AESC expanding Florence County electric vehicle gigafactory
December 14, 2023
AESC, a world-leading electric vehicle battery technology company, announced the expansion of its battery cell facility in Florence County. The $810 million investment will create 450 new jobs. Expected to be complete by 2026, this new commitment follows AESC’s initial announcement in December 2022 of $810 million and 1,170 jobs, resulting in a total investment of $1.62 billion and 1,620 new jobs.
As part of a multi-year partnership with BMW, AESC will supply technology-leading battery cells to be used in the next generation electric vehicle models produced at Plant Spartanburg. This advanced battery format will result in 20% more energy density than the current generation, reduce charging time, and increase range and efficiency for electric vehicles by 30%.
The company will expand its existing facility which is under construction — located in the more than 1,000-acre Florence Global Technology and Commerce Park — to bolster production capabilities and help accelerate the U.S.’ shift to electric vehicles.
“Our partnership with Florence County and the State of South Carolina has exceeded our expectations and we are proud to commit to creating additional high value jobs for this great community for years to come. As we continue to make significant strides towards the development of high-performance, longer-range batteries to propel the EV transition in the U.S., we are excited to have Florence County as a partner on this journey with us.” -AESC US Managing Director Jeff Deaton
At meetings on Dec. 5 and Dec. 12, 2023, the Joint Bond Review Committee and the State Fiscal Accountability Authority authorized the issuance of up to an additional $50 million in state general economic development bonds in support of the expanded project to offset the costs of additional off-site infrastructure and site preparation, subterranean construction support, and an expanded training center.
The Coordinating Council for Economic Development also awarded job development credits related to the project.
