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“The President of the United States announced today the funding of $2.4 billion in grants to accelerate the manufacturing and development of the next generation of U.S. batteries and electric vehicles,” said Per Loof, KEMET’s CEO. “KEMET was notified today by the Department of Energy that our company was chosen to receive a Department of Energy Recovery Act Grant. We are pleased to be part of this distinguished group of businesses to receive a grant and we are confident that we are well-positioned to move forward with our plans to build manufacturing capability at our headquarters in Simpsonville, SC.
“This added capacity will enable KEMET to produce the capacitors that are needed in the U.S. to support the development of green technologies and alternative energy. As we already have the physical facility, the grant will be supporting the purchase of the actual manufacturing equipment, giving us the opportunity to bring capacity online in a matter of months. This is truly a win-win-win opportunity, as it creates jobs, helps the environment and benefits our shareholders.”
“The grant will provide the required resources for KEMET to increase capacity in the U.S. for DC bus capacitors, which reduces the supply chain risk that electric drive vehicle manufacturers face with the current dependence on offshore or non-USA suppliers for this key subcomponent,” said Daniel Persico, Ph.D., KEMET's vice president of Strategic Marketing and Business Development. “The investment in domestic expertise in this area is an important step in developing the U.S. as the leader in the electric vehicle drive subcomponent field for the foreseeable future.”
Visit www.kemet.com for more information.