A company that makes lithium ion batteries for use by the military, in cellphones and in electric vehicles will invest more than $5.3 million and create as many as 162 jobs when it opens operations in Lexington, Gov. Steve Beshear said Wednesday.
Ithaca, N.Y.-based NOHMs Technologies will use the Kentucky-Argonne Battery Manufacturing Research and Development Center off Iron Works Pike in north Lexington. NOHMs' Lexington operation will house research, manufacturing and product development.
"NOHMs is an innovative company with an eye to the future, especially in a crucial field where economics, energy and the environment all overlap," Beshear said in a news release.
NOHMs was founded in 2010 as a spinoff of Cornell University. The company developed a battery based on lithium-sulfur chemistry that it hopes will be economical enough to be used in everything from spacecraft to electric automobiles.
Tony Hancock, executive director of the Kentucky-Argonne center, said NOHMs "has a game-changing technology in the battery industry, and by using the world-class facilities and equipment at Kentucky-Argonne, NOHMs will be able to produce prototype quantities for testing this new technology."
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives of as much as $2.1 million. The incentive allows a company to keep a part of its investment through corporate income tax credits and wage assessments by meeting job and investment targets.
Lexington Mayor Jim Gray said the NOHMs investment "is a vote of confidence for Lexington among research companies and green-energy companies."