FLORENCE — AESC doubled its already historic investment in Florence County again, with the electric vehicle battery maker announcing a $1.5 billion investment that’s expected to create 1,080 jobs.
Gov. Henry McMaster’s office announced the deal March 26. The investment will be used to create a second site in the Pee Dee to manufacture cells for EV batteries.
The additional building will provide components for the Mexico assembly operations of the BMW Group.
The first factory, where construction got underway in 2023, was designed to supply the German automaker’s EV plant in Spartanburg.
The total promised capital investment by AESC now is $3.12 billion with employment expected to climb to 2,700 jobs from 1,600.
“AESC’s expansion signifies more than just economic growth — it symbolizes a commitment to sustainable innovation,” Florence County Council Chairman William Schofield said. “Beyond the immediate impact on job creation, AESC’s presence will catalyze a ripple effect across our local economy.”
The expansion comes after the state approved $111 million in economic bonds for the battery plant this month, the third round of public funds for the company.
Work continues on the first AESC lithium-ion electric vehicle battery plant at the Florence Global Technology Park.
Infrastructure costs and training center improvements would be funded alongside the second building, according to documents attached to the Joint Bond Review Committee last week. The State Fiscal Accountability Authority authorized the use of the funds during its March 26 meeting.
“South Carolina is a crucial part of our strategy to power next generation electric vehicles for customers across the U.S. by manufacturing high-performance, longer EV batteries locally,” AESC chief executive Shoichi Matsumoto said in a written statement.
McMaster said the company’s second expansion in less than four months is a vote of confidence in South Carolina and its residents.
“We look forward to the substantial impact this will have throughout South Carolina,” McMaster said.
The company’s initial investment was announced in December 2022 and doubled a year later. The cells the plant will produce are the individual power storage units inside an EV battery. A single electric vehicle could require thousands of them.
Operations for the Florence County plant are expected to be online in 2027.
