Electric vehicle battery manufacturer announces $810M expansion in Florence

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AESC, a global electric vehicle battery technology company is expanding its state-of-the-art battery cell facility in Florence County.

The $810 million investment will create 450 new jobs, according to a news release from the South Carolina Department of Commerce.

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.’s shift to electric vehicles, the release stated.

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, according to the release.

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“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,” AESC US Managing Director Jeff Deaton said in the release. “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.”

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 release stated.

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 release stated.

The Coordinating Council for Economic Development also awarded job development credits related to the project.