According to media reports, material science startup Forge Nano plans to invest $165 million in building a factory in North Carolina, USA by 2026. The state of North Carolina is currently experiencing a thriving electric vehicle battery industry.
Headquartered in Colorado, Forge Nano specializes in producing nanocoatings for various applications. On November 14th, the company announced its plans to establish a new division called Forge Battery near Raleigh to engage in the electric vehicle battery business.
The new battery production division has received support from Forge Nano and multiple undisclosed investors. It aims to produce lithium batteries for defense, aerospace, and specialized electric vehicle sectors.
The new battery factory will manufacture high-energy and high-power cylindrical batteries, including the 21700 and 18650 specifications, with the latter being popularized by Tesla.
Forge Nano stated that the new venture plans to utilize a "US-centered battery material supply chain," but did not disclose specific details. The US government provides incentive funding for domestically sourced batteries and battery materials. North Carolina will provide Forge Battery with over $8 million in incentive funding.
The new factory will be located in Morrisville and initially have a capacity of 1 GWh, which is relatively smaller compared to the so-called "gigafactories" operated by companies like Tesla, General Motors, LG Energy Solution, and Panasonic.
Previously, the US government's Infrastructure Investment and Jobs Act (IRA) sparked a wave of new electric vehicle battery factory construction plans, many of which are in North Carolina. The IRA and other US legislation provide incentives to boost domestic production of electric vehicles, batteries, and battery raw materials.
Recently, Toyota announced on October 31st that it will increase its investment in the North Carolina electric vehicle battery plant by $8 billion, reaching nearly $14 billion.
