Construction is set to begin on a multibillion-dollar battery plant in Mississippi, following what the governor described as "historic private sector investment."
The 500-acre site will host a two-million-square-foot energy-efficient facility dedicated to the production of lithium-iron phosphate (LFP) battery cells, with an annual manufacturing capacity of 21 gigawatt-hours (GWh).
The cells will be used for electric commercial vehicles and industrial applications.
Three firms (Accelera by Cummins, Daimler Truck, and PACCAR) have collectively committed an investment between $2 billion and $3 billion into this joint venture, with each holding a 30 percent stake in Amplify Cell Technologies.
A fourth, EVE Energy, participates as the technology partner, owning a 10 percent share.
"Mississippi is incredibly excited to welcome this historic private sector investment from the new joint venture between Accelera by Cummins, Daimler Truck, and PACCAR," Mississippi Governor Tate Reeves said.
"This project is the largest payroll commitment in state history, and it will bring an incredible 2,000 new jobs to this community. This fantastic investment from these industry leaders will help to further charge Mississippi's electric economy."
Battery cell production is anticipated to begin in 2027, a move projected to generate over 2,000 manufacturing jobs in the U.S.
Newsweek has contacted Accelera by Cummins for additional comment and information.
"As the transportation industry evolves and energy demands grow, it's crucial that we have American facilities producing the materials and technologies necessary to meet those needs," said Mississippi Senator Cindy Hyde-Smith, a Republican.
"This joint venture is not only a major job booster for Mississippi, but sets an example for future endeavors in the transportation industry. I am thrilled to see this project take off, as it will increase competition in the market, boost the local economy, and provide jobs for our state," she added.
Groundbreaking on the project comes as the United States continues to attract significant private sector investment.
In June, Ozempic maker Novo Nordisk announced a $4.1 billion dollar investment in North Carolina to expand its U.S. drug manufacturing capacity—in one of the largest investments in the Danish firm's history.
Separately, a $16 billion rail megaproject linking New York to New Jersey secured $6.8 billion in federal money as part of a Full Funding Agreement in June.
The Gateway Program's Hudson Tunnel Project aims to improve rail connectivity between the two East Coast states by building a new two-track rail beneath the Hudson River, as well as rehabilitate the 113-year-old North River Tunnel, which was damaged by saltwater exposure during Superstorm Sandy in 2012.
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Joe Edwards is a Live News Reporter based in Newsweek's London Bureau. He covers U.S. and global news and has ... Read more
