BOWLING GREEN, Ky. — Shinsung ST KY Inc., a manufacturer of press parts and secondary battery components, is investing $54 million into rent, building improvements and equipment for a new facility in Bowling Green, Ky.
According to information presented at the Kentucky Economic Development Finance Authority (KEDFA) monthly board meeting on Thursday, March 28, Shinsung ST KY Inc. is considering locating its new facility in Warren County to produce energy storage containers to promote energy efficiency and eco-friendliness.
According to the BusinessKorea website, Shinsung ST is a manufacturer of busbars and module cases for electric vehicle batteries. Busbar components connect the current between EV battery modules.
The company is estimating a $54.2 million total investment in Kentucky, with $35 million going toward equipment and $11.2 million for rent expenses of the new facility.
It anticipates about 10 new jobs to be created to start at the new facility with an average wage of $40 an hour, and is planning to increase to 80 jobs after about two years.
This project is getting tax incentives from both the Kentucky Business Investment (KBI) and Kentucky Enterprise Initiative Act (KEIA) programs, together totaling to about $2 million in savings for Shinsung.
