US unit of Spain's ACS to build EV battery plant for Panasonic in Kansas

FILE PHOTO: A logo of Panasonic Corp is pictured at the Combined Exhibition of Advanced Technologies at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai

MADRID (Reuters) - A joint venture between the U.S. unit of Spanish engineering group ACS and Philadelphia-based Yates Construction has won a contract to build an electric vehicle (EV) battery plant in Kansas as part of a $4 billion investment by Japan's Panasonic group, the companies said on Wednesday.

The EV battery factory in the city of De Soto is expected to start operating by the end of March 2025 and will reach approximately 30 gigawatts-hour of annual production capacity, according to a statement by ACS' Turner Construction.

"The battery manufacturing facility is a critical part of Panasonic's investment in the United States to expand EV battery production capacity," the company said.

In addition to the assembly facility, the project will include construction of a central utility plant and support buildings, it added.

The new federal subsidy policies signed into law in August as part of the U.S. Inflation Reduction Act tie up to $3,750 per vehicle of federal tax credits to requirements that EV batteries be manufactured in North America using materials sourced there or from allied nations.

(Reporting by David Latona; Editing by Simon Cameron-Moore)

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Tech News

Woman vanished weeks ago. Home cameras were unplugged at ‘crucial times’, US cops say
Woman angry at man sought a hitman over the dark web to shoot him at work, US feds say
TSMC expects H2 performance to be better than H1
Exchange operator Cboe gets nod to launch leveraged crypto derivative products
Microsoft to pay $20 million to settle US charges for violating children's privacy
How pointless meetings can harm well-being at work
Factbox-Here's what Apple unveiled at WWDC: Vision Pro, 15-inch MacBook Air, OS updates
Snap hires new head of engineering from Google
About ducking time: Apple to tweak iPhone autocorrect function
IMF's Gopinath warns AI risks 'substantial disruptions' in jobs markets- FT

Others Also Read