Michigan Battery Maker Reimburses Feds After Audit
HOLLAND, Mich. (AP) -- A southwestern Michigan-based advanced battery maker says it has reimbursed $842,000 in funding that federal officials say was misused as part of $150 million in stimulus money.
LG Chem Michigan Inc. said in a statement it has cooperated with U.S. Energy Department audit released Wednesday. The report says the company in Holland wasted federal funds and failed to move production to Michigan from South Korea.
The government also says LG Chem hasn't achieved its plans for producing lithium-ion polymer batteries for electric vehicles.
Company spokesman Randy Boileau said Thursday that it based production plans on General Motors' forecasts for the Chevrolet Volt. He says "there isn't enough market demand" to "justify the start of production at the facility at this time" but the company is committed to launching production.