AESC, a world-leading battery technology company, announced the expansion of its lithium-ion electric vehicle battery manufacturing operations in Florence County, S.C. The company’s $1.5 billion investment will create 1,080 new jobs. This investment follows AESC’s initial announcement in December 2022 and expansion announcement in December 2023, resulting in a total investment of $3.12 billion and supporting 2,700 new jobs across the local community.
With this expansion of AESC’s strong production footprint in the United States, the company will construct a second state-of-the-art electric vehicle battery manufacturing facility adjacent to the first building which broke ground in June 2023.
In 2022, the company announced a multi-year partnership with BMW to supply technology-leading battery cells to be used in the next generation electric vehicle models produced at Plant Spartanburg.
AESC’s latest expansion will extend the partnership to additionally provide electric vehicle battery components for BMW Group's Mexico Assembly Operations. The AESC campus is located in the more than 1,000-acre Florence Global Technology Park. Operations are expected to be online in 2027.
At meetings on March 20 and March 26, 2024, the Joint Bond Review Committee and the State Fiscal Accountability Authority authorized the issuance of up to an additional $111 million in state general economic development bonds in support of the expanded project, as well as the costs of issuance. The bond proceeds will be used to offset the costs of a county-owned warehouse building, site preparation, on-site roads, off-site road and water improvements, and additional expansion of the training center that will serve both manufacturing facilities at the Florence site.
The Coordinating Council for Economic Development also approved job development credits related to the project.
“We greatly value our partnership with South Carolina and Florence County as we strengthen our work together through this latest expansion that enhances our commitment to create high value jobs in the region and invest in the state. South Carolina is a crucial part of our strategy to power next generation electric vehicles for customers across the U.S. by manufacturing high-performance, longer-range EV batteries locally. Through our collaborative efforts, I am excited that we are able to support thousands of new workers and increase both AESC and South Carolina’s leadership in providing advanced clean energy transportation solutions.”-AESC CEO Shoichi Matsumoto
“AESC’s second expansion in less than four months in Florence County signals yet another vote of confidence in our state and our people. This investment is another monumental win for Florence County, and we look forward to the substantial impact this will have throughout South Carolina.”-Gov. Henry McMaster
“South Carolina is proud to have AESC as a key player in our state’s burgeoning electric vehicle industry. Its expanding presence has helped our state assemble the backbone of the ecosystem that will take us through the entire life cycle of the electric vehicle battery.”-Secretary of Commerce Harry M. Lightsey III
“AESC's unwavering dedication to Florence County marks a transformative moment, now bringing forth a total creation of 2,700 jobs and injecting over $3.12 billion in capital investment into the local economy. As a global leader in advanced lithium-ion battery technology, AESC's expansion signifies more than just economic growth—it symbolizes a commitment to sustainable innovation. Beyond the immediate impact on job creation, AESC's presence will catalyze a ripple effect across our local economy.” -Florence County Council Chair William Schofield
“As we continue to move Florence forward, we celebrate AESC’s expansion and continued growth in Florence. Today’s announcement signifies increased opportunity for our citizens to obtain one of the 2,700 new jobs AESC will create in our community."-Florence Mayor Teresa Myers Ervin
"Today’s announcement by AESC is a truly remarkable economic development achievement. The continued momentum of AESC’s presence in Florence County brings even more high-level jobs and opportunities to residents of the region. This landmark initiative epitomizes the strength of our region’s business climate, and we commend AESC for their commitment to South Carolina."-NESA Executive Committee Chairman Yancey McGill
“Our state’s economy is booming and projects like this continue to show the world that South Carolina and Florence County are thriving and open for business. Duke Energy is excited to continue to work with AESC to provide them with the reliable, affordable and sustainable energy they need to ensure their success here in the Palmetto State for many years to come.”-Duke Energy South Carolina President Mike Callahan