Investment Complements "Southern Tier Soaring" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Empire State Development (ESD) today announced $1.75 million for SungEel MCC Americas (SMCC), a partnership between South Korean recycling company SungEel HiTech and White Plains-based e-recycler and broker Metallica Commodities Corp., to create a new lithium-ion battery recycling facility in the former IBM complex in Endicott, Broome County. The initial project aims to recycle 3,000 tons of spent lithium-ion batteries annually and will create at least 86 new hi-tech manufacturing jobs with average salaries of over $50,000. The new facility will complement the Imperium3 New York, Inc. giga-factory on the Broome Campus in Endicott, which will make lithium-ion batteries. The partnership builds on the success of the regionally-designed Southern Tier Soaring Upstate Revitalization Initiative, which is working to revitalize communities and grow the local economy.
SungEel HiTech will provide the recycling technology and Metallica Commodities Corp. will broker incoming batteries and the products of the new business. ESD will provide a $750,000 Capital Grant toward M&E, and a $1 million Excelsior Tax Credit. In total, the company will invest $22 million on specialized M&E and $1.3 million on construction and renovation. The essential recycling and recovery of lithium-ion batteries will help ensure continued access to precious and limited supplies of materials used to make the batteries.
The investment adds to the revitalization happening at the former IBM campus, which is now home to new and innovative companies which are being supported through the Southern Tier Soaring plan.