Enchem America Inc. officials announced Monday that the company will invest $152.5 million to establish electrolyte manufacturing operations in Haywood County, which is categorized as an “economically distressed” county by the Tennessee Department of Economic and Community Development (TNECD).
Brownsville, Tennessee, will be the site of Enchem America Inc.'s second U.S. facility.
The electrolyte manufacturer will create 190 new jobs and invest $150M+ in Haywood County as the company establishes operations at the I-40 Advantage Industrial Park. https://t.co/HfagMpUwUj pic.twitter.com/xuivl3XsUL
— TNECD (@TNECD) June 27, 2023
Enchem America Inc. is a subsidiary of Enchem Co., Ltd., which is based in South Korea.
South Korea, according to TNECD Commissioner Stuart McWhorter, is one of Tennessee’s top 10 foreign direct investment partners.
Enchem’s new facility will be located at the I-40 Advantage Industrial Park in Brownsville and manufacture electrolytes for electric vehicle (EV) batteries as well as other EV battery-related services, according to TNECD.
The company’s new operations are expected to create 190 new jobs in Haywood County, TNECD notes.
“I would like to take this opportunity to express my gratitude and extend a sincere thank you to Haywood County, the City of Brownsville and all the professionals that assisted Enchem in our journey as we expand our presence in North America,” Jung Kang Oh, CEO and founder, Enchem Co. Ltd. said in a statement. The growth of the EV market in recent years has been truly remarkable, and all indications suggest that this trend will continue at an accelerated pace over the coming decade.”
“As we look to the future, I am confident that our company is well positioned to further capitalize on the growth of the EV market. We look forward to exploring new avenues of innovation and partnership opportunities with Haywood County and the City of Brownsville,” Kang Oh added.
TNECD categorizes Haywood County as a Tier-4, At-Risk, economically distressed county, which is one ranking away from being classified as a distressed county – the worst rating. According to data by the department, the county’s poverty rate is 20.7 percent, while the three-year average unemployment rate stands at 6.4 percent. The county’s per capita market income is $25,529.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
Photo “Enchem America Inc” by TNECD.
And just how much did this cost the Tennessee taxpayers?