Economic Development Notes
Diverse economic development endeavors across Illinois are injecting crucial revenue, revitalizing communities, and fostering increased economic activity within the state. The following offers a glimpse into a few of the ongoing projects throughout Illinois, showcasing their impact on local development.
Prysmian Group Expansion
The state’s REV incentive package facilitated Prysmian Group’s $64 million expansion in Du Quoin, creating 80 new jobs and securing 225 existing positions. This expansion, supported by Governor JB Pritzker and Illinois’ Department of Commerce and Economic Opportunity, focuses on increasing cable manufacturing for renewable energy and electric vehicle sectors in Southern Illinois. Prysmian Group’s initiative, bolstered by Reimagining Energy and Vehicles (REV) Illinois incentives, aims to invest in clean energy solutions, expand manufacturing space, and implement an Energy Management System, contributing to job growth and reinforcing the state’s commitment to a sustainable future. You can read more about the REV Illinois Incentives online, here.
Incobrasa Industries Facility Expansion
Governor JB Pritzker and state officials joined Incobrasa Industries LTD in Gilman to mark the groundbreaking of a $250 million manufacturing facility expansion. This will generate 40 new full-time positions and sustain 200 jobs. Incobrasa’s enhanced soybean processing plant not only doubles production capacity by 2030, it also includes a 170,000 square-foot state-of-the-art facility and a 50-acre solar array, supporting Illinois’ status as the top soybean producer in the U.S. The investment, aided by the EDGE tax credit, highlights Illinois’ commitment to fostering business growth, community development and economic progress. You can read more about EDGE incentive agreements online, here.
Gotion Electric Vehicle Battery Gigafactory
Gotion announced an historic investment in a cutting-edge $2 billion electric vehicle (EV) lithium battery manufacturing plant in Manteno. The project is anticipated to create over 2,600 jobs and boost the EV supply chain. The venture, supported by a REV Illinois incentive package and the Invest in Illinois fund, reinforces Illinois’ growing standing in EV manufacturing and marks a substantial stride toward advancing the EV ecosystem, expecting to commence production in 2024. Gotion’s gigafactory expansion, backed by significant state incentives, underscores Illinois’ commitment to fostering business growth, spurring economic development, and generating job opportunities in the renewable energy sector. You can wacht he announcement online, here.
