CHARLESTON, WV (LOOTPRESS) – House Bill 2882 saw its third reading on the Senate floor Wednesday in a session that proved every bit as contentious as the preceding House session during which the bill saw passage.
The bill would also bass through the Senate on Thursday, but not before over two hours of debate and the proposal – and subsequent rejection – of multiple amendments.
The legislation stands to see $115 million transferred from funds from available surplus tax dollars. $105 million of these surplus funds will go to the Economic Development Project Fund while $10 will go toward broadband expansion projects.
The portion going to the Economic Development Project Fund will be part of a $300 million package set to be provided by the state in support of Form Energy’s plan to construct an iron-air battery manufacturing plant at the site of the Weirton Steel property in Hancock County.
Ownership of the land and buildings as collateral by the state will be a key factor in the agreement, and Energy Form will be leasing it back as certain project requirements are met. The property transfer would occur in no fewer than five years and only if 750 workers are employed by the company.
Additionally, the deal will call for workers to earn a minimum of $63,000 annually on average for salary. Another $110 million will be provided by the state to Form Energy upon completion of the project.
$350 million will be invested by the company in start-up costs for a total, combined investment of $760 million. Form will utilize iron-air technology to manufacture its own batteries for energy storage for solar and wind power projects. Construction of the Weirton factor is expected to begin in 2023 and the manufacturing of batteries is expected to begin for broad commercialization in 2024.
Opposition to the bill was heard at both the House Session on Friday and the Senate Session Wednesday. Three amendments were proposed but failed during the Senate’s discussion. These amendments would have seen the $105 million directed elsewhere, the funding stripped entirely, and $200,000 provided to retraining and revitalization funding in southern coal counties, respectively.
The bill was referred to as a massive gamble by some lawmakers who questioned the benefits of such an investment with regard to the substantial financial investment. As was the case with Friday’s House session, lawmakers levied criticism of past statements from Form Energy officials citing their intention to end the use of fossil fuels, bring much coal-related rhetoric into play.
Those in support of the bill noted the potential economic impact of the investment and effect of the numerous jobs which would be brought to the state as a result. The collateral deal which would withhold benefits from Form Energy prior to the meeting of certain requirements was also noted by supporters of the bill.
Extended discourse notwithstanding, House Bill 2882 passed in the Senate Wednesday by a margin of 22 to 12. The legislation will now head to the desk Governor Jim Justice where it is expected to be signed into law.
The Senate will reconvene at 11:15am Thursday.