS) said Friday it completed contract and funding negotiations with the US Department of Energy for a $199 million award to aid in building a lithium-ion cell production facility in Greenville, South Carolina.
The 500,000-square-foot gigafactory is expected to produce advanced lithium-ion cells exclusively for EnerSys products, catering to commercial, industrial, and defense markets, including the US Department of Defense.
Construction of the facility is set to begin in 2025, with commercial production slated for 2028, the company said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.