FRANKFORT, Ky. (March 27, 2025) – Today, Gov. Andy Beshear highlighted continuing momentum in the state’s manufacturing and technology sectors as Shinsung ST USA, a leading innovator in energy storage solutions, announced plans to establish a new manufacturing facility in Simpson County with a $53.5 million investment creating 100 new, quality Kentucky jobs.
“Manufacturing and technology are both key to Kentucky’s economic success, and Shinsung’s new investment will strengthen these key industries in the commonwealth,” said Gov. Beshear. “This project will provide great job opportunities to our people, grow the local economy in Simpson County and expand our state’s footprint in this key energy storage sector. I want to welcome Shinsung to Kentucky, and I look forward to their success for many years to come.”
The company’s new manufacturing facility will focus on producing essential components, such as heat sinks and various parts for energy storage system (ESS) containers. This operation is anticipated to generate an annual sales revenue of $200 million over the next 10 years, creating job opportunities and stimulating economic growth in the region. The project represents Shinsung’s first venture into the U.S. market, adding to Kentucky’s growing reputation as a hub for manufacturing and technology.
Company leaders expressed they look forward to engaging with local businesses and organizations, supporting community initiatives and contributing positively to Simpson County and Kentucky’s economic landscape.
The company is a subsidiary of Shinsung Delta-Tech, which was established in 1987. The Home Appliance Business Division is the foundation of Shinsung Delta-Tech, producing premium drum and fully automatic washing machines, vacuum cleaners, electric cooktops and refrigerator parts. This division benefits from over 30 years of expertise in production and injection mold technology, supported by advanced automated facilities. The Automotive Business Division includes Shinsung Automotive Co. Ltd. and Shinsung ST Co. Ltd., which mass produce and supply interior components and electric vehicle battery parts to domestic and international manufacturers. The SVC Business Division improves competitiveness by offering comprehensive “Total Logistics Services” to customers.
Simpson County Judge/Executive Mason Barnes expressed his excitement for the company locating to Franklin: “This $53 million investment by Shinsung ST USA represents a tremendous opportunity for Simpson County. The creation of 100 new jobs in the manufacturing of ESS battery heat sinks signifies a major step forward for our economic development and demonstrates the strength of our workforce. The company’s choice of a 300,000-square-foot facility in the Henderson Interstate Industrial Park highlights the attractiveness of our location and infrastructure. We are excited to partner with Shinsung ST USA and support their growth and success within our community.”
Franklin City Mayor Larry Dixon noted the positive impact the investment will have on the local economy and workforce: “Today marks a significant milestone for the city of Franklin. Shinsung ST USA’s decision to invest $53 million in our community and creating 100 high-quality jobs is a testament to our city’s business-friendly environment and skilled workforce. This state-of-the-art facility in the Henderson Interstate Industrial Park will not only provide substantial economic growth but also enhance Franklin’s reputation as a leader in advanced manufacturing. We are thrilled to welcome Shinsung ST USA and look forward to a long and prosperous partnership.”
Franklin-Simpson Industrial Authority Executive Director Jim DeCesare looks forward to developing a strong partnership between the company and community: “The Franklin-Simpson Industrial Authority is thrilled to announce Shinsung ST USA’s $53 million investment and the creation of 100 new jobs in our community. This significant project underscores the success of our collaborative efforts to attract leading-edge manufacturers. We are especially grateful to Gov. Beshear and the Kentucky Cabinet for Economic Development for their invaluable assistance in securing this investment. The strategic location in the Henderson Interstate Industrial Park showcases the park’s attractiveness to companies like Shinsung ST USA. We are committed to fostering a strong partnership to fuel our region’s long-term economic growth and prosperity for Simpson County.”
Shinsung’s investment and job creation build on the best five-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,100 private-sector new-location and expansion projects totaling over $35 billion in announced investments, creating more than 60,400 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $14 billion more than the next highest total.
The robust job creation has been accompanied by rising wages across the commonwealth. Since 2022, the average incentivized hourly wage has topped $26 in three consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
Site Selection magazine recently ranked Kentucky in the top five nationally and second in the South Central region for economic development projects per capita in its 2024 Governor’s Cup rankings. Last April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a Supply Kentucky initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies. And in November, the Governor announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1.6 million in tax incentives based on the company’s investment of $53.5 million and annual targets of:
- Creation and maintenance of 100 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $42, including benefits, across those jobs.
Additionally, KEDFA approved Shinsung for up to $340,000 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, Shinsung 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 Shinsung ST USA, visit us.shinsungst.co.kr.
A detailed community profile for Simpson County can be viewed here.
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