Dow Alternative Energy Projects Receive Michigan Tax Credits, Grant
Midland, MI – February 25, 2010
The Dow Chemical Company (NYSE: DOW) received today from the Michigan Economic Growth Authority (MEGA) a MEGA Job Creation Tax Credit, which includes incentives for the recently announced DOW™ POWERHOUSE™ Solar Shingle facility.
The MEGA Job Creation Tax Credit was awarded by MEGA and the Michigan Economic Development Corporation (MEDC) to Dow for future job creation in the state. The credits are only applied when new Dow jobs are created in Michigan.
Earlier this month, Dow Solar Solutions (DSS) announced that Midland, Michigan had been identified as the preferred site for the first full-scale production facility for its revolutionary DOW™ POWERHOUSE™ Solar Shingle, subject to finalizing local, state and federal funding.
"This incentive package will enable Dow Solar Solutions to accelerate production plans for the DOW™ POWERHOUSE™ Solar Shingles already being manufactured in limited quantities at our Michigan Operations market development plant," said Jane Palmieri, General Manager for Dow Solar Solutions. "The MEDC team has been great to work with and as a result of their support we can get our revolutionary shingles on more homes quicker."
Dow also received a $5 million grant February 24 from the Centers of Energy Excellence (COEE) program through the MEDC to help accelerate innovation efforts to manufacture a cost-effective carbon fiber for use in industrial market applications such as wind energy and transportation.
Utilizing its technology leadership in chemistry and material science, Dow will work to significantly reduce carbon fiber manufacturing costs through innovative polymer precursor development incorporating energy-efficient processing in collaboration with Oak Ridge National Laboratory, the U.S. Department of Energy's largest science and energy laboratory and its lead in low-cost carbon fiber research and development.
Upon success, this project will assist in transforming and diversifying Michigan's economy through alternative energy generation, as well as manufacturing associated with the wind energy and transportation industries.
Also today, Dow Kokam, a joint venture between Dow and TK Advanced Battery, LLC, announced that the Michigan Economic Growth Authority has approved Dow Kokam's application for tax credits to produce lithium ion battery packs for hybrid and electric vehicles at its battery manufacturing facility in Midland, Michigan, signaling another important milestone in the advancement of Dow Kokam as the leading full-package battery system producer, and the growing importance of Midland and the state of Michigan to the advanced battery industry. The tax credits, equivalent to $42 million, enable Dow Kokam to incorporate battery pack assembly equipment and production capability into Phase II of its production plan which could be initiated as early as 2011.
About The Dow Chemical Company
About Dow Kokam
Dow Kokam was established in 2009 to develop and manufacture advanced energy storage technologies for the transportation and other industries. Dassault joined The Dow Chemical Company and TK Advanced Battery LLC as owners of the company when Dow Kokam acquired Société de Véhicles Electriques in January 2010.
Dow Kokam brings technologically advanced and economically viable battery solutions to the U.S. automotive industry. Dow Kokam represents the first battery manufacturer to combine the viable, scalable technology, market franchise, manufacturing expertise and market knowledge necessary to become the clear partner of choice for automakers and suppliers.
About Dow Solar Solutions
In 2007, Dow received $20 million in funding from the U.S. Department of Energy to develop "building integrated" solar arrays for the residential and commercial markets. Dow Solar Solutions (DSS), a business unit of The Dow Chemical Company is focused on developing the next generation of solar energy and expanding Dow's commitment to use chemistry to solve the world's energy challenges. DSS recently unveiled its POWERHOUSE™ Solar Shingle, revolutionary thin film CIGS photovoltaic solar shingles that can be integrated into rooftops with standard asphalt shingle materials. The innovative CIGS solar cells and proprietary product design provides an unprecedented integrated aesthetic at lower installed cost because the conventional roofing shingles and the DOW™ POWERHOUSE™ Solar Shingles are installed simultaneously by roofing contractors. BIPV products from Dow Solar Solutions are evidence that Dow is accelerating the development of energy alternatives by investing in the development of materials, technologies and business strategies that enable new breakthrough solutions. More information about Dow Solar Solutions can be found at http://www.dowsolar.com/.
For Editorial Information:
Kate Nigro
The Dow Chemical Company
1-989-638-9629
Back to Home