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Electric vehicle battery supplier powers Indiana’s thriving economy of the future

Last Updated on December 14, 2022 by Indiana Economic Development Corporation

KOKOMO, Ind.  – soulbrain MI, a tier one supplier for the electric vehicle industry, has announced plans to establish operations in Kokomo, creating up to 75 new, high-wage jobs by the end of 2025. 

“Indiana is uniquely positioned to be a leader in innovating the future of mobility and producing new, electric solutions that will power the world,” said Indiana Secretary of Commerce Brad Chambers. “Our state’s electric vehicle industry continues to grow and attract like-minded, future-focused companies like soulbrain MI, and I’m confident that Indiana will be at the center of tomorrow’s global mobility industry.” 

The company, which is headquartered in Michigan and is a subsidiary of South Korea-based Soulbrain Holdings, will invest $75 million to construct and equip a 30,000-square-foot manufacturing facility on 22 acres at 2141 N Touby Pike in Kokomo. The new facility will allow soulbrain MI to increase production of high purity electrolyte for lithium-ion batteries, helping to power Stellantis’ and Samsung SDI’s new next-generation electric vehicle battery manufacturing plant being built nearby. 

soulbrain MI plans to break ground on its new Indiana facility in March 2023 and begin hiring for new positions, including engineers and technicians in early 2024. New positions are expected to offer average salaries higher than the Howard County average. 

“This investment in Indiana will allow soulbrain MI to increase production of our advanced electrolyte solutions, powering batteries that are critical to the next generation of vehicles,” said Joonsung Park, president of soulbrain MI. “We are excited to join Indiana’s growing ecosystem of manufacturers that are developing the future of mobility and implementing sustainable, environmentally-friendly solutions.”

soulbrain MI, which was established in 2010, has been advancing R&D and producing cutting edge electrolyte for the advanced lithium-ion battery industry for more than 10 years. The company is a tier one supplier for the electric vehicle industry, supporting companies like LG, SK and Samsung SDI which produce batteries for the next generation of transportation and energy storage. soulbrain MI is the company’s North American research and development center, a full-production facility dedicated to researching and manufacturing high purity electrolyte for the advanced lithium-ion battery industry. The company is committed to creating a more sustainable and environmentally-friendly energy source, providing customers and producers a quality product for the next generation of transportation.  

“We are excited and honored that soulbrain MI has chosen to invest in Kokomo,” said Kokomo Mayor Tyler Moore. “This additional development shows that Kokomo and Howard County are at the forefront of the emerging EV industry. I am confident that our talented local workforce will be poised to fill these positions and help soulbrain MI succeed.”

Based on the company’s job creation plans, the Indiana Economic Development Corporation (IEDC) committed an investment in Soulbrain MI of up to $1.1 million in the form of incentive-based tax credits and up to $100,000 in training grants. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. The city of Kokomo will consider additional incentives, and Duke Energy offered additional incentives.  

About Soulbrain Holdings
Soulbrain Holdings, the parent company of Soulbrain MI, owns and manages its subsidiaries and makes new investments as a holding company. Soulbrain Holdings develops, manufactures, and supplies core materials for high-tech industries such as semiconductors, displays, and batteries through domestic and overseas subsidiaries.  

About IEDC
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, helping businesses launch, grow and locate in the state. Led by Secretary of Commerce Brad Chambers, @SecChambersIN, and governed by a 15-member board chaired by Governor Eric J. Holcomb, @GovHolcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.

SOURCE: News release from Indiana Economic Development Corporation