by Jon Styf
Sinova Silicon is set to receive a second incentive for its silicon metal plant in Tiptonville if it is approved at next week’s State Funding Board meeting.
Sinova was awarded a $2.2 million incentive in December 2021 for its $150 million investment to build a new plant, which broke ground Oct. 17. Now the funding board is scheduled to approve a $6.5 million FastTrack incentive grant for the Lake County site.
Sinova said the first phase of its manufacturing construction is set to be completed in 2024 and employee 250 to 400 people. The second incentive could be related to a not-yet-announced second phase of the project.
The State Funding Board is also set to approve a $1.75 million incentive for 6K Energy Tennessee in Jackson and a $1 million incentive for Kordsa USA in Chattanooga.
FastTrack grants are state grants sent to local governments for specific infrastructure improvements or to companies to help offset the costs of expanding or moving into the state with the goal of increasing the number of full-time jobs and the average wages of jobs available in an area.
The Tennessee Department of Economic and Community Development announced this week 6K Energy would invest $166 million in a battery material manufacturing plant in Jackson. The company will add a $50 million U.S. Department of Energy grant to its investment in the plant, expected to employ 230 people in Madison County.
Kordsa, meanwhile, plans to spend $50 million to expand its Chattanooga manufacturing facility. The company manufactures Nylon 66 and currently then ships it to North Carolina to have it converted to tire cord fabric. With the expansion, Kordsa will do that conversion itself before it is sold to tire manufacturers.
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Jon Styf is an award-winning editor and reporter of The Center Square who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies.
Photo “Sinova Silicon” by Sinova Silicon.
Lining the pockets of donors and friends. Fleecing the public and lying to them about how they benefit from graft is shameful.
And one wonders where all of that Tennessee tax revenue goes! Big “incentives” to bring growth, school crowding and other unmentioned problems. Growth at any cost is very expensive. How about some serious claw back provisions? What is the cost per job POSSIBLY created? Let’s look at the first phase for Sinova for an idea. Tennessee taxpayers GAVE Sinova $150,000,000 to add 250 to 400 new jobs. If the number of jobs is 250, the cost to taxpayers is $600,00 per job. If 400 jobs, the cost is still $375,000 per job, Not very good “business” expenses for Tennessee taxpayers.