MECOSTA COUNTY – Gotion Inc. says a $2.4 billion, 2,350-job electric vehicle battery facility can move forward after a federal agency determined the project is outside its jurisdiction.
The U.S. Department of Treasury’s Committee on Foreign Investment – an agency tasked with assessing national security risks – determined the purchase of land in Mecosta County is not a covered real estate transaction under the Defense Production Act of 1950, Gotion announced this week.
“We voluntarily submitted all the needed documents to the U.S. Department of Treasury Committee on Foreign Investment in the U.S. to be transparent and accountable and received the response that it is not a covered transaction,” said Chuck Thelen, vice president of Gotion Inc. North American Manufacturing.
If CFIUS determines there are no national security risks with a covered transaction, then projects can move forward. But if the agency decides a transaction presents national security risks, then the federal government may “enter into an agreement with, or impose conditions on, parties to mitigate such risks or may refer the case to the President for decision,” according to the Treasury Department.
A construction timeline is pending while Gotion Inc. acquires land for the battery parts plant.
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