EXIM Bank approves $50 million for battery production expansion in Oregon
(The Center Square) – The Export-Import Bank of the United States unanimously agreed to finance the construction of several new long-duration battery storage production lines at ESS Inc.’s Wilsonville facility last week.
EXIM’s $50 million investment is part of its Make More in America Initiative, which will support about 100 full-time jobs in Oregon.
ESS is a company that makes green energy batteries to help store wind and solar power, its website said.
“Oregon’s small businesses have a huge role in the success of our economy and communities, and we need to support their creative efforts to grow and thrive,” U.S. Sen. Jeff Merkley, D-Oregon, said in a statement.
U.S. Sen. Ron Wyden, D-Oregon, expressed a similar sentiment. “This fresh investment in ESS and Wilsonville proves yet again there’s a lot of green in the blue-collar jobs generated by clean energy innovation throughout Oregon,” Wyden said.
U.S. Rep. Andrea Salinas, D-Oregon, said it is good news for her district. “I am so proud to see this new federal investment coming to Wilsonville,” Salinas said. “This funding will support local innovation and create approximately 100 full-time, good-paying jobs right here in Oregon’s Sixth District. Small businesses are the backbone of our economy, and I will keep fighting to deliver the resources they need to continue making more in America.”
The $50 million financing package will finance two production lines in the short term and several more production lines once ESS increases its production capacity to satisfy consumer demand.
“It will enable the tripling of the annual production capacity at ESS Tech’s Wilsonville facility that will be used to increase exports to Europe, Australia, and Africa,” a release said.
The MMIA initiative aims to help American manufacturing, make the country more competitive, address supply chain issues, and support American jobs. This is the fourth MMIA deal that EXIM has approved under this new initiative, according to the bank.
