Latest news with #SouthCarolinaDepartmentofCommerce
Qatar Tribune
3 days ago
- Automotive
- Qatar Tribune
AESC pauses $1.6 bn SC battery plant amid ‘uncertainty'
Agencies A Japanese company has halted construction on a $1.6 billion factory in South Carolina to help make batteries for electric BMWs, citing 'policy and market uncertainty.' While AESC didn't specify what those problems are, South Carolina's Republican governor said the company is dealing with the potential loss of federal tax breaks for electric vehicle buyers and incentives for EV businesses as well as tariff uncertainties from President Donald Trump's administration. 'What we're doing is urging caution — let things play out because all of the these changes are taking place,' Gov. Henry McMaster said. AESC announced the suspension in construction of its plant in Florence on Thursday, 'Due to policy and market uncertainty, we are pausing construction at our South Carolina facility at this time,' the company's statement said. AESC promised to restart construction, although it didn't say when, and vowed to meet its commitment to hire 1,600 workers and invest $1.6 billion. The company said it has already invested $1 billion in the Florence plant. The battery maker based in Japan also has facilities in China, the United Kingdom, France, Spain and Germany. In the U.S., AESC has a plant in Tennessee and is building one in Kentucky. The statement didn't mention any changes with other plants. The South Carolina plant is supposed to sell battery cells to BMW, which is building its own battery assembly site near its giant auto plant in Greer. BMW said the construction pause by AESC doesn't change its plans to open its plant in 2026. AESC has already rolled back its South Carolina plans. They announced a second factory on the Florence site, but then said earlier this year that their first plant should be able to handle BMW's demand. That prompted South Carolina officials to withdraw $111 million in help they planned to provide. The company is still getting $135 million in grants from the South Carolina Department of Commerce and $121 million in bonds and the agency said a construction pause won't prompt them to claw back that offer. South Carolina is investing heavily in electric vehicles. Volkswagen-owned Scout Motors plans to invest more than $4 billion and hire 10,000 people for a plant to build its new electric SUVs scheduled to open in 2027. The state has for decades made big bets on foreign manufacturers like BMW, Michelin and Samsung that have paid off with an economic boom this century, but there is uneasiness that Trump's flirtation with high tariffs might stagger or even ruin those important partnerships.
Yahoo
6 days ago
- Business
- Yahoo
SCbio Showcases South Carolina's Life Sciences Surge at Annual BIO Convention in Boston
Life Sciences industry generates an impressive $25 billion in annual economic impact for the Palmetto State. South Carolina emerges as a Southeastern powerhouse in biomanufacturing, digital health, and biotech specialties. More than 16 companies and organizations with deep roots in South Carolina will join SCbio at BIO 2025. GREENVILLE, S.C., June 4, 2025 /PRNewswire/ -- Led by SCbio, South Carolina's unifying life sciences leader, the state's rapidly-growing life sciences industry will be on full display at BIO 2025, the annual international convention hosted by Biotechnology Innovation Organization June 16-19 in Boston. SCbio, and more than 16 life sciences companies and organizations with roots in the Palmetto State, will showcase South Carolina's rapidly growing life sciences ecosystem and highlight the state's commitment to innovation, collaboration, and economic development in the biotech and medtech sectors. As one of the fastest-growing life sciences hubs in the Southeast, South Carolina is home to more than 1,000 life sciences companies, employing over 87,000 professionals. SCbio's presence at BIO 2025 will serve as a platform to engage with global industry leaders, promote investment opportunities, and spotlight the talent, infrastructure, and partnerships driving life sciences growth across South Carolina. With an annual economic impact of $25.7 billion, life sciences is the fastest growing business segment in South Carolina. Since 2017, South Carolina life science jobs have grown two times the average of other southeastern states. In 2024, the South Carolina Department of Commerce recognized the life sciences as a top three business priority for economic growth. As such, the state is committed to fueling innovation, driving growth, and amplifying its position as a burgeoning leader in the advancement of life and science in unison. "This is an incredible opportunity to tell the South Carolina story on a global stage," said James Chappell, President and CEO of SCbio. "From cutting-edge research and biomanufacturing to our workforce pipeline and pro-business climate, South Carolina has become a destination for life sciences companies looking to grow, innovate and lead the next era of health and science." SCbio will sponsor the South Carolina pavilion at booth #447 and host events, meetings, and networking opportunities throughout the convention to foster strategic partnerships and promote the state's expanding capabilities in pharmaceuticals, biotechnology, medical devices and digital health. The South Carolina delegation at BIO will include multiple companies and organizations from South Carolina, including BFS manufacturer Ritedose, economic development partners such as the South Carolina Department of Commerce, I-77 Alliance and others. To schedule a meeting with the SCbio team at BIO 2025, please visit or contact Connor Watkins, director of marketing, at cwatkins@ About SCbio SCbio is the definitive, unifying leader in South Carolina's life sciences sector, fostering authentic collaboration and innovation across academia, startups, government and established enterprises. As a member-driven economic development organization, SCbio represents more than 1,000 organizations employing more than 87,000 professionals. Our members are unified by a mission to positively impact humanity through science across the ecosystem of advanced and specialty manufacturing; digital health and the data frontier; and cutting-edge health specializations. For additional information about SCbio and the life sciences industry, or to become a member, visit View original content to download multimedia: SOURCE SCbio Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Yahoo
6 days ago
- Business
- Yahoo
SCbio Showcases South Carolina's Life Sciences Surge at Annual BIO Convention in Boston
Life Sciences industry generates an impressive $25 billion in annual economic impact for the Palmetto State. South Carolina emerges as a Southeastern powerhouse in biomanufacturing, digital health, and biotech specialties. More than 16 companies and organizations with deep roots in South Carolina will join SCbio at BIO 2025. GREENVILLE, S.C., June 4, 2025 /PRNewswire/ -- Led by SCbio, South Carolina's unifying life sciences leader, the state's rapidly-growing life sciences industry will be on full display at BIO 2025, the annual international convention hosted by Biotechnology Innovation Organization June 16-19 in Boston. SCbio, and more than 16 life sciences companies and organizations with roots in the Palmetto State, will showcase South Carolina's rapidly growing life sciences ecosystem and highlight the state's commitment to innovation, collaboration, and economic development in the biotech and medtech sectors. As one of the fastest-growing life sciences hubs in the Southeast, South Carolina is home to more than 1,000 life sciences companies, employing over 87,000 professionals. SCbio's presence at BIO 2025 will serve as a platform to engage with global industry leaders, promote investment opportunities, and spotlight the talent, infrastructure, and partnerships driving life sciences growth across South Carolina. With an annual economic impact of $25.7 billion, life sciences is the fastest growing business segment in South Carolina. Since 2017, South Carolina life science jobs have grown two times the average of other southeastern states. In 2024, the South Carolina Department of Commerce recognized the life sciences as a top three business priority for economic growth. As such, the state is committed to fueling innovation, driving growth, and amplifying its position as a burgeoning leader in the advancement of life and science in unison. "This is an incredible opportunity to tell the South Carolina story on a global stage," said James Chappell, President and CEO of SCbio. "From cutting-edge research and biomanufacturing to our workforce pipeline and pro-business climate, South Carolina has become a destination for life sciences companies looking to grow, innovate and lead the next era of health and science." SCbio will sponsor the South Carolina pavilion at booth #447 and host events, meetings, and networking opportunities throughout the convention to foster strategic partnerships and promote the state's expanding capabilities in pharmaceuticals, biotechnology, medical devices and digital health. The South Carolina delegation at BIO will include multiple companies and organizations from South Carolina, including BFS manufacturer Ritedose, economic development partners such as the South Carolina Department of Commerce, I-77 Alliance and others. To schedule a meeting with the SCbio team at BIO 2025, please visit or contact Connor Watkins, director of marketing, at cwatkins@ About SCbio SCbio is the definitive, unifying leader in South Carolina's life sciences sector, fostering authentic collaboration and innovation across academia, startups, government and established enterprises. As a member-driven economic development organization, SCbio represents more than 1,000 organizations employing more than 87,000 professionals. Our members are unified by a mission to positively impact humanity through science across the ecosystem of advanced and specialty manufacturing; digital health and the data frontier; and cutting-edge health specializations. For additional information about SCbio and the life sciences industry, or to become a member, visit View original content to download multimedia: SOURCE SCbio Sign in to access your portfolio
