Battery plant draws more jobs to Kokomo

SoulBrain MI intends to invest nearly $50 million, employ 75 in support of Stellantis/Samsung venture

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When Stellantis and Samsung SDI announced in May their intention to construct a lithium-ion electric vehicle battery plant in Kokomo, local leaders were hopeful the investment would attract other businesses to the community. Those hopes have been realized.

At its meeting on Dec. 12, the Kokomo Common Council disclosed the impending arrival of related manufacturer SoulBrain MI, which intends to build a facility adjacent to the battery plant.

The council passed a resolution to consider real estate property tax abatements for SoulBrain MI, a Michigan-based company that produces electrolyte for use in lithium-ion batteries. The company intends to build a facility in Kokomo, utilizing land at 2141 N. Touby Pike. The land recently was annexed into the city and was rezoned for industrial use.

The resolution identifies the land as an economic revitalization area, which clears the way for the tax abatements to be applied. The first hearing for the tax abatements will be held at the Jan. 9 council meeting. In its statement of benefits for real estate improvements, SoulBrain MI estimated that the facility will cost about $50 million and cover 30,000 square feet of space.

Council member Kara McKibben presented the resolution, reading the legislation into the record. She also disclosed the terms of the abatement, which will step down over five years. The company will receive a 100-percent abatement in its first year. That abatement will diminish by 20 percent per year until concluding at the end of the fifth year.

“This is a big night for our community,” said McKibben.

A second resolution followed, committing the city to consider a tax abatement which would cover the personal property value of the facility. This abatement also will be heard on Jan. 9. According to the company’s statement of benefits for personal property investment, it expects to install $15 million in manufacturing equipment with a tax assessed value of $4.5 million.

The project is expected to begin on Jan. 1, with a completion date forecasted as Dec. 31, 2023. SoulBrain MI estimated the employment of 75 workers by the end of 2025 with total salaries amounting to $4,680,000 per year.

Charlie Sparks, the recently retired former CEO of the Greater Kokomo Economic Development Alliance, spoke to the council in support of the resolutions.

“This is the first example of supplier opportunity related to joint venture project,” said Sparks. “It’s important for us to show this company and other companies that we are currently talking to that we have a strong interest in seeing them locate and invest here.”

SoulBrain MI was incorporated in 2010 in Michigan, a subsidiary of the parent company SoulBrain, which is located in South Korea. The company has been producing lithium-ion electrolyte for more than 15 years. The electrolyte is the energy-producing substance in the batteries.

The company is ISO 9001:2015 certified, which is a quality standard aimed at ensuring no safety incidents, no product defects, and on-time delivery of products. It claims to have produced electrolyte for approximately 150,000 electric vehicles without a safety incident.

It also is ISO 14001:2915 certified, indicating pollution prevention and environmental standards compliance. It also is committed to community service, promoting STEM education in local communities.