FRANKFORT, Ky. (Aug. 25, 2022) – Today, Gov. Andy Beshear announced Advanced Nano Products (ANP), a supplier of carbon battery nanomaterials used in electric vehicle battery production, will locate in Hardin County with a $49.6 million investment creating 93 high-wage jobs to supply battery producers including BlueOvalSK Battery Park.
“Kentucky has firmly established its place as a leader in the rapidly growing electric vehicle sector,” Gov. Beshear said. “This announcement solidifies that further as we continue to see EV suppliers locate in the commonwealth. The automotive industry is changing quickly, and we are determined to be part of that to drive our state’s growth for decades to come. Congratulations to Advanced Nano Products on this incredible investment. I hope to see the company grow with us far into the future.”
Leaders at ANP will construct a 50,000-square-foot facility on 22.6 acres along North Black Branch Road in Elizabethtown to supply EV battery plants throughout the region. The project supports the company’s supply of special carbon nanomaterials, which serve as conductive materials for cathode and anode in mass-produced batteries. The location will be well positioned to supply materials to nearby gigafactories, such as BlueOvalSK Battery Park in Hardin County and other battery makers in the surrounding region. Work on the project is expected to begin in February 2023 and be completed later that year.
“We are pleased to be part of the incredible momentum in the EV sector throughout Kentucky. Starting in 2023, ANP will start manufacturing efforts in South Korea, China, Japan, Poland and the United States,” said Dr. Changwoo Park, CEO of ANP. “Kentucky is a key logistical location for ANP for our continued expansion to become a global supplier to EV battery plants. We look forward to the successful production start of our Elizabethtown site and we hope to expand our manufacturing facilities in Kentucky in 2025 with continued growth of the EV sector.”
South Korea-based ANP was founded in 2001 and specializes in the development and manufacturing of nanomaterials for high-end industries including the EV, solar and TV display markets. ANP established its EV business in 2016 and has worked closely with Korean battery manufacturers, such as SK Innovation, LG and Samsung SDI. The company also maintains a manufacturing operation in China with corporate offices in California and Japan.
Kentucky continues to make significant strides to lead the way in the burgeoning EV sector, with significant investment throughout the past two years. Since June 2020, the commonwealth has seen over $8.5 billion in EV-related investments, with well over 8,000 full-time jobs announced.
Hardin County Judge/Executive Harry Berry welcomed the company to the commonwealth.
“ANP’s decision to operate here in Hardin County is deeply appreciated and illustrates the growing prosperity of this region,” Judge Berry said.
Elizabethtown Mayor Jeff Gregory anticipates a long-term partnership with ANP.
“The City of Elizabethtown is incredibly grateful for this multi-million-dollar investment and for the inevitable long-sustaining boost to our economy that will result in these almost 100 new jobs,” Mayor Gregory said.
Matt Hess, board chair for the Elizabethtown-Hardin County Industrial Foundation noted the diversity of the region’s growing business sector.
“This announcement demonstrates that Hardin County and the TJ Patterson Industrial Park are quickly becoming hubs for 21st century manufacturing,” Hess said. “The addition of a nanomaterials manufacturer is a great addition to our diverse and thriving industrial sector.”
Andy Games, vice president of the Elizabethtown-Hardin County Industrial Foundation, said the project continues recent economic momentum in Hardin County.
“Economic development related to investments in electric-vehicle technology has become abundant in our commonwealth, and so much of that development is happening here in Hardin County,” Games said. “When BlueOvalSK was announced last year, it was abundantly clear that ancillary development would soon follow. This announcement from ANP illustrates that, and it further solidifies that our region is experiencing immense growth.”
ANP’s investment and planned job creation furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
In 2021, the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years. Kentucky’s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
In the past year, the Beshear administration announced the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. And in April of this year, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
The economic momentum has carried strongly into 2022, with both S&P Global Ratings and Fitch Ratings upgrading Kentucky’s financial outlook to positive in recognition of the commonwealth’s surging economy.
And Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
Kentucky has posted record low unemployment rates for four consecutive months, falling from 3.9% in April to 3.8% in May and 3.7% for June and July.
In July, the Governor reported the highest annual growth rate in 31 years. And for the second year in a row, Kentucky’s General Fund budget surplus has exceeded $1 billion. Also in July, Gov. Beshear reported that the state’s rainy day fund is up to a record balance of $2.7 billion, significantly higher than the $129 million balance the fund had when the Governor took office.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2.6 million in tax incentives based on the company’s investment of $49.6 million and annual targets of:
- Creation and maintenance of 93 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $40 including benefits across those jobs.
Additionally, KEDFA approved the company for up to $400,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, the company can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on ANP, visit ANAPRO.com.
A detailed community profile for Hardin County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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