1/20/2024 0 Comments Forklift lithium battery![]() Neither the city nor the BDA will bear any credit risk associated with these bonds, similar to previous arrangements like the Walmart Distribution Center and Green Country Village, according to Jared Davidson of Public Finance Law Group. The company has requested that the BDA act as the pass-through for bond issuance. In addition, the company will lease a seven-acre tract to construct a covered storage pad and has secured leasing options on two lots immediately south of the former Keeco facility. Under the deal terms, Blue Whale Materials will lease BDA's 50,000-square-foot warehouse for 10 years.īlue Whale Materials will also lease a 100,000-square-foot space from the former Keeco facility, a transaction not involving the BDA. If Blue Whale Materials grows faster than expected, the company may be eligible for up to an additional $600,000 in rent incentives through January 2026. The $750,000 is part of the city's $15,000-per-job primary industry policy. The incentives come from the city's Economic Development Fund and will be distributed by the BDA. The BDA has committed up to $1 million for facility improvements on the BDA-owned property and up to $750,000 in rent credits over the first 25 months for the 50 full-time equivalent jobs created initially. In return for Blue Whale Materials' investment, the BDA and the city of Bartlesville will provide several financial incentives. "We are pleased to be able to contribute to the economic vitality of the region as we continue to reshape the battery industry," said Robert Kang, CEO and co-founder of Blue Whale Materials. ![]() Additionally, the company's process yields captured copper, aluminum, and plastics sources.īlue Whale Materials describes its process as "sustainable" and a "closed loop ecosystem." These can then be repurposed for new lithium-ion batteries. These batteries will then be processed for upcycling, which means the company will use the old batteries to create a product of higher quality or value than the original.īlue Whale Materials specializes in transforming used batteries and production waste into Blacksand™, a concentrated blend of mixed-metal oxides containing essential minerals such as cobalt, nickel, and lithium. It has the potential to expand to 90 "high-paying" jobs over the next few years, according to Chris Batchelder, Bartlesville Development Authority's vice president of business development.Įmployees will collect and sort used lithium-ion batteries from various devices, including cell phones, tablets, and electric vehicles. The estimated $45 million project is expected to employ 50 workers initially. ![]()
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